Large business category

 

 

What

Skanska is a multinational construction and development company. Its UK business unit has established a company-wide project to measure and value their social, economic and environmental contribution, with the aim of embedding natural and social capital accounting into the financial reporting systems.

Why

The intention is to initiate a culture shift in how the company uses information to make smarter and more informed decisions, from board to operational level. The project directly aligns to the company’s purpose to build for a better society.

How

Collaboration between the finance and sustainability departments has been fundamental to engage the international finance community and the wider business. A five-year strategy has been developed to focus on the economic, environmental and social impacts, with clear milestones and a well-developed plan of action. The current focus is on reviewing and building robust data systems to form the foundation of the assessments.

Challenges

The emergence of the new concept of accounting for sustainability requires communicating the benefits of the approach to multiple stakeholders and establishing robust data to enable better decision making. The company is now collaborating externally with organisations to leverage knowledge and share best practice.

Judges’ comments

From graduate to CFO, the judges were all impressed by the infectious energy and enthusiasm of the Skanska UK team and were not surprised that they have managed to get the rest of the business on board with the project to value the business’s full social, economic and environmental contribution.