The Global Child Forum, together with the Boston Consulting Group, has ranked Hydro as number 12 in Europe among many global companies in their latest report “The State of Children’s Right & Business 2023.”
Hydro is highlighted in the report for its social initiatives in Brazil. The report states that Hydro has developed and implemented several policies and practices that address the organization's impact on children's rights across several important areas. The company has taken concrete steps to move beyond policies and has embedded children's rights into company practice, following-up through monitoring, transparent reporting, and programs to create actions for children's rights.
Our company’s purpose is to create a more viable society, which means we must take responsibility outside of our own fences. With over 25,000 suppliers, we have the potential to positively affect the lives of a large number of people, indirectly linked to our company – says Nina Schefte, Head of Corporate Social Responsibility at Hydro.
The Swedish non-profit foundation has conducted a global review of 795 companies, evaluating policies, commitments and implementation of measures safeguarding children’s rights. The report benchmarks four indicators, namely governance and collaboration, workplace, marketplace, and community and environment.
Hydro believes that businesses cannot succeed in societies that fail, and takes an active position in positively impacting communities directly and indirectly affected by its operations. Hydro maps risks, communicates clear expectations of adherence to Hydro’s Supplier Code of Conduct, reviews and provides support and development tools for its suppliers. In Pará, Brazil, Hydro runs a Supplier Development Program for local suppliers focusing on human rights developed in partnership with the Ethos Institute.
Hydro is committed to promoting the principles of the Universal Declaration of Human Rights, UN Global Compact and International Finance Corporation to its suppliers and has based its approach to responsible sourcing on the Organization for Economic Cooperation and Development (OECD) Due Diligence Guidance for Responsible Business Conduct.