Plans to launch a benchmarking index that will allow employers to compare and contrast policies on corporate social responsibility were announced last week.
The Index of Corporate Responsibility will be set up by Business in the Community to help FTSE 100 and 250 companies improve performance by comparing management processes and performance with others in the sector in key areas of workplace and human rights, marketplace, environment and the community.
Derek Higgs, senior advisor in the UK for UBS Warburg, who helped develop the index, said: "Responsible companies are trying harder than ever to determine what they should be measuring and reporting so they can improve and communicate their impact on society.
"City analysts and fund managers want companies to integrate reporting on strategy, risk management and performance covering financial environmental and social issues.
"We are meeting these needs by providing companies with a process to benchmark and systematically report their management processes and performance."
The index will be up and running in 2003.
The Business in the Community website provides a one-stop shop where stakeholders can view companies' measurement and reporting of their actual performance in the same key areas.