The GRC Standards
For Kinnevik, sustainability is about creating long-term shareholder and social value by building well governing companies that contribute positively to society. In 2014, Kinnevik initiated the development of a structured framework to define GRC and sustainability best practices for our companies, to measure performance and to set priorities and roadmaps. Kinnevik’s Governance, Risk and Compliance (‘GRC’) Standards were developed based on stakeholder dialogues, peer benchmarking and industry best practice.
The GRC Standards comprise 62 standards divided into six sections and weighted according to their importance to our stakeholders, as well as their relevance to our companies’ performance. An overview of the GRC Standards is provided in the table below.
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Outcome of the 2017 GRC assessment
The assessment for 2017 included 18 companies, 5 public and 13 private, corresponding to ca 98% of Kinnevik’s portfolio value. A key reflection from this year’s assessment is that most companies have made good progress in developing sound GRC organisations and structures. For example, Zalando has published a Modern Day Slavery Act Statement that shows how they work across their supply chain to protect human rights. BIMA has signed an AntiCorruption Memorandum of Understanding together with other multinational companies operating in Cambodia to fight corruption in the country. GFG has issued guidelines to its operating entities on the responsible recruitment and employment of migrant labourers.