The CSR Committee of PZ Cussons has developed a Statement on Corporate Social Responsibility, called ‘Doing Good Business’, which sets out the Group’s key values and principles.
Recognising that doing the ‘right thing’ in business can sometimes seem to involve difficult decisions, the Statement is intended to provide everyone throughout the Group, at all levels within the business, with guidance on how to conduct their business activities and on what ‘good business’ looks like at PZ Cussons.
“DOING GOOD BUSINESS”
STATEMENT ON CORPORATE SOCIAL RESPONSIBILITY
At PZ Cussons, we believe in doing “good business”. We do not believe that there need be any conflict or inconsistency between being a successful profit-making organisation and, at the same time, running our operations in such a way that they have a positive impact on society.
On the contrary, we believe that socially responsible conduct is value enhancing for our shareholders and all of our other stakeholders.
Our good reputation and our continued success as a business is largely dependant on how we discharge our responsibilities, as a Group and as individuals, to all of our stakeholders. Those stakeholders include our shareholders, customers, suppliers, employees, the wider community and the environment.
This Statement on Corporate Social Responsibility sets out the Group’s values and principles in relation to key aspects of corporate social responsibility (CSR). CSR describes how a business:
• Recognises the ways in which its actions affect those around it; and
• Regulates those actions so that, consistent with sustainable business and development, they have a positive impact.
Doing the “right thing” in business can sometimes seem to involve difficult decisions. This Statement is intended to provide everyone throughout the Group, at all levels within the business, with guidance on how to conduct their business activities and on what “good business” looks like at PZ Cussons.
No operating unit or individual will be criticised or penalised in any way for any loss of business which results from adherence to this Statement.
The Statement has its foundation in our CANDO values, being those core values which we believe are embedded in our culture. These values can be found across the Group in every operation and every territory and provide the framework for staff and, ultimately, the Group to develop and succeed.
Courage
We challenge convention, ourselves and each other. We have the strength, willingness and determination to initiate, make things happen and to carry them through.
Accountability
We are all champions of our company. We take personal responsibility for achieving our objectives. We do what we say we shall do. We do what is right, not merely what is expected. We act with openness, integrity and trust. We ask for help, admit to our mistakes and put things right.
Networking
We are one company across all functions and geographies. We work towards a common goal through co-operation and teamwork.
Drive
We are relentless in our pursuit of success. Together we approach each day with the energy, passion and persistence to exceed expectations.
Oneness
We are all PZ Cussons people. We treat each other with respect regardless of status. We act professionally and together we celebrate our success with understated pride. We are quiet achievers.
In summary, this Statement draws on the values and experience which have made PZ Cussons the company which it is today. It also sets out our intentions and aspirations for the future: that, as the Group develops and grows, we will remain true to our core values and convictions and
continue to be a company which our shareholders, our customers, the wider community and our employees and their families can be proud of.
The Performance Edge
In Nigeria, strong revenue growth was achieved in the first half as a result of positive momentum following the elections last year. However, the national strike in January, the social instability in the North, and reduced consumer spending power following the removal of part of the fuel duty subsidy, combined to result in broadly flat revenue performance during the second half of the financial year.
Construction of the palm oil refinery with Wilmar is on track with completion due by the end of the calendar year.
Outlook
Across the Group, the focus remains on driving revenue growth through brand innovation and renovation, whilst reducing costs through margin improvement initiatives. The major supply chain optimisation project, announced in March, is on track to significantly reduce the overhead footprint of the Group’s manufacturing activities, and the benefits will begin to be seen in the new financial year.
Whilst input costs have shown signs of short term easing, they remain volatile and close to their highest levels.
Overall, despite both the uncertain economic environment in Europe and the economic and social tensions in Nigeria, the Group remains confident that it will return to profitable growth in the new financial year.
