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Sustainability Goals and Indicators
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Commitment to Corporate Governance, Compliance and TransparencyContextOur industry and our company are expected to meet the highest levels of integrity. Operating the company in a reliable, efficient, transparent, and ethical manner enhances our ability to foster sustainability. We maintain strong corporate governance measures to ensure that we are in compliance with regulatory requirements and company standards, and we provide open and transparent communications about our performance and activities. This provides our stakeholders—including shareholders—with access to the information they need to make informed decisions about our company. Corporate GovernanceThe PledgeEvery policy, program, and strategy within Bristol-Myers Squibb flows from and supports the Bristol-Myers Squibb Pledge. It is a fundamental element of our corporate culture. The Pledge is a formal commitment to conscientious citizenship. It supports environmental and economic progress, a safe work environment, and policies and practices that fully embody the responsibility, integrity, and decency required of free enterprise if it is to merit and maintain the confidence of our society. The Pledge addresses a full range of sustainability issues, from fair wages and equitable treatment for employees to ethical practices with our contractors and suppliers. Board of DirectorsBristol-Myers Squibb is managed by a Board of Directors, of which the majority of members are independent directors, including the chairman. The board has adopted Corporate Governance Guidelines, which address the structure and responsibilities of the Board of Directors and other matters related to the board and are published on the company's Internet site at www.bms.com. The Board’s Committee on Directors and Corporate Governance is responsible for considering matters of corporate social responsibility and matters in areas related to corporate public affairs and the company's employees and stockholders. Consistent with the New York Stock Exchange listing standards, to be independent, the Board of Directors must determine that a director does not have any direct or indirect material relationship with the Company other than as a director. The Bristol-Myers Squibb Board policy is that a substantial majority of its members be independent directors. Only independent directors may serve on the Audit Committee, Compensation Committee, Committee on Directors and Corporate Governance, and Science and Technology Committee. The Board annually reviews all commercial and charitable relationships of its members. Codes of ConductBristol-Myers Squibb has established a Code of Conduct called the Standards of Business Conduct and Ethics, which provides a summary of the important policies and procedures in conducting the company's business in a legal, ethical and responsible manner. The Standards also provide specific guidance to company employees on how to comply with these policies and procedures. The Standards of Business Conduct and Ethics help ensure that Bristol-Myers Squibb meets the highest standards of moral and ethical behavior in its business activities. The Code of Business Conduct and Ethics for Directors provides the directors of Bristol-Myers Squibb guidance with respect to recognizing and handling ethical issues, as well as a mechanism to report unethical conduct. The code applies to all directors of Bristol-Myers Squibb and is intended to help foster a culture of openness and accountability. The Audit Committee has adopted a Code of Ethics for Senior Financial Officers that supplements the Standards of Business Conduct and Ethics by providing more specific requirements and guidance on certain topics. This code applies to the chief executive officer, the chief financial officer, the controller, the treasurer, and the heads of major business units. Performance MeasurementWe have a performance management system that rewards behaviors as well as results. Our employees must perform effectively in many areas that are not measured specifically by financial or operational results. These are included in our company’s core behaviors, which are minimal expectations for all employees. Performance is also assessed against the company's Standards of Business Conduct and Ethics. Stakeholder EngagementBristol-Myers Squibb has a long tradition of open communication and cooperation with our stakeholders on environmental, social, and economic issues. This is a fundamental element of our Pledge. We invite questions and comments and pursue opportunities to partner with others. We have identified key stakeholders and developed strategies for appropriate engagement. These dialogues—some new, some continuing, some expanding—help convey the importance of sustainability to our business. We discuss key issues facing our company and the healthcare industry and review the actions we are taking on the social, environmental and economic fronts. Internally, we foster communications and dialogue with employees through a variety of initiatives, including functional and cross-functional committees, state-of-the-business addresses, web-based communications on the Internet and intranet, other publications, employee surveys, and an anonymous hotline to report any compliance concerns. Externally, we actively seek dialogue with stakeholders. For example, we work with external advisors — representing socially responsible investment groups, academia, key customers, and public interest groups — who review and comment on our progress toward sustainable development. We have a feedback section and a "frequently asked questions" page on our Sustainability website, as well as phone numbers to contact our local facilities around the world. Bristol-Myers Squibb participates on several multi-stakeholder panels in public meetings. Sitting side-by-side with representatives of government, academia, nongovernment organizations (NGOs), and industry, we discuss emerging issues, including sustainability reporting; environmental, health, safety, and social metrics; and green chemistry. Meetings such as these help to further the understanding of commonly shared challenges. In addition, we encourage our employees to take an active part in sharing with others our company’s expectations and vision for sustainability. These conversations and actions within the community will help support positive change in our society. Forums and one-on-one meetings have been held with key suppliers to identify opportunities for mutual productivity gains and to improve the value of the working relationship. At our quarterly earnings updates and annual analyst/investor meeting, investors have an opportunity to ask questions of executive management. Additional opportunity for discussion is occasionally provided at industry analyst conferences attended by various key executives throughout the year. The information generated through stakeholder dialogue covers a wide range of topics, including:
