Bacardi is making bold claims, backed by independent analysts, that its new sustainability tracking tool is best by name and by nature
Global drinks giant Bacardi has developed an alternative approach to sustainability reporting. It uses new metrics and methodologies, based on management accounting, to derive more precise results, measuring performance and progress against environmental and sustainability targets.
Stephen Harvey, global environmental director for Bacardi, says: “The Bacardi Environmental Sustainability Tracking method is an accounting metric. It is a robust method for accurately measuring operational efficiency. Conventional measures cannot do this.”
Harvey says Best has been extensively peer reviewed and stands above other methodologies of environmental impact reporting. “Puma’s is a method that attempts to quantify environmental impacts in monetary terms. Bacardi recognises this is important work,” he says.
“Best, however, does not rely on qualitative judgments on the monetary value of natural resources and environmental impacts. Best applies fundamental accounting principles to measuring sustainable progress, and in so doing eliminates misleading distortional effects such as outsourcing, divestments and changes in product mix.”
These, Harvey claims, mean Best cannot imply progress where no such progress has been achieved, an area where alternative integrated reporting falls down. “Best uses methods commonly used for monetary purposes, but does not attempt to convert progress to monetary terms.”
University researchers, independently of Bacardi, have produced...
May 2014, London, UK
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