The Novo Nordisk Way
Novo Nordisk strives to conduct its activities in a financially, environmentally and socially responsible way. This principle is stated in the company’s objectives, in the Articles of Association.
The Novo Nordisk Way of Management, the governance framework that defines how Novo Nordisk does business as a values-based company, explicitly referes to the Triple Bottom Line – social, environmental and financial responsibility – as the company’s underlying business principle. Explicit mention is made to the company’s commitment the International Chamber of Commerce’s Busines Charter for Sustainable Development, The United Nations Universal Declaration of Human Rights, and the United Nations Global Compact.
The strategic framework
Novo Nordisk’s Triple Bottom Line approach rests on a three-tiered strategic framework:
- The corporate governance framework ensures action and consistently tracked performance against long-term as well as short-term targets to ensure compliance with international standards and company commitments.
- Stakeholder engagement activities enable the company to be attentive to current and emerging concerns.
- Follow-up procedures ensure full integration in the business and independently reviewed assessment of our corporate conduct.
Novo Nordisk aspires to become a model of sustainable business, to be a preferred business partner, and to build on its understanding of the people whose healthcare needs it serves in order to innovate products and services. Sharing with stakeholders how to chart a desired future, Novo Nordisk believes in working together to make it happen.
Novo Nordisk's Triple Bottom Line Strategy
The sustainability-driven initiatives are orchestrated by Corporate Stakeholder Relations, which drives, challenges and monitors the Triple Bottom Line Strategy in Novo Nordisk and helps the line implement new activities to pursue sustainable business goals. This strategy serves as a platform for organisational learning and innovation. It rests on six key processes:
- Monitoring issues and spotting trends that may affect the future business.
- Engaging with stakeholders to reconcile dilemmas and find common ground for more sustainable solutions.
- Building relationships with key stakeholders in the global and local communities of which Novo Nordisk is a part.
- Driving and embedding long-term thinking and the Triple Bottom Line mindset throughout the company.
- Accounting for the company’s performance and conveying Novo Nordisk’s positions, objectives and goals to audiences with an interest in the company.
- Translating and integrating the Triple Bottom Line approach into all business processes to obtain sustainable competitive advantages in the marketplace.
