VIGEO, Europe’s leading extra-financial ratings agency, and FIR, the Forum for Responsible Investment, launched the first edition of the FIR‐Vigeo Prize in 2011.
For its second edition in 2012, the prize rewarded “the Responsible Employer” and was presented on 12 October to the companies which had most successfully integrated Corporate Social Responsibility (CSR) within the fields of Human Resources, Human Rights and the prevention of social dumping in the supply chain. Awarded this year during “Socially Responsible Investment” week (ISE) 2012 and the Paris-Europlace Forum, this prize went to a CAC 40 company - Danone – and one from the Stoxx Europe 50 – this year, BASF. Singled out for its commitment to social responsibility, the L’Oréal Group was on this occasion awarded the Special Prize for Shareholder and Social Responsibility, for the business having best integrated the principles of CSR (Corporate Social Responsibility) into its supply chain management. A specialist in social and environmental rating, Vigeo’s aim in awarding the prize to L’Oréal was to highlight the group’s exemplary behavior vis-à-vis its suppliers and subcontractors.
In terms of social responsibility, L’Oréal’s “Buy and Care” program, applied by all of the group’s buyers, acts effectively on three areas:
- Ethics: all L’Oréal suppliers are asked to undertake to respect the group’s values, just as all of the group’s buyers are asked to follow an internal ethical code called “The way we buy”, translated into 12 languages and deployed the world over.
- Compliance with international rules on employment and social law, together with hygiene and safety. The group’s contractors, wherever they may be based around the globe, and all its suppliers of raw materials, packaging and POS/PROMO materials located in countries classed as “at risk” are required to undergo a social audit performed by an independent firm paid by L’Oréal. Cases of severe non-compliance result in business relations with the group being prohibited, while for all others, a continuous improvement initiative is triggered.
- Promotion of inclusion through work: this is the aim of the purchasing program named “Solidarity Sourcing”. Implemented by all of the group’s purchasers, it leads to the favoring of companies that employ persons distant from the labor market (fair trade producers, inclusion of disabled persons, social inclusion) or those for which access to the major manufacturers is complex (VSEs, minority-owned companies).
In accepting the Vigeo award, Jean-Philippe Blanpain, L’Oréal’s Managing Director Operations, declared: “We are aware of our responsibilities and, with humility, with the aid of numerous economic players such as Vigeo, the Business Relations Mediation Scheme in France, and numerous NGOs and associations, we endeavor to act positively and to permanently improve the social role of our company throughout its supply chain, within France and worldwide.”»
- Over100,000 jobs at the suppliers affected by L’Oréal’s activity worldwide.
- 793 audits conducted of the group’s suppliers in 2011, making a total since 2006 of over 3,300.
For more information on this topic, see the GRI data sheets:
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