Take tobacco companies for instance. What is the major difference in their approach towards stakeholders? They started to listen! Before those days tobacco companies used to decide, deliver and defend. Now they listen, decide and deliver a restructuring that tells everything. It might not be sensational but it is a profound insight that shows a commitment to dialogue.

McDonald's also started to listen and the fast food giant has responded to criticisms by introducing healthier menu options, including salads. It also puts out new adverts saying its food should be eaten as "part of a balanced diet".

Today we witness a proliferation in non-financial reporting and in 2002 McDonalds started non-financial reporting. Non-financial reporting “discloses corporate behavior to stakeholders and society and ensures accountability and transparency. It assists companies and investors to identify key business risks and correct unsustainable behavior and practices”. But it also “allows businesses to proclaim adherence to selective principles without ensuring compliance in their daily operations” (definitions by The Copenhagen Centre). All in all there are positive and negative outcomes of non-financial reporting.

McDonalds will be tested as any other company with non-financial reporting on the relevance of the issues they address to stakeholders and their commitment to continuously improving the issues they address but most of all it is dialogue that ensures the legitimacy and the trust.
Some initiatives McDonalds have taken:

• Responsible Purchasing - social and environmental considerations into its expectations for suppliers.
• McDonald's audits approximately 500 facilities a year to see if they uphold standards

Seminar with McDonald's Wednesday 11th of May from 15.00 to 17.00
Copenhagen Business School (CBS), Solbjerg Plads 3 in room Sps 14

Read more about the WELLseminar here.