2 (Danish Auditors) in 2011. CORPORATE SOCIAL RESPONSIBILITY 2. ABOUT THE REPORT THIS IS PALSGAARD'S THIRD CSR REPORT. WE PRODUCE A CSR REPORT EVERY YEAR, AND IT IS A TOOL TO PROVIDE A BALANCED VIEW OF THE CSR-RELATED GOALS, SUBJECTS, ACTIVITIES AND RESULTS IN THE BUSINESSES COVERED. and the importance of the issues in the development of Palsgaard's CSR strategy (see Section 5). Our most important stakeholders in terms of this report have been deemed to be the company's customers, employees, trend-setting retail trade, the local community, the media, important competitors and NGOs. After having received positive feedback on previous reports, we have structured this year's report in the same way as our CSR Report for 2010 which won the award for Best First Time CSR report, awarded by the FSR SCOPE The report includes the following legal entities: The Schou Foundation, Palsgaard Gods A/S (Palsgaard Estate A/S) and its associated forest and agricultural areas, Palsgaard A/S and its subsidiaries and Nexus A/S (see figure in Section 3). For the purposes of this report, these entities will all be treated as one entity called 'Palsgaard': Affiliated companies in which Palsgaard does not have a majority shareholding are not included in the report. The scope of the reported data is detailed in Section 15. This report covers 2012. This report and its data have been reviewed by an independent third party. The auditor's statement can be found in Section 14. Our reporting practice is explained in Section 15. STRUCTURE OF THE REPORT The report follows our value chain (Sections 5-12) and is based on our cultural values. The value chain covers the life of the product from original idea to the finished product which, as a food ingredient, lands on the consumer's table. Our contribution to society is then described. This structure represents a logical structure for our processes and products. Readers who are interested in particular subjects should consult the references in the GRI table in Section 16. For any further information about the report please contact CEO Jakob Thøisen. REPORTING PRINCIPLES The report has been prepared using the principles set out in the Sustainability Reporting Guidelines from Global Reporting Initiative (GRI) and the associated sector supplement for food production. A list of applicable GRI indicators, including references, can be found in Section 16. The subjects we report on have been selected on the basis of evaluations of stakeholders FIGURE 1: STRUCTURE OF THE REPORT 8. OUR EMPLOYEES • • • • Well-being and employee retention Local and global anchorage Employee satisfaction Workplace risk assessment, working environment and safety • Pension scheme with profit sharing • Palsgaard Mexico – an example of broadly based CSR work so far 5. OUR BASIS AND AGENDA FOR SUSTAINABILITY • Our reputation • Management structure and distribution of responsibility • Heart working people • Policies • Corruption and cartels • Our agenda for sustainability • Organisational memberships 6. CUSTOMER-DRIVEN INNOVATION • Nexus, Palsgaard's development company • Global application facilities • Certified safety in product development • Partnerships with universities and knowledge centres • Future energy reductions in the refinement of oils 7. RAW MATERIALS AND SUPPLIERS • Supplier management • Partnership on sustainable production of palm oil 9. PRODUCTION AND ENVIRONMENT • Processes • Energy and climate • Utilisation of raw materials and derivative products • Packaging • Waste handling • Environmental conditions, water and waste water • Environmental conditions in our facilities abroad • Forestry and agriculture 10. SALES AND LOGISTICS 11. PRODUCT APPLICATION 12. CONTRIBUTION TO SOCIETY • • • • Marketing Dialogue with customers and partners IT Transport • Food safety • Improving of the health profile of food products • Ingredients for fat-reduced foods • Trans free emulsifiers • E numbers • Reduction of food waste • Technical applications • • • • Commitment to local community Part of the local fire brigade Support for people in need Responsible tax 3 3
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