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Corporate Social Responsibility

Corporate Social Responsibility (CSR) aims to achieve a balance of economic success with social and environmental well-being by integrating social, environmental, and ethical concerns into business operations and strategies, beyond legal obligations.

SMETA - Sedex Members Ethical Trade Audit

SMETA, which stands for Sedex Members Ethical Trade Audit, is a globally recognized audit methodology designed to assess responsible business practices in supply chains. It focuses on four key areas: labor standards, health and safety, environment, and business ethics. SMETA audits are conducted using a standardized approach, ensuring consistency and transparency across different industries and regions.

A company should consider conducting a SMETA audit for several reasons:

  • Enhance Reputation: Demonstrating commitment to ethical practices can improve a company's reputation among consumers, partners, and stakeholders.
  • Risk Management: Identifying and addressing potential ethical and compliance risks in the supply chain can prevent costly legal issues and disruptions.
  • Market Access: Many large retailers and brands require suppliers to undergo SMETA audits as part of their procurement process, making it essential for companies seeking to expand their market reach.
  • Continuous Improvement: The audit provides valuable insights and recommendations, helping companies to continuously improve their ethical standards and operational practices.
  • Stakeholder Trust: By adhering to ethical standards, companies can build trust with investors, customers, and employees, fostering long-term relationships and loyalty.

Overall, SMETA audits help companies ensure that their operations align with global ethical standards, promoting sustainable and responsible business practices.

SA 8000

SA 8000 is an International standard for socially responsible employment practices, which specifies requirements for the improvement of the working conditions of the labour force and protection of their human rights.

SA 8000 requires production and service provision be effected in a correct and ethical manner and itt specifies requirements in respect to:

  • health and safety,
  • child labour,
  • forced labour,
  • free choice of involvement in associations and the right to collective bargaining,
  • working hours,
  • compensation,
  • discrimination,
  • supplier and subcontractor control.

Corporate Social Responsibility (CSR)

Corporate Social Responsibility (CSR) audits according to the National Specification for CSR System of the Republic of Cyprus examine various aspects of a company's operations, including labor practices, environmental impact, community engagement, and governance. The goal is to ensure that the company is operating responsibly and contributing positively to society.

A company should consider conducting CSR audits for several reasons:

  • Enhance Reputation: Demonstrating a commitment to social responsibility can improve a company's image and strengthen its brand among consumers, partners, and stakeholders.
  • Risk Management: Identifying and addressing potential social and environmental risks can prevent legal issues, financial losses, and damage to the company's reputation.
  • Compliance: CSR audits help ensure compliance with local and international regulations, reducing the risk of penalties and legal challenges.
  • Stakeholder Trust: By adhering to CSR principles, companies can build trust with investors, customers, and employees, fostering long-term relationships and loyalty.
  • Competitive Advantage: Companies that prioritize CSR can differentiate themselves in the market, attracting customers and partners who value ethical and sustainable practices.

Overall, CSR audits help companies align their operations with global standards, promoting sustainable and responsible business practices that benefit both the company and society.

Global Reporting Initiative (GRI)

The Global Reporting Initiative (GRI) is a non-profit organization that promotes sustainability through a global framework for Corporate Social Responsibility Reporting, utilizing independent verification services to ensure the accuracy and reliability of the data presented in Social Reports published annually. 

The verification audit of Social Reports is conducted at two levels:

  • APPLICATION LEVEL CHECK:
    This is conducted according to the GRI Sustainability Reporting Guidelines and involves confirming the application level of GRI Indicators in the Social Report. There are three levels of GRI indicator coverage: Level C, Level B, Level A. The symbol "+" is provided at each level if external verification of the Social Report data has been conducted.
  • EXTERNAL ASSURANCE:
    This is carried out to verify the accuracy and reliability of the declared data presented in the Corporate Social Responsibility Report, either in its entirety or in specific sections selected by the company.