PANDORA is Creating Shared Value & Strategic Partners

CREATING SHARED VALUE

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.

BUILDING 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. 

Continue reading the complete PANDORA Ethics Report 2016 here