Karo’s priority is to focus first on our most significant impacts, and where we have the biggest opportunity to create change. We look to base our strategy and targets on the latest science. For example, our carbon reduction targets are, as a minimum, in line with the Paris Agreement. We’ve also considered the UN Sustainable Development Goals, with our core business closely linked to Goal number 3, Good Health and Wellbeing.
Our materiality process makes sure we’re addressing all the areas that matter most on the journey towards becoming a more sustainable business. Our approach has been to assess these areas in terms of both their potential impact on our business results, and our impact on people, the environment and society.
The process starts with identifying what these areas might be, and then prioritising them. We then make sure the business as a whole deals with them. The output of this process is a list of 20 material areas grouped under five main topics: health and wellbeing, environmental stewardship, social responsibility, ethical conduct and economic impact.
Our most important material areas are:
- advancing consumer health and well-being
- product quality and safety
- climate change and energy
- talent management and employee development
- ethical business conduct
Interacting with our stakeholders
To protect our long-term profitable growth, we need to understand and respond to the demands and expectations of our stakeholders, both internal and external. We are in regular contact with important stakeholder groups to monitor their changing needs, and hear their views on our business and strategy to make sure we stay relevant.
Our stakeholders expect us to aim for the highest standards of social and environmental sustainability, and we’re determined to meet these expectations.
Our key stakeholder groups include: our consumers, customers and healthcare professionals, employees, suppliers, shareholders and wider society.
We joined as a signatory to the world’s largest corporate sustainability initiative: the United Nations Global Compact.
We became members of the Pharmaceutical Supply Chain Initiative(PSCI), an organisation committed to promoting responsible supply chain standards.
We’re governed by both external regulations and internal control documents. Key internal policy documents include our Code of Conduct, as well as specific policies relating to quality, bribery and anti-corruption, diversity and inclusion, health and safety, sustainability and environment, privacy and IT, patient safety, data integrity and risk management. We manage our suppliers and other business partners through our Supplier Code of Conduct.
Karo wants to have an open business climate, high business ethics and a healthy environment. To protect these interests, Karo has a whistleblower policy with an associated reporting function.
Link to Whistleblower