ASI aims to harmonise with relevant external Standards and Schemes wherever possible and appropriate, in order to enhance collaboration, reduce unnecessary duplication, and inform ASI’s learning and continual improvement.
The ASI Standards Benchmarking and Harmonisation Procedure describes the identification, benchmarking and review of external Standards and Schemes for potential harmonisation with, including recognition by and of, ASI Standards.
Environmental, social and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. Environmental criteria consider how a company performs as a steward of nature. Social criteria examine how it manages relationships with employees, suppliers, customers, and the communities where it operates. Governance deals with a company’s leadership, executive pay, audits, internal controls, and shareholder rights.
Companies can be scored objectively on their environmental, social and governance (ESG) performance by various third party providers of reports and ratings. Institutional investors, asset managers, financial institutions and other stakeholders are increasingly relying on these reports and ratings to assess and measure company ESG performance over time and as compared to peers.
The following providers of ESG Ratings have recognised ASI’s Standards as being consistent and compatible with parts of their schemes.
EcoVadis is a trusted provider of business sustainability ratings, allowing companies to assess the environmental and social performance of their global suppliers. Within its CSR assessment methodology, EcoVadis recognises certification schemes and awards points to companies who have been certified against these schemes. For EcoVadis, an effective CSR Management System is composed of the following elements: Policies, Actions and Reporting on Results. These three management layers are separated into seven management indicators: Policies (POLI), Endorsements (ENDO), Measures (MESU), Certifications (CERT), Coverage – Deployment of Actions (COVE), Reporting (REPO) and 360° Watch Findings (360).
Both the ASI Performance Standard and ASI Chain of Custody Standard (CoC) have been approved by EcoVadis as recognised certification standards. ASI has also been formally recognised by EcoVadis as a sustainability membership organisation.
In 2020, a Senior EcoVadis Analyst conducted a mapping exercise and gap analysis and discussed these with ASI to understand where and how ASI could be recognised within the EcoVadis CSR management system assessment. The outcomes are described below.