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Titan Cement Again Tops Accountability Rating in Greece |
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| For the second year in a row, Titan Cement has topped the main Accountability Rating in Greece, edging out close competition from Coca Cola Hellenic Bottling Company and Vodafone. Among the 100 largest Greek companies assessed on their transparency and sustainability, significant improvement was shown in the industrial sector, while the telecommunications sector continued to show strong performance and the financial industry once again notably missed an opportunity to live up to stakeholders’ expectations for reporting on more material issues and more transparent disclosures, despite public pressures caused by the financial crisis. The 2009 Accountability Rating Greece shows that for the third consecutive year, overall, corporate accountability of big business has continued on a modest upward trend, reflecting recognition from the business community about the possibility of generating long-term value through increased transparency and sustainability. The new feature is that some of the largest Greek industries, such as Public Power Corporation, Elval, Aluminum of Greece and Athenian Brewery have got the message and are becoming more accountable. Furthermore, more Greek companies have started taking the carbon agenda more seriously and in their 2009 reports they disclose their relative performance and their efforts to reduce greenhouse gas emission. Conducted by the Institute of Social Innovation since 2007 and widely recognized as the most reliable and objective rating of sustainable business practices in Greece, the Accountability Rating has played an important role in encouraging large Greek companies to more transparently disclose their policies, performance and impacts on social, environmental and governance issues. Top Greek companies have even used it as an internal benchmark for their own performance and progress against their peers and improvements over time. According to ISI Senior Partner, Dimitris Micharikopoulos, as a testament to the Rating’s value, it has even been used among top companies as one element included in their annual reports as well as in managerial performance reviews and bonuses. The Institute of Social Innovation, an Athens-based consultancy specializing in strategy and sustainable development, works with companies in Greece and Cyprus on improving their sustainability performance with a focus on the triple bottom line of people, planet and profits.
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