Companies of Luxembourg are becoming increasingly aware of their social responsibility, according to the latest panorama of sustainable development produced by the Chamber of Commerce, the INDR and IMS. Whatever their sector of activity or size, companies are showing a rather positive tendency to be actively involved in CSR and a range of tools are available to support them.
UEL and its members support and encourage companies in their efforts to implement a CSR strategy, which is recognised as an essential factor to ensure their sustainability and to maintain their competitiveness.
The results of the panorama show that CSR is now implemented in 80% of companies with more than 250 employees. Moreover, three quarters of the respondents have discussed their sustainable development strategy internally, and the most active ones have done so driven by their leaders. The governance of CSR must now be expanded within the organisation.
UEL and its members are aware of the role to be played and will adapt their services accordingly, notably through the creation of the House of Sustainability.
According to the panorama, social actions are the most considered among the initiatives implemented within companies nowadays. UEL welcomes this strategic pillar of CSR implemented by companies as it contributes to the competitiveness of economic activity. In a context of exacerbated labour shortage in many sectors, CSR represents a factor of attraction and retention of talents of which companies have become aware. In concrete terms, initiatives such as the VISION ZERO campaign on serious and fatal accident prevention, the implementation of the diversity charter or the Companies and Human Rights pact help companies to commit on a long-term basis by integrating these topics into their governance.
Sustainable development is now also taken into account in the decision-making process when selecting suppliers and subcontractors, and it grows with the size of the workforce. These companies will have anticipated the new non-financial reporting requirements.
On 28 November 2022, the European Council gave its final green light to the directive on the publication of sustainability information by companies (CSRD).
One third of the responding companies are also engaged in a certification or labelling process and the outlook is encouraging. Such an approach allows, among other things, to evaluate the environmental impact of its activities. The most advanced companies in the implementation of a formalised CSR strategy can obtain the ESR – RESPONSIBLE COMPANY label issued by the INDR and supported by the Ministry of the Economy. This formalisation translates into an alignment of the CSR policies and actions implemented with the company’s strategy.
Find the survey report on the INDR website here.