Responsible action and statements of commitment have little meaning if the pledges do not reach out to all stakeholder groups. Making a real difference requires more than completing checklists and presenting data. To be truly valuable, reporting needs to represent a reflective view on the organisation and a balanced perspective on its impacts. Being accountable for our performance is about responding to stakeholder concerns in a transparent way.

With the aim of capturing the organisation’s ‘footprint’ in terms of social, environmental
and economic impacts on society and the natural environment, this report accounts for
Novo Nordisk’s performance and achievements in 2003. It focuses on corporate target-driven programmes. Examples of local initiatives illustrate how principles of sustainability are enacted throughout the organisation. The scope of the report is Novo Nordisk A/S. Read about our 'Accounting principles'.

In compliance with the voluntary standards to which Novo Nordisk is committed, we report on the key indicators we have defined through ongoing consultations with stakeholders, as well as the relevant set of performance indicators set out by the Global Reporting Initiative's (GRI’s) 2002 Sustainability Reporting Guidelines. Moreover, as a signatory to the International Chamber of Commerce's (ICC’s) Business Charter for Sustainable Development and the United Nations Global Compact, we report on Novo Nordisk’s performance against their principles. The information provided and the data set have been assured according to the AA1000 Assurance Standard. Cross-references and the full data set are available in our 'Data overview' on the internet.

Looking back on performance during the year is but one aspect of sustainability reporting. While we recognise the importance of being able to measure performance against set targets, we also aim to present to stakeholders our view on how well the company is positioned to meet future business challenges. That is why we include presentations of strategic initiatives and discussions of the social, environmental, ethical and socio-economic
issues that may affect our company’s performance in the future. In this way, we aim to establish a fact-based platform for informed decision-making.

The AA1000 Framework, which Novo Nordisk has been involved in developing, is a useful guide to reporting. It states that reporting must provide a complete, accurate, relevant and balanced picture of the organisation’s approach to and impact on society. To the best of our knowledge, the report complies with these requirements.

The notion of materiality is currently being redefined in light of the fact that corporate reporting is being developed to better meet multiple expectations. Not only shareholders, but many other stakeholder groups who affect or are affected by the company’s activities have a legitimate interest in being kept informed. From this perspective, materiality is about identifying information that, if omitted or misstated, would significantly misrepresent the organisation to its stakeholders, and thereby influence their conclusions, decisions and actions. Striving for transparency in reporting as well as in our decision-making, we hope that by presenting the issues we see as material to Novo Nordisk’s future business we have also fairly reflected what matters to our stakeholders.