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| ST Home | Corporate Responsibility | CR Report 2005 | Company Performance | Governance and Management Systems | ||
Corporate Responsibility Report 2005Company Performance |
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Framework for Sustainable ExcellenceAs in the past, ST is growing organically and in response to changes in the external world reflecting the importance attributed by society to responsible business behavior. Building on our strong values and pioneering activity in the domain of social and environmental responsibility, in 2004 we initiated a process to explore how best we could renew our commitment to corporate responsibility in today's world, 16 years after the shared values were first introduced. In 2005, we acknowledged this process of evolution and continuous improvement by changing the name of the organization responsible for Quality, Environment, Health and Safety, and Corporate Responsibility from 'TQEM' to 'TQCR' which stands for Total Quality and Corporate Responsibility. Responding to our stakeholders' expectations has been embedded in our total quality approach since the early 1990s, but our reference to TQCR and, more recently, to 'Sustainable Excellence' reflects the extension of our framework for corporate responsibility to acknowledge a wider set of stakeholders and corporate responsibility considerations. The term 'Sustainable Excellence' draws on the belief we hold that our ability to respond to our stakeholders' expectations in the short and long term will make our company 'sustainable' – successful now and in the future – and enable us to contribute to sustainable development at a global level. In 2006, we will finalize our new code of conduct, which we have been working on in 2005, and we will begin deploying it throughout the company. This document, which brings together some of the key elements of our Shared Values in a new context, is called the Principles for Sustainable Excellence. It will serve as the formal reference for corporate responsibility in the company, and will contribute to defining our culture and guiding our employees in responsible business behavior. The design and development process of our framework for Sustainable Excellence has been gradual, and this reflects our intention to ensure that it is fully integrated, not just in the official policies and procedures of the company, but more importantly in the decisions and actions of our employees. Corporate Governance at ST"There is no immediate threat to ST's ongoing business operations. Its commitment, culture, approach, systems, and capabilities are all generally at the forefront of corporate responsibility management when compared with most other companies. There is no clear definition of corporate responsibility (or sustainability) that is consistently understood across the organization. Neither is there a clear, risk/opportunity-based business case. Recently, ST has been exposed to deeper probing from external stakeholders (mainly investors and customers) on a wider range of issues, including ST's supplier management, employee diversity, and business ethics." Reassurance Network – assurance provider |
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