Future 500 Releasing New Consolidated Audit of Corporate Accountability
June 2003 JUNE 2003 - Future 500 Releasing New Consolidated Audit of Corporate AccountabilityIn six weeks, Future 500, a global not-for-profit network of leadership companies and NGOs will release a new version of the popular software tool used by major companies to help them comply with increasing demands for corporate accountability, from the Global Reporting Initiative sustainability standards, to the New York Stock Exchange governance standards that were the basis for the federal Sarbanes Oxley act.
The tool, the Corporate Accountability Gap Audit, consolidates twelve leading standards into a single software-driven survey, calibrated to quickly detect gaps in a company's overall corporate accountability and sustainability practices. The audit returns performance scores for each standard, benchmarks against prevailing stakeholder expectations, analyzes the results, and provides a short list of actions to enhance corporate performance and reporting and reduce risk and liabilities.
Developed and applied by several of the world's largest companies, the audit and assessment can improve corporate accountability, while significantly reducing the cost and burden of assessment.
The initiative was launched about four years ago, by Future 500 companies that were struggling with a proliferating array of accountability and sustainability standards. By consolidating the leading standards into a single software tool, the companies could assess their performance against twelve standards at once. In addition, the results could be referenced across multiple standards and sorted based on functional responsibility, stakeholder category, or corporate cost/benefit, and other criteria which enhanced strategic positioning, decision making, implementation and reporting.
The new version includes comprehensive coverage of twelve standards, including the top five: Global Reporting Initiative (GRI), New York Stock Exchange governance standards, Dow Jones Sustainability Initiative, Domini social investment criteria, and Baldrige quality criteria. In addition to twelve leading standards, it includes selected coverage of eight specialized standards.
The gap audit and assessment is included with memberships in the Future 500, and is also available through Corporate Accountability Practice (CAP) Alliance, a network of major corporate service providers, including Arcadis, Det Norske Veritas, ERM, and WSP Environmental. It is intended for use by large companies and their suppliers.
For more details or information on how to apply the tool at your company, contact Alison Wise at AWise@Future500.org, 415-294-7775.
