BASF co-founds ‘Value Balancing Alliance’
BASF has announced that it is one of the seven co-founders of the ‘Value Balancing Alliance’, which is seeking to measure and compare the value companies create for society in environmental, human, social, and financial terms and “create a standard that makes this holistic value creation transparent in monetary terms”.
The Frankfurt-based alliance aims to create and pilot a model for the calculation of the multidimensional value contribution and to further develop the disclosing and reporting obligations within the next three years. The other members are Bosch, Deutsche Bank, LafargeHolcim, Novartis, Philip Morris International, SAP and SK. It is supported by the global accounting firms Deloitte, EY, KPMG and PwC, and by the OECD, among others.
“In the alliance, we want to standardise the different approaches that are currently used by the companies to make the results comparable. In this way, we can make the real value creation to the society by companies transparent,” said alliance CEO Christian Heller. Details of how it works are on a dedicated website, www.value-balancing.com.