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PANDORA ETHICS REPORT 2016
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CREATING SHARED VALUE
By engaging in external partnerships PANDORA gains
valuable insights into critical factors shaping our business
environment, such as legislation, mining practices, industry
dynamics, marketing ethics and consumer expectations.
Our engagement spans from active membership of – and
communication through – the United Nations Global Compact
and the Danish Business Network for Human Rights (DBNHR)
to community engagement at our Thai crafting facilities,
support to charitable organisations and dialogue with the
millions of consumers that has signed up to our social media
platforms. As members of the steering committees for both
the Danish UN Global Compact network and the DBNHR
we seek to learn from and influence the ethical performance
of other Danish companies.
Perhaps more importantly, PANDORA has since 2010 been
a member of the Responsible Jewellery Council (RJC), and
the entire company has been externally certified according
to the RJC Responsibility Standards. The RJC is a full member
of the ISEAL Alliance – the global membership association
for credible sustainability standards. In 2016 the RJC accounts
to more than 850 dedicated companies from across the
jewellery supply chain. PANDORA is seated in RJC’s
Executive Committee and has been elected as chair of the
multi stakeholder Standards Committee. Here we facilitate
the cooperation between responsible brands, independent
jewellery experts and NGOs.
In 2016 the Standards Committee started a review process
of the RJC standards to ensure that they always reflects the
most ambitious ethical performance. Further, the committee
recommended the RJC to expand its scope from gold and
diamonds to also include coloured stones and silver.
STRATEGIC PARTNERS
Like PANDORA, our strategic partners, such as Disney and
Signet, also have strict ethical requirements of their business
partners. This means that our crafting facilities in Thailand,
as well as relevant suppliers and subcontractors are subject
to audits and approvals by these partners before a final
business contract can be signed, and are subject to frequent
audits hereafter.
BUI LDING BRAND EQUITY
Besides loving our jewellery, we want to assure our
consumers that our jewellery is sourced, crafted and traded
in accordance to the highest ethical standards in the industry.
We are working on a number of platforms to communicate
this message, primarily through PR activities, social media
and store staff training.
In 2016, we proactively shared our ethical aspirations,
efforts and results with fashion and news media, and hosted
numerous press visits to our crafting facilities in Thailand.
The participating media representatives paid special interest
to three subjects in particular – design, craftsmanship and
ethical business practices – and this interest led to a great
deal of ethics-related PR coverage for PANDORA. In 2017,
we will continue the communication of our ethical standards,
through PR and social media primarily.
INTERNAL GOVERNANCE
For PANDORA, the aim of good corporate governance is to
maximise long-term value creation and ensure transparency
and accountability in the way we fulfil our obligations
towards all key stakeholders. PANDORA intends to exercise
good corporate governance at all times, and we assess our
practices according to the recommendations issued by the
Danish Committee on Corporate Governance (read more at
www.pandoragroup.com). PANDORA Ethics is governed by
our Ethics Steering Committee, headed by our Vice President,
Group Ethics, and is further made up of the heads of
Procurement, Manufacturing, HR, Investor Relations and
Corporate Communications, with our CFO representing
executive management. Our progress in advancing responsible
business practices is addressed at least biannually, at
PANDORA’s Audit Committee under the Board of Directors.
RESPONSIBLE
BUSINESS PRACTICES
ARE A WORK
IN PROGRESS
Indigenous plants ensures biodiversity
at our crafting facility in Lamphun
CRADLE-TO-CRADLE
This Ethics Report is a cradle-to-cradle
certified product. This means that you
turn over the pages of a 100% biological
decomposable and totally free of any
toxic chemicals and heavy metals report.
It also means that in producing this Ethics
Report, we have reused the resources of
the earth in a natural circular process,
leaving no harmful waste materials
poisonous for people or the environment.
A true inspiration for our own journey
towards a still more sustainable setup.