Financial | Sustainability

— Sustainability rating agency EcoVadis awards Symrise gold status for its corporate social responsibility

— Systematic valuation of sustainability with regard to the environment, social aspects, ethics and sourcing management

— Reference portal for strategically important customers and partners

 

For the second time running, EcoVadis has awarded the fragrance and flavoring manufacturer Symrise gold status for its responsible corporate business practices. In terms of ecological, social and ethical sustainability, the German company is among the top 2.79 percent of the manufacturers of chemical basic materials evaluated by EcoVadis. Symrise thus supplies strategic key customers with all important data regarding sustainability in the supply chain at a glance.

EcoVadis analyzes and rates the corporate social responsibility (CSR) of companies according to 21 criteria in the areas of the environment, social aspects, ethics and sustainability in the supply chain. The aim is to make it easier to integrate sustainability criteria into business relationships. That would allow companies to determine quickly whether their suppliers fulfill their own sustainability standards. Key companies in the consumer goods industry in particular use the EcoVadis online portal to evaluate suppliers in this regard. More than 10,000 suppliers are now registered there.

“The CSR rating by EcoVadis allows us to transparently present our sustainability achievements to current and new customers and thus to establish ourselves as preferred partners,” Dr. Helmut Frieden, Vice President Corporate Sustainability at Symrise, explained. “This method shines a light on all relevant sustainability criteria in a standardized and goal-oriented manner.”

Making CSR comparable

EcoVadis analysts first compare the services of the company in the four sub-areas of the environment, social aspects, ethics and sustainability in the supply chain. The results are shown for each sub-area using an index value between 0 and 100 points. These sub-results are then weighted based on the industry and the size of the company to determine the overall CSR rating. For major manufacturers of chemical raw materials, the key areas are social aspects, which include working conditions, and environmental protection. The companies in this industry that were evaluated received an average of 43 of 100 possible points.

Top marks for Symrise

Symrise achieved a rating far above the industry average for its corporate social responsibility with 68 points. This puts the company into the top 2.79 percent of manufacturers of chemical raw materials evaluated by EcoVadis. In the sub-area of the environment Symrise is even in the top two percent with 80 points, and in terms of sustainability in the supply chain the company is in the leading 0.7 percent.

“We are very happy with our excellent results,” says Frieden. “On the one hand, it is encouraging recognition from outside the company for our efforts to become more sustainable. On the other hand, it is also important for the success of the company since strategically significant customers require a CSR rating of at least 65 points in order to do business together.”