BASF founding Member of Value Alliance
As the lone chemical producer, BASF has become a founding member of the Value Balancing Alliance. Seven other European companies, including drugmaker Novartis, electrical/electronics company Bosch, cigarette producer Philip Morris International, building materials manufacturer LafargeHolcim, software company SAP, private equity group SK and Deutsche Bank are among the members.
The cross-industry alliance also supported by four accounting firms, Deloitte, EY, KPMG and PwC and the Organization for Economic Cooperation and Development (OECD), along with leading universities and stakeholders from government, civil society and standard-setting organizations, aims to develop a pilot model for measuring the participants’ respective multidimensional value contributions to the environment, society, and businesses, and presumably to make these more transparent in the companies’ reports to shareholders and the public.
More precisely, the target is to further develop the disclosing and reporting obligations for the businesses within the next three years. “In the alliance, we want to standardize the different approaches that are currently used by the companies to make the results comparable. In this way, we can make the real value creation to the society by companies transparent,” said Christian Heller, CEO of the grouping.