Baruch's Weissman Center For International Business CSR-Sustainability Monitor And Website Offers Industry-Based Rankings
Barrick Gold Corporation Ranks #1 in "Mining, Quarrying, and Oil and Gas" Industry
NEW YORK, NY-March 19, 2015 -Canada-based Barrick Gold Corporation ranks #1 for corporate social responsibility reporting among global companies in the “Mining, Quarrying, and Oil and Gas” industry, according to the 2014 Edition of the CSR-Sustainability Monitor, created by Baruch College’s Weissman Center for International Business.
Barrick Gold Corporation received a score of 88.50 (out of 100), ranking #1 in the “Mining, Quarrying, and Oil and Gas” Industry. The ranking is one of 13 industry rankings included in the 2014 Edition of the CSR-Sustainability Monitor, that examines and ranks the scope and quality of corporate social responsibility reports issued by 614 of the largest global companies.
The 2014 CSR-Sustainability Monitor, available at www.csrsmonitor.org, was awarded an Honorable Mention by PR News in the category of Sustainability/CSR Report. The online version enables users to search companies and review CSR scores in a variety of industries and across regions. In addition, users can conduct side-by-side comparisons of companies to review CSR disclosure scores by industry.
A growing number of large companies are communicating with the public about their non-financial impacts in annual corporate social responsibility reports. Although information in these reports is used by investors and other company stakeholders in their decision-making, a majority are dissatisfied with the content of CSR reports. Even within the same industry, reports vary significantly in terms of the topics covered, the scope of information provided, and the use of third party assurance. Now that so many companies recognize the importance of having a CSR report, the quality of information in these reports seems to be emerging as the next big issue.
In order to improve comparability of the quality of corporate social responsibility reports, and enhance transparency, researchers at the Weissman Center for International Business, under the direction of University Distinguished Professor S. Prakash Sethi and Saxe Distinguished Professor of Finance Terrence F. Martell, developed the CSR-Sustainability Monitor. The Monitor scores reports based on a set of the most common CSR topics. The effectiveness of a company’s CSR report depends to a large extent, on the level of credibility that the company’s stakeholders attach to it. That is why the Monitor, in its screening process, also measures the degree to which the reporting company provides integrity assurance as to the accuracy and completeness of the information it is disclosing.
The CSR-S Monitor:
- offers a range of measures for comparing CSR reports in terms of their comprehensiveness, specificity of detail, quality, and accuracy of reporting;
- enables companies to compare their reports across industry and region, creating a market-driven incentive for companies to improve their CSR reporting to gain competitive advantage resulting in higher quality non-financial information to the investing public;
- provides guidance for companies initiating their own CSR reporting and; offers the institutional investing community, and the analysts that support that community, an independent assessment of the quality of CSR information.
About the Weissman Center for International Business:
Founded in 1994, the Weissman Center for International Business is designed to enable Baruch College to respond to the global economy with programs appropriate to a preeminent school of business. Guided by an advisory council of distinguished executives, the Center’s activities enrich Baruch students’ preparation for careers in the global work-place by building bridges between the worlds of academia and international business.
About Baruch College:
Baruch College is a senior college in the City University of New York (CUNY) with a total enrollment of more than 18,000 students, who represent 164 countries and speak more than 129 languages. Ranked among the top 15% of U.S. colleges and the No. 4 public regional university, Baruch College is regularly recognized as among the most ethnically diverse colleges in the country. As a public institution with a tradition of academic excellence, Baruch College offers accessibility and opportunity for students from every corner of New York City and from around the world. For more about Baruch College, go to http://www.baruch.cuny.edu/.