While Novozymes aims to do business in accordance with our values, we also have to stay in touch with the needs of society. One way of identifying risks, opportunities, and new trends, while at the same time living up to Novozymes' ambition of being open and honest, is to engage with our stakeholders. We give high priority to understanding and living up to our stakeholders’ expectations, as we wish to maintain a good reputation.
An example is our recently published tax policy, which is the result of an increased media debate on taxes and reflects our positioning on this topic. With the tax policy we strive to be open and give our stakeholders insight into how we operate in this area. The policy can be found at www.novozymes.com.
In our dialogue with stakeholders we naturally also promote our points of view, our solutions, etc. We want to ensure that this is done in a respectful way that does not create a risk of harming Novozymes’ reputation. Novozymes has therefore established principles for ethical ways to influence our stakeholders. In other words, we have a management standard defining good business practice for dealing with authorities, policy-makers, and political parties.
To fulfill our commitment to society, Novozymes sets targets for sustainability performance and strives to be the best among our peers. We must always be up-to-date on the sustainability agenda relevant to our stakeholders and society at large. Through numerous annual meetings with our stakeholders, such as investors, politicians, customers, neighbors, and NGOs, we become aware of relevant issues and trends that provide valuable input for our strategic development and have done so for many years.
In 2010, a more systematic approach to sustainability trendspotting was implemented in order to better capture market opportunities, discover risks, spur innovation, and consequently maintain our role as a leader in sustainability. This external input, together with internal input from key functions, is used in our target-setting process once assessed by our Sustainability Development Board for materiality and relevance to Novozymes. It is also used to help prioritize focus areas in our overall strategic development.