The Foundation has just been launched in Geneva as an independent non-profit organisation, and the move confirms the industry’s commitment to displaying an ethical leaning to their practices.
According to the company it; “will initiate and support projects, as well as grant donations, in the areas of humanitarian action, health, nutrition, science, education, environment and sustainable development."
Fragrance and flavour getting ethical
In another move which also confirmed that the fragrance sector is keen to display sourcing and trading ethics, Firmenich, the largest privately-owned company in the perfume and flavour sector was recently accepted as a member of the Union for Ethical BioTrade.
These moves towards ethical practices within this fragrance sector come at a time at which 87% of consumers expect companies to have sourcing policies in place that respect biodiversity, according to the UEBT survey of 8 countries worldwide.
Speaking to Cosmetics Design, Givaudan confirmed the rising tide of corporate focus sustainability within the beauty industry.
“The creation of the Foundation is part of a integrated approach that goes beyond charity, and takes into account the needs of our numerous stakeholders. We think that the need for business to take a sustainable approach has never been greater,” the company confirmed.
“We are aware of our responsibilty as an actor in society and of the interdependence of our company and the communities it which it operates,” reps told CosmeticsDesign-Europe.com.
It’s not just the fragrance sector getting into gear with ethical practices though, as at a recent ceremony by US management consulting firm Ethisphere, Shiseido and L’Oreal were both awarded the title of ‘ethical company’.
Jean-Paul Agon, chairman of the board of L'Oréal, noted that sustainable practices prove profitable as well as ethical.
"Respecting high ethical standards and serving the common good will not only make a real difference in the 21st century but will also, through the resulting transformations, have a positive impact on our company's profitability," he said.