“The extreme turbulence experienced in financial markets in the second half of 2008 took its toll on world economic activity in 2009, most particularly in Europe and the US,” he said. “Construction activity in these regions was hard hit as residential and non-residential markets declined, with government-funded infrastructure investment only partially compensating. Against this backdrop, and despite significant ongoing cost reduction efforts, CRH suffered a significant profit decline. “Despite this, we cont
“The extreme turbulence experienced in financial markets in the second half of 2008 took its toll on world economic activity in 2009, most particularly in Europe and the US,” he said. “Construction activity in these regions was hard hit as residential and non-residential markets declined, with government-funded infrastructure investment only partially compensating. Against this backdrop, and despite significant ongoing cost reduction efforts, CRH suffered a significant profit decline.
“Despite this, we continued in 2009 to pursue our CSR mission with enthusiasm and persistence and will do so into the future. We firmly believe that excellence in CSR performance is entirely consistent with and enhances our strong overall corporate performance.”
The annual report describes CRH’s progress in the four key CSR performance areas: corporate governance, environment and climate change, health & safety and social.
Lee points to the rollout of CRH’s updated Code of Business Conduct in 2008 as evidence of the company’s commitment to improving corporate governance, as well as its efforts as part of the World Business Council for Sustainable Development’s (WBCSD) Cement Sustainability Initiative (CSI).
CRH has also reported a further 25% reduction in its accident frequency rate in 2009 versus 2008. The company has said it has achieved this through relentless focus and commitment of safety resources and it expects further significant improvement in 2010 and beyond. However, Lee added, “We are very disappointed, and deeply regret, that there were eight fatalities – five employees and three contractors – in our subsidiaries in 2009. Though below sector average, every fatality is a tragedy too many.”
Lee also underlined the company’s commitment to continue investing in order to meet its 15% reduction in CO2.