ComplianceComprehensive Compliance ProgramIt is Bristol-Myers Squibb’s policy that all employees must comply with applicable laws and regulations, as well as with company policies. The company has established a comprehensive compliance program (CCP) structured around the elements outlined in the April 2003 “Compliance Program Guidance for Pharmaceutical Manufacturers,” published by the United States Department of Health and Human Services, Office of Inspector General (OIG Guidance). The CCP is designed to prevent and detect violations of law or company policy. However, as acknowledged by the OIG Guidance, implementing a CCP cannot guarantee that improper employee conduct will be eliminated in its entirety. If the company becomes aware of violations of law or company policy, the matter will be investigated and, if appropriate, disciplinary action will be taken and corrective measures will be implemented to prevent future violations. As described by the OIG Guidance, the CCP was designed to fit the company’s unique compliance needs. Bristol-Myers Squibb continuously assesses the effectiveness of the CCP in order to implement necessary adjustments or refinements. OrganizationBristol-Myers Squibb has established an Office of Corporate Compliance headed by the Chief Compliance and Ethics Officer. The Chief Compliance Officer reports directly to the Chief Executive Officer, and provides reports to the CEO, the Chairman of the Board, the executive vice president and general counsel, the Board of Directors and the Audit Committee. Sustainability and its obligations are highly visible within the organization. The Vice President, Environment, Health and Safety and Corporate Product Quality, reports to the General Counsel, and the General Counsel reports to the CEO. Division presidents are held accountable for implementation of the Bristol-Myers Squibb Pledge and EHS Policy within their divisions. Sustainability is integrated into the different functions and operations, from the Corporate EHS Steering Committee and European Working Committee to committees on governance and public policy. Systems for Managing RisksBristol-Myers Squibb has a formal, forward-looking business risk management approach to appropriately assess, manage and communicate business risks. Measures to address economic, environmental, and social issues range from quality assessments of suppliers to employee assistance programs that help identify and manage the health risks of our employees and their families. The company has insurance to help cover economic risks, such as the risk of disruptions to operations in Puerto Rico from hurricanes. We have implemented a risk-based approach to conducting EHS assessments of our own facilities as well as key third-party manufacturers and suppliers. TransparencyDirect-to-Consumer AdvertisingIn June 2005, we announced our new policy on direct-to-consumer (DTC) advertising, which supports the PhRMA Guiding Principles on Direct-to-Consumer Advertisements about Prescription Medicine. We have voluntarily agreed to forego all DTC advertising of our new products for a period of at least one year following their introduction into the marketplace. In our direct-to-consumer communications, we promise to communicate risks and benefits of our products in language consumers understand; provide information about the underlying diseases and conditions that our products are approved to treat; respect the role of the health care professional in determining whether a particular treatment is appropriate; and highlight programs that can improve access to medicines for patients in need. Clinical Trial ResultsWe announced a new policy in 2005 to disclose the results of any completed Bristol-Myers Squibb–sponsored clinical trials conducted in patients, regardless of development phase or outcome, for the company’s marketed medicines. At the time of launch of our new medicines, we will post the results or reference the publication status for completed clinical trials conducted in patients. We also will disclose, on a timely basis, the results of all Bristol-Myers Squibb–sponsored clinical trials in patients that complete post-launch. Privacy ProtectionWe have strengthened our policy on protecting privacy. Bristol-Myers Squibb understands that information about an individual's health and healthcare is private and sensitive. Our privacy policy describes our practices regarding collection, use, and disclosure of personal information. Our intent is to ensure that we respect and protect the private information provided by employees, patients, and others. Influence on Public PolicyBristol-Myers Squibb works with others to advocate for public policies that encourage the discovery of life-saving and life-enhancing new medicines for patients. We work closely with PhRMA to achieve broad patient access to safe and effective medicines through a free market, without price controls; strong intellectual property incentives; and transparent, efficient regulation and a free flow of information to patients. We are active members of other organizations that support our views on issues affecting the healthcare industry. Our company believes that we should be an active and effective participant in the political process and should support the legislative process by contributing prudently to state and local candidates and political organizations when such contributions are permitted by federal, state, and local law. To view a list of all contributions made by Bristol-Myers Squibb Company to individual state candidates, parties, and other organizations eligible to accept corporate contributions and a list of all contributions made by the Bristol-Myers Squibb Employee Political Action Committee ("EPAC"), a multi-candidate Federal PAC connected to Bristol-Myers Squibb Company, use this link. Transparent Relationships to Scientific CommunityScientific research depends on openness and transparency to ensure credibility. Research funded by private corporations should be conducted without bias and with transparency of funding and results, both positive and negative. Bristol-Myers Squibb maintains a strict policy of not exercising any influence or control over the design of any investigator-initiated clinical research trial supported by the company.
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