Managing risks through stakeholder engagement

Audited by PwC

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, and at the same time living up to Novozymes' ambition of being open and honest, is to engage with our stakeholders. Living up to our stakeholders’ expectations has a high priority as we wish to maintain a good reputation. Novozymes therefore sets targets for sustainable performance and strives to be the best among our peers.

Novozymes focuses on providing our stakeholders with relevant information to give them an insight into our business. To determine who our stakeholders are and how best to interact with them, a systematic approach has been developed. In 2009, two new tools for mapping stakeholders and for planning stakeholder engagement were introduced to small but highly relevant groups of people across Novozymes who interact with external stakeholders on a daily basis. The overall objective is to improve the management of stakeholder relations, and the plan is to present the new tools to a wider group at Novozymes.

Moreover, countless meetings with, among others, investors, politicians, customers, neighbors, and NGOs are held every year. These meetings are a valuable learning experience for everyone involved and are also of benefit to our business.

The dialogs Novozymes has with stakeholders are also a chance for us to 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 set down 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.

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