AstraZeneca – aligning and integrating ethical culture with ESG to drive competitiveness
Published: 25 September 2023
2 minute read
AstaZeneca is a multinational bio-pharmaceutical business.
Background
Over the past ten years, AstraZeneca has integrated its company culture and values with a code of ethics, known as its ‘moral compass’, to reflect the organisation’s commitment to environmental, social and governance (ESG) objectives.
For the company, aligning and managing culture and the ESG agenda together is important. It says that its culture has been applied across its operations and business, supported its decisions around ESG, and strengthened its competitiveness.
Action
AstraZeneca’s purpose states that it ‘pushes the boundaries of science to deliver life-changing medicines’. The organisation’s moral compass was shared internally alongside this corporate purpose to demonstrate the connection between everyday behaviours and the company’s core values:
- We follow the science
- We put patients first
- We play to win
- We do the right thing
- We are entrepreneurial
The Board and leadership have focused on key business and governance mechanisms to support its purpose. Being a ‘Great Place to Work’ is one of the three corporate strategic priorities, with workforce engagement key to this. Leadership and workers participate in events and initiatives to raise awareness of ESG issues, and incorporate a culture of challenging each other to do better.
Alongside this, the company uses a risk management platform that flags potential risks connected to ESG issues, and any ESG related disclosures are incorporated into public announcements as part of the company’s investor relations.
Finally, the moral compass provides clear guidance, direction and behavioural expectations to everyone across the business.
Business performance is assessed and measured through delivery of short and long term ESG targets that are aligned to the organisation’s purpose and values, alongside broader core sustainability commitments in the company strategy.
Every year, the Board and leadership review whether strategic priorities and key decision making remain in line with the company’s overall culture framework. This framework is kept in line with the moral compass and broader ESG commitments.
To reiterate the company’s commitment to the ESG agenda, and the alignment of the moral compass, cultural framework and organisational values, AstraZeneca produced an internal guidance document called What does it mean?. This publication helps employees across global operations to understand how their role, behaviours, decisions and actions support a sustainable and ethical organisation.
Impact
To ensure transparency and accountability, AstraZeneca publishes internally and externally a robust set of culture and sustainability indicators which demonstrate how ESG commitments are being delivered globally.
The company says that its focus on integrating, aligning and managing culture and ESG in tandem has raised awareness internally, improved decision making and strengthened competitiveness. As a result, 87% of employees state that they understand how they contribute to the sustainability priorities of the organisation.