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36 • GOVERNANCE AND MANAGEMENT
PANDORA ANNUAL REPORT 2016
colleagues every second year. New committee members
were elected in 2016, with 86% of employees voting.
PPT offers employees safe and healthy working
conditions and competitive compensation and benefits.
The growth in the number of pieces of jewellery produced
resulted in specialised departments periodically exceeding
the average weekly working hours defined by international
standards. We addressed this by focusing on productivity
gains and by hiring additional people – in total, we
welcomed an additional 1,250 colleagues to PPT in 2016.
In addition, we significantly expanded our capacity at our
crafting facilities in Thailand by opening a new crafting
facility in Lamphun near Chiang Mai.
Gender diversity in management
We believe that a successful company benefits from having
a diverse management team. To ensure this, we have a
number of gender diversity objectives, and progress is
reviewed once a year.
• By 2020, the percentage of women in senior
management positions (members of the Management
Board, general managers and vice presidents) should
be at least 40%. At the end of 2016, 37% of senior
management were women, compared with 33% in
2015, 34% in 2014 and 24% in 2013.
• The gender composition of the Group’s leadership
programmes should mirror the gender composition
of employees in vice president and director positions.
Since we started our leadership programmes in
2012, the gender split has on aggregate been close
to 50/50. In 2016, women accounted for 56% of this
management group, and made up 60% of the enrolment
in our leadership programmes.
• By 2018, our objective is that at least 35% of Board
members elected at the Annual General Meeting are
women. At the end of 2016, women made up 30% of
the Board members (3 out of 10), compared with 22%
in 2015 (2 out of 9). This means we are well above the
average 16% for Danish listed companies, but still below
the 35% target. The Board will continue to consider
gender composition when appointing new members.
Planet
Our Environmental Policy commits us to minimising the
environmental footprint of our operations by seeking
new ways to reduce our consumption of resources
and to minimise our emissions and waste. We acquire
and maintain certificates for internationally recognised
environmental management systems at our crafting
facilities; we run training and campaigns and have standard
procedures on environmental issues for relevant employees
and suppliers. In addition, we have environmental and
energy teams at our production facilities. We are regularly
audited by the Responsible Jewellery Council (RJC), and
environmental risks in our supply chain are mitigated
through our Responsible Supplier Programme. Primary
environmental risks within our industry are CO
2
emissions
and the depletion of natural resources associated with
mining. We minimise CO
2
emissions by sourcing recycled
gold (86%) and recycled silver (91%) and by predominantly
using man-made stones, which have less environmental
impact than mined stones.
BUSINESS INTEGRITY
At PANDORA, we believe in fair and honest
competition. We remain dedicated to working
against corrupt practices in our own operations
and in the societies in which we operate. All
our people are kept up to date with our Code
of Ethics and underlying policies through
awareness campaigns and mandatory training.
Our Business Integrity Policy most
importantly instructs us to never offer, give
or accept gifts, entertainment or any other
advantages exceeding locally defined triviality
limits; we never offer, authorise, give or accept
bribes or extortion; we refuse to pay facilitation
payments, even if this could mean a loss of
business; and we do not contribute to money
laundering.
One of the primary business integrity risks
within our business model is the existence of
‘key money’ within retail. When using real
estate consultants, our staff are instructed to
scrutinise payments to make sure that the
payments equal the actual services provided.
If any of our employees suspect improper
behaviour – or any other perceived misconduct
– they must immediately report it to
management or the PANDORA Ethics Hotline.