Incorporating Environment, Social, and Governance (ESG) principles is necessary in today's business world. ESG is about good business practices prioritizing sustainability and responsible behavior. Making ESG work requires a solid plan. This plan is based on understanding, commitment, teamwork, validation, and keeping information safe.
One big part of this plan is ensuring data is safe and private. This helps build trust and credibility in ESG efforts. ESG also starts by understanding partners, like suppliers, workers, and communities. Knowing what matters to them helps create strategies that match their values.
Open communication is important for good governance. When companies openly share their actions, it helps partners check if everyone understands each other. Understanding what partners are concerned about helps us cooperate more effectively.
BMJ carefully records all partners who work with us. This is important to keep track of who's involved. We also put much thought into ensuring everything is clear about who's doing what. This helps partners understand their roles better and makes working together smoother.
To do all this, we have a process where every business partner fills out a Vendor Declaration Letter (VDL). This letter does two things: first, it makes the partnership between BMJ and the partner official. Secondly, it ensures clarity on the policies that we adhere to and the requirements that partners must adhere to. The VDL is like a base for talking openly, so we don't have misunderstandings.
By doing these things, we're building a strong system that makes partnerships between BMJ and others work well. We want to be clear and work together with trust and understanding.