BorsodChem Wins top Award for Sustainability and CSR
BorsodChem became part of the Chinese Wanhua group early in 2011.
Photo by Pavel Kapysh / Shutterstock.com
BorsodChem, the Hungarian chemicals company, has been awarded the EcoVadis Platinum Medal for the first time for its sustainability and Corporate Social Responsibility (CSR) activities in 2020, according to the latest survey by the international certification organization.
Based on its achievements in sustainable development from year to year, BorsodChem was ranked “in the top one percent of companies in the chemical and related sectors participating in the evaluation,” BorsodChem said in a press release.
Asked to comment on the award, Béla Varga, vice president for HR and communication, and responsible for sustainability activities at BorsodChem, said: “We are happy that EcoVadis recognized us with its highest award and ranking for our sustainability efforts,” adding that the company’s goal henceforth is “to perpetuate this outstanding ranking.”
With its principal production facilities located in Kazincbarcika (200 km or 125 miles northeast of Budapest), BorsodChem is one of the leading European manufacturers of MDI and TDI isocyanates, one of the main raw material groups of polyurethane plastics. These, in turn, are used to create both flexible plastics for furniture and apparel, and hard plastic for construction and the automotive industries, for example, vehicle dashboards.
According to the press release, BorsodChem’s high score in the EcoVadis audit was a result of the company adhering to “comprehensive sustainability guidelines, actively participating in the work of international professional organizations such as UNGC and TfS (Together for Sustainability).”
In addition, BorsodChem has “significantly improved by integrating and developing the sustainability approach into procurement principles” in its procurement operations. The company was also acclaimed for its environmental policies, and EcoVadis “also recognized the company’s ethical conduct and respect for human rights.”.
Asked to confirm and comment on the award, Chrissy Azevedo, a spokesperson for EcoVadis replied in an email, stating: “I can confirm on behalf of EcoVadis that yes, BorsodChem was awarded a Platinum medal for the activities stated in the press release. Beyond that, EcoVadis doesn’t comment and/or expound on the companies that they rate.”
When asked how many companies comprised the top 1% in the chemical and related sectors participating in the evaluation, Azvedo declined to reveal details.
BorsodChem became part of the Chinese Wanhua group early in 2011. The company declined to reveal company data, citing stock exchange regulations. However, according to company information provider Opten, BorsodChem had sales revenue in 2019 of EUR 1.4 billion with an after-tax profit of some EUR 168 million. The average headcount of the company that year was just under 2,900.
EcoVadis boasts World’s Most Trusted Business Sustainability Ratings
EcoVadis is a Paris-headquartered company founded in 2007 which measures and evaluates how well a company has integrated the principles of sustainability and CSR into its business and management system, including companies in global supply chains.
According to its website, it provides “The World’s Most Trusted Business Sustainability Ratings.” It uses what it says is a unique methodology that currently analyzes and evaluates the sustainability activities of approximately 75,000 organizations in 160 countries and 200 industries.
In 2019, it employed 600 people globally. The analysis assesses company performance in the areas of environment, labor and human rights, ethics, and sustainable sourcing, and identifies strengths and areas for improvement.
This article was first published in the Budapest Business Journal print issue of March 12, 2021.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.