Has Corporate & Social Responsibility evolved into a checklist that some companies adhere to simply because they have to, often adopting the bare minimum standards? CSR was intended to represent the conscience of a company but perhaps has been superseded by ESG.
Regulation that was meant to be interpreted positively can sometimes lose its power when it’s negotiated, optimised and formalised. The power of ESG today is that we’re still creating it so corporations have the flexibility to do the right thing in a way that’s appropriate to that company’s circumstances, capabilities and opportunities. CSR Compliance and regulation is essential but achieving minimum standards is not a worthy mission.
In recent years, MICROTRONICS has collaborated with the largest industry coalition dedicated to responsible business conduct and with consultants from one of the “Big 4” professional services providers in developing our core standards and providing employees with training and assessment tools, including adhering to the International Labor Organization’s (ILO) 11 indicators of forced labour. However, Microtronics also recognizes the need to add ESG (Environmental, Social and Governance) standards in part because of the significant worldwide carbon footprint of electronics, plastics and sub-assembly manufacturing industries.
MICROTRONICS engineers are creative problem solvers and innovators whose remit extends beyond our commercial activities; they play vital roles in diverse domains that have significant social and environmental impacts, experiences deeply ingrained in the company’s structure. The ESG narrative influences us to be loyal to our clients, employees, honest in our dealings, committed to a healthy ecosystem, and prepared for the future by acting responsibly now.
2022 was an opportunity to formalise and champion a new partnership model for client and employee success. Its underlying principles influence our environmental impact through Lean Thinking that makes our planet safer, smarter, and more interconnected. We believe corporations, along with governments, have a responsibility to serve as stewards of our communities – If companies manage Environmental, Social and Governance (ESG) factors effectively, and champion their importance, that this will also create sustainable commercial value over the long term.
As part of this new partnership model we are adopting the universal standards of the Global Reporting Initiative (GRI) to report materiality and sustainability and are committed to fully support the UN’s Sustainable Development Goals. Our efforts to include ESG considerations in our manufacturing strategy are ongoing, and we strive to improve them through the lessons learned in 2022. We will not relent in our pursuit of responsible leadership and expect all our partners to remain abreast of the ever-changing regulations that impact our collective ability to operate in international markets. Our employees also receive frequent ESG training to increase their understanding of key sustainability themes and equip them to proactively identify ESG issues during their work. Our new entrepreneurial partnership model for employee success means commitments to diversity and employee well-being have been made.
Geo-politics continued to significantly change the global manufacturing supply chain in 2022 resulting in fresh new perspectives on collaboration and environmental goals so our New Partnership Model has never been more appropriate. We will always adhere to CSR regulations and requirements but the coming years will give us the opportunity to demonstrate why Microtronics is the pre-eminent ESG innovator in our industry.