The inaugural IMD-Pictet Sustainability in Family Business Award was presented to Firmenich, the world’s largest privately held perfume and taste company in Lausanne. Firmenich gained this distinction due to its outstanding efforts to embed responsible practices and purpose throughout its operations.
Speaking ahead of the award announcement, Barbara Kux, Vice-Chairman of Firmenich said that companies should look to synchronise the ‘three Ps’: profit, people and the planet. Profit and people have always been important, but the planet is a more recent addition, she said.
Whenever leaders make a strategic decision, hire someone or make an acquisition, they should have these three things in mind. It is important that sustainability is embedded in a company’s values, Kux added, and this is typical of family businesses. But you need to find a “green sweet spot” where your company can focus its efforts.
Lausanne, 5 December 2019
Documentation of the award ceremony, including the interview with Barbara Kux, “The Role of Family Business Boards in Sustainability”, pp. 4-7. Download PDF (446KB)