Triple Bottom Line
Novo Nordisk 'strives to conduct its activities in a financially, environmentally and socially responsible way'. This statement is anchored in the Articles of Association and embraces the principles upon which the company was founded.
This formal commitment to sustainable development and balanced growth has been built into the corporate governance structures, management tools and individual performance assessments. The principle of 'preserving the planet while improving the quality of life for its current and future inhabitants' resonates well with Novo Nordisk's business rationale and its values-based approach. This is what lies behind the Triple Bottom Line, which the company has adopted as a broad business principle. It ensures that decision-making balances financial growth with corporate responsibility, short-term gains with long-term profitability, and shareholder return with stakeholder interests.
At Novo Nordisk, sustainable development has been an integral part of doing business for more than a decade. The Triple Bottom Line is an expression of how we put it into practice.
Novo Nordisk's aspiration is to be a 21st century business model: a sustainable business, a trusted partner, and one that is recognised as a healthcare company with a heart.
Environmental responsibility
Environmental responsibility addresses the company's impact on the external environment as well as the bioethical implications of its activities such as animal experimentation and safety issues regarding the use of genetic engineering. Read more about the specific initiatives within environmental responsibility:
Social responsibility
Social responsibility is about caring for people. For Novo Nordisk, this applies to the people whose healthcare needs we serve as well as to employees. It also considers the impact of our business on the global society and the local community. Read more about specific initiatives within social responsibility:
Economic viability
At Novo Nordisk, remaining economically viable means managing the business in a way that ensures growth and prosperity. This includes making a profit for the company's shareholders, educating employees, and investing in the growth of the business. Read more about specific initiatives within economic viability:
The strategic framework
Novo Nordisk's Triple Bottom Line approach is supported by a three-tiered strategic framework:
- The corporate governance framework ensures action and consistently tracked performance against long-term as well as short-term targets to ensure compliance with international standards and company commitments.
- Stakeholder engagement activities enable the company to be attentive to current and emerging concerns.
- Follow-up procedures ensure full integration in the business and independently reviewed assessment of our corporate conduct.
Novo Nordisk’s Triple Bottom Line strategy
The sustainability-driven initiatives are governed by the TBL Leadership Forum, which aims to implement and develop Novo Nordisk’s Triple Bottom Line strategy to pursue sustainable business goals. The members of the Forum represent functional areas in Corporate Relations.
The Triple Bottom Line strategy serves as a platform for organisational learning and innovation. It is based on six key processes:
- Monitoring issues and spotting trends that may affect the future business.
- Engaging with stakeholders to reconcile dilemmas and find common ground for more sustainable solutions.
- Building relationships with key stakeholders in the global and local communities of which Novo Nordisk is a part.
- Driving and embedding long-term thinking and the Triple Bottom Line mindset throughout the company.
- Accounting for the company's performance and conveying Novo Nordisk's positions, objectives and goals to audiences with an interest in the company.
- Translating and integrating the Triple Bottom Line approach into all business processes to obtain sustainable competitive advantages in the marketplace.
This page has been assessed by PricewaterhouseCoopers as part of its assessment of Novo Nordisk’s statement that it reports ‘in accordance’ with GRI. Please refer to Audit and assurance for a full description of the nature of assurance offered.
