L'Oréal has been recognized by Fortune in the publication's annual “Change the World” list.
The list, now in its fifth year, showcases the power of business to improve the human condition by identifying companies that have made an important social or environmental impact through their profit-making strategy and operations.
L'Oréal has been recognized for its global sustainability initiative, Sharing Beauty With All, which is aiding in the fight against climate change by empowering a population that is disproportionally impacted by its effects: women. Across the world, women are the first victims of climate disruption, which threatens their ability to access fundamental rights. Knowing that women will also be at the heart of numerous solutions to adapt and fight climate change, L’Oréal is fully integrating the gender perspective into two key and complementary channels: solidarity sourcing programs for raw material cultivation, and advocacy by strategically partnering with three leading organizations: C40 Cities, G7, and the Women’s Forum.
“As a global beauty company, L’Oréal has a unique perspective on how climate change affects women in different parts of the world. Women are disproportionately affected by climate change, thus they must be at the heart of the solutions. We’re dedicated to driving progress on this issue through our sustainable sourcing programs of raw materials around the world that improve the livelihoods of women. We’re partnering with leading global organizations, including C40 Cities on the Women4Climate initiative, aimed at mentoring the next generation of female climate leaders. L’Oréal is also advocating for better inclusion of gender as it pertains to climate action within the G7 Gender Equality Advisory Council as well as the Women’s Forum at the G20. We are grateful that Fortune recognizes, as we do, that these efforts stand to impact the world in a meaningful way,” said Alexandra Palt, Chief Sustainability Officer, L’Oréal.
The selection process for the list begins with an open call for nominations from business, academic, and nonprofit organizations around the world. Only for-profit businesses are eligible. Companies are ranked on each of four criteria:
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Measurable social impact: the reach, nature, and durability of the company's impact on one or more specific societal problems. This category receives particularly close attention.
Business results: the benefit the socially impactful work brings to the company. Profitability and contribution to shareholder value outweigh benefits to the company's reputation.
Degree of innovation: how innovative the company's effort is relative to that of others in its industry and whether other companies have followed its example.
Corporate Integration: how integral the initiative is to a company's overall strategy, and how well that strategy is communicated through the ranks and elsewhere.
Each year, Fortune looks for new companies with recent impact. The initial solicitation and assessment of nominees is conducted in partnership with the Shared Value Initiative, a global platform for organizations seeking business solutions to social challenges, and FSG, a nonprofit social-impact consulting firm. A team of journalists from Fortune then investigates each of the candidates independently. The final list is selected and ranked by the editors of Fortune based on the magazine’s own reporting and analysis.
For more information about L'Oréal’s sustainability efforts, visit: https://www.loreal.com/loreal-sharing-beauty-with-all; the Fortune Change the World list can be found here.