As indicated earlier in this section, we continue to make progress in terms of developing one, unified incorporating both Value and Values ambitions. By developing one, unified approach, we avoid the trap of making false trade-offs. For this reason, all of the strategic agenda items described above embed safety and sustainability and there is not a separate agenda item on this point.
We do, however, recognize that, given the cross-business, cross-functional, cross-country/regional aspect of the sustainability agenda, we must go beyond our “normal” business processes, which have historically been associated solely with financial performance. As a result, we have a Sustainability Council which advises the on the definition and appropriate implementation of the sustainability aspects of the strategic agenda.
The Council is chaired by the CEO. He is joined by Business Unit Managing Director representatives from each Business Area and Executive Committee members or corporate directors from the main relevant functions. The Sustainabiilty Council meets quarterly.
The Council monitors our progress on our sustainability agenda through our strategy dashboard, which encompasses both leading and lagging indicators associated with each of our eight strategic ambitions. In addition, the Council oversees development of new initiatives to support further improvement in the existing agenda, such as our integrated reporting initiative aimed at ensuring that we remain at the leading edge in terms of integrated Value and Values reporting. Beyond this, the Sustainability Council also takes a leadership position in developing our next generation sustainability initiatives, for example, around sustainable construction.
On a day-to-day basis, the Corporate Director for Sustainability takes the lead on ensuring that we manage our existing agenda and develop an agenda for the future. The Managing Director of each business is responsible for delivering on expectations with regard to both Value and Values ambitions. Progress is monitored through the strategy dashboard mentioned earlier.