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• Managing corporate responsibility

Managing corporate responsibility

Our Corporate Responsibility Statement and Principles define our approach to our key responsibility issues and provide guidance for employees on the standards to which the company is committed.

Our approach to responsiblity

Corporate responsibility governance
Our Corporate Responsibility Committee (CRC) of Non-Executive Directors provides high-level guidance on our approach to CR. The Committee meets three times a year to review our policies and progress on our CR Principles. The CEO and members of the Corporate Executive Team (CET) are actively involved in CR and participate in CRC meetings.

Our Risk Oversight and Compliance Council coordinates the management of significant business risks. The Council also considers reputational and corporate responsibility risks.

CR covers a very diverse range of issues so we believe it is best managed within our business functions, where the relevant subject experts work. We have a cross-functional team made up of representatives from key business areas which coordinates CR management. The members are senior managers with direct access to our CET. We also have a small central CR team to co-ordinate policy development and reporting.

Our material issues
Our CR reporting is focused on the most material (significant and relevant) issues for our business.

We have identified the following responsibility issues as most material to GSK:

• The contribution our core business makes to health through research, development, manufacture and the sale of medicines and vaccines
• Increasing access to medicines in underserved communities
• Ethical standards in research, and sales and marketing
• Our environmental impact, particularly climate change

External assurance and reporting standards
The information supplied in the EHS and Access to medicines sections of our full CR Report has been externally assured by independent, third-party assurers.

We include indexes in our full CR Report to show where our reporting is aligned to the requirements of the Global Reporting Initiative and the UN Global Compact.

Stakeholder engagement
Stakeholder engagement enables us to connect with the views and opinions of the societies in which we operate. It helps us identify important issues and shape our responses in the interest of our shareholders and wider society. Regular engagement means we are better informed of emerging and current issues and changing societal expectations. It provides an opportunity for us to voice our approach to responsibility issues, obtain important feedback and build trust.

Most of this discussion takes place in the normal course of business. For example, our scientists regularly meet with academics, researchers and other pharmaceutical companies through advisory boards and medical conferences.

Specific examples of stakeholder engagement in 2007 are included in our full CR Report.

Public policy
The pharmaceutical industry is highly regulated. Government policy and legislation can have a significant impact on our business so it is important that we engage with governments and other stakeholders in the legislative process.

Through our public policy activity we work towards legislation that encourages scientific innovation and balances the interests of business with those of other stakeholders.

Some stakeholders are concerned that the pharmaceutical industry has too strong an influence over governments. However, we believe we must engage with policy makers around the world responsibly to benefit patients and our business. We aim to increase stakeholder trust in GSK by being transparent about our lobbying and public policy work.

These are some of the key issues we engaged on during 2007:

• Preparation for a flu pandemic
• Investment in chronic disease prevention and treatment
• Legislation on prescription medicine imports
• Patent system reform
• EU regulation on clinical trials for children
• Compulsory licensing in Thailand
• Healthcare and intellectual property rights in India

More detailed information on our public policy positions and activity during 2007 is available in our full CR Report.

 

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