by Caroline T. Roan
When I was invited to post on Think About It, I was reminded of a recent article by Paul Klein on the Forbes CSR Blog, “Defining the Social Purpose of Business.” I was included in interviews he did with business leaders on social purpose and its relationship to a company’s approach to corporate responsibility.
Mr. Klein believes that “every corporation has an overarching social purpose that transcends the operations of corporate social responsibility and, when well understood and effectively integrated, can have profound business and social results.” At Pfizer, we agree with him. The social purpose of our business is to discover and develop new and innovative medicines that prevent and treat disease, allowing individuals to live longer and healthier at every stage of life. That is why my colleagues and I come to work every day.
Corporations have a responsibility to provide value to their shareholders. But these days, the definition of value is expanding. It is more than just monetary. In exchange for providing companies with a license to operate, society has great expectations. Companies are, rightfully, judged on issues far beyond just the profits they make.
Pfizer is one of many companies that now reports on both financial and non-financial performance indicators. Two years ago, we began combining our Annual Report with our Corporate Responsibility Review into a single review. Our web site www.pfizer.com, and our annual integrated report highlight our financial, environmental and social performance. Additionally, we voluntarily participate in various sustainability questionnaires, such as those offered by Carbon Disclosure Project (carbon, water), Bloomberg (Climate Innovation Index), and Newsweek (Green Rankings). We are committed to improving our transparency through reporting.
In order to address current and future public health challenges, everyone involved in the health care dialogue will need to listen with an open mind and commit to working together for a healthier world. That isn’t just our tagline, it is the purpose of our business.
Caroline T. Roan is Vice President of Corporate Responsibility & Reputation at Pfizer Inc, the world’s largest biopharmaceutical company headquartered in New York. She is also President of The Pfizer Foundation. Under Ms. Roan’s leadership, Pfizer continues to be a top corporate donor and has received local, national and international awards and recognition for its corporate responsibility programs. She will be speaking at the Adelphi University President’s Series on Critical Issues on Thursday, September 13, 2012, 8:30 a.m. – 10:00 a.m.
