Responsibility for CSR lies with the Group Chief Finance Officer (CFO), who is a member of the Board of Directors and the Senior Executive Committee. He regularly liaises with Maison Chief Executive Officers (CEOs), function and regional heads and reports directly on CSR matters to the Board of Directors.
The CFO is supported by the Director of CSR and the Group’s CSR Committee, comprising representatives from Group functions and Maisons. Committee membership is detailed below. The Committee has established terms of reference and meets quarterly to review progress of the Group’s three-year CSR plan, and to agree activities to support relevant programmes. The composition and frequency of meetings changed significantly during the year, reflecting both the level of CSR ambition of the Group as a whole, and the growing urgency of the CSR challenges it faces.
CSR Committee membership
At 19 July 2018, the CSR Committee comprised:
- Cartier Chief of Staff, Transformation & CSR;
- Group CFO (Chairman);
- Group CSR Manager (Secretary);
- Group Director of Corporate Communications;
- Group Director of CSR*;
- Group Director of Public Relations;
- Group Employer Branding Director;
- Group Health, Safety and Environment Manager;
- Group Operations Chief of Staff;
- Group Procurement Manager;
- Group Senior Compliance Officer;
- Group Sourcing Intelligence & Industrial Compliance Manager;
- IWC Corporate Sustainability Manager;
- Research & Innovation Breakthrough Manager;
- Van Cleef & Arpels Director of Compliance & Risk Management.
Internal and external specialists are invited to attend the Committee on an ad hoc basis. The average attendance rate for the CSR Committees was 81% during the year under review.
* The position of Group Director of CSR, and a Group CSR function, were established during the year under review. Previously, the coordination and reporting of Group CSR matters was carried out by the Company Secretary on a part-time basis. The change reflected the increasing importance given to CSR by the Group’s stakeholders.
The Group requires each Maison and shared service platform to designate a CSR Representative, to take responsibility for CSR matters, which includes the implementation of Group standards and local initiatives.
Annually, the CSR Committee gathers data from each Maison and major market. These data are reviewed, analysed, shared among peers and acted upon. The gathered data forms the basis of this report.
CSR representatives of each Maison and region participate in an annual CSR Conference to share progress and best-practices, discuss activities and agree goals and priorities for the coming year. Tools are in place to facilitate information sharing on a continuous basis, including a CSR intranet developed to facilitate knowledge-sharing among CSR Representatives. As at March 2018, the CSR intranet had over 350 registered users.
In addition to these Group-directed efforts, our Maisons manage their own CSR agenda independently of the Group and one another. Each Maison and Regional Platform has its own CSR Committee or equivalent. For the Maisons, the annual strategic planning process requires a formal description of CSR objectives linked to its unique characteristics or ‘DNA’.
There are expert working groups across Richemont on specific topics such as environment, precious materials, or community investment. Those working groups review and determine the best approach to such topics, generating innovative initiatives. The Maisons have also established cross-functional teams and internal newsletters.