Firmenich Joins UN Global Compact CFO Taskforce to Drive Corporate Finance Strategies with Real-World ESG Impacts
Firmenich, the world’s largest privately owned fragrance and taste company, has joined the UN Global Compact CFO Taskforce, the first-ever global initiative promoting sustainable corporate finance and scalable investments in pursuit of the UN Sustainable Development Goals (SDGs). By signing the first UN-backed principles for integrated SDG finance and investment, Firmenich is driving corporate finance strategies with real-world Environmental Social & Governance (ESG) impacts and helping to create a sustainable financial system.
“As stewards of trillions of dollars in corporate finance, CFOs have a critical role to play in ensuring that companies’ financial strategies are sustainable,” said Benoit Fouilland, Chief Financial Officer, SDG. “At Firmenich, our strategy is grounded in the Sustainable Development Goals and since signing the UN Global Compact in 2008, we became one of only 41 LEAD companies worldwide recognized for their commitment to a new era of sustainability. Joining the CFO Taskforce is a natural next step for us and a great opportunity to continue advancing sustainability in global business.”
“We are very pleased to welcome Firmenich, with its recognized track record in sustainability, on the CFO task force. The Principles for SDG-aligned Corporate Finance enable the broader finance ecosystem to scale up financing and investments towards the SDGs and ensure that we leave no-one behind,” said Sanda Ojiambo, CEO and Executive Director of the UN Global Compact. “This is the right and opportune thing to do as the long term success of business is inextricably linked to a sustainable future for all.”
Firmenich’s actions are guided by the UN Global Compact’s overarching Ten Principles in the areas of human rights, labor, environment, and anti-corruption. Furthermore, the SDGs are firmly embedded in the Group’s growth strategy, providing scope for its action. Learn more about Firmenich’s progress in its Performance & Sustainability Report 2020 and its ambitious sustainability objectives for the next decade in ESG Ambitions 2030. A board member of the Global Compact Network Switzerland for a decade, Firmenich is helping to accelerate the impact of the SDGs in Switzerland.
As custodians of over $14 trillion a year in corporate investment globally, CFOs can be a driving force for the achievement of the SDGs, as interest in sustainable and responsible investment grows worldwide.
By working across the investment value chain, including investors, banks, development finance institutions, credit ratings agencies and sustainability assessment firms, the CFO taskforce and Firmenich share the aim of creating a broad, liquid and efficient market for SDG investments and capital flows. The taskforce has pinpointed four key areas: SDG impact and measurement, integrated SDG strategies and investments, corporate SDG Finance and SDG communication and reporting.
The CFO Principles on Integrated SDG Investment and Finance, which are intended to supplement the Ten Principles of the UN Global Compact, are available for download here.