What is EcoVadis Scorecard? Why you should only Partner with an EcoVadis rated Premiums Supplier?

Many
Multi-National Corporations (MNCs) have policy that they prefer to work with
partners who are EcoVadis rated; there are even some MNCs that specify that
only suppliers with a certain EcoVadis scorecard can be considered to be their
globally appointed suppliers or business partners.

So, what is EcoVadis?

EcoVadis
is a system for evaluating companies’ sustainability practices based on the
companies’ performances in 4 key areas:

1.
Environment

2.
Labour and Human Rights

3.
Ethics

4.
Sustainable Procurement

An
audit will be conducted by the EcoVadis audit team on the companies annually,
whereby scorecards are awarded to each audited company, detailing how it has
fared in their business sustainability practices.

One
highlight of this EcoVadis scorecard is that it indicates a company’s
sustainability performance in comparison with all other companies as well. This
has enabled convenient benchmarking of the audited companies.

How to read the EcoVadis scorecards?

The
overall score (0-100) of the EcoVadis report indicates the quality of the organisation’s
sustainability management system.

The
latest criteria and recognition levels are as shown below:

Overall Score	Medal Awarded	Ranking
73 – 100	Platinum	Top 1%
66 – 72	Gold	Top 5%
54 – 65	Silver	Top 25%
45 – 53	Bronze	Top 50%

*Info retrieved from EcoVadis website:

https://support.ecovadis.com/hc/en-us/articles/210460227-How-are-the-EcoVadis-medals-Sustainability-recognition-levels-assigned-

Why EcoVadis?

Sustainability
has been a hot topic in the global business community. Be it sustainable
business ethics and practices such as Anti-Corruption and Anit-Bribery
policies, Fair Employment Policies, or Corporate Social Responsibility, corporations
want to work with suppliers and partners who have proven to be engaging in
Sustainable business practices.

With
the globalisation of worldwide economy, enterprises have dealings with increasing
number of overseas suppliers and partners. Supply chain management is getting
more challenging. Validating suppliers is a tedious and cumbersome process,
requiring much time, effort, manpower, and not forgetting the constant
monitoring as well!

EcoVadis
provides a one-stop outsourced management platform for sustainability
assessments of trading partners. Initially, it was mainly used by large MNCs.
Over the years, EcoVadis has expanded to include over 75,000 companies in 200
industries across 160 countries. As such, it has become a trusted
sustainability rating platform across the globe.

Benefits of working with or engaging the service of EcoVadis rated supplier

-You
do not have to carry out the audit on your own, saving on manpower costs and
efforts. The audits will be done by the accredited EcoVadis team impartially.

-The
EcoVadis rating is done on a yearly basis, enabling you to manage suppliers’
performances easily, strengthening your corporation’s supply chain management.

– EcoVadis
has become synonyms with words such as Sustainability, Corporate Social Responsibility.
Working with best performing EcoVadis rated suppliers will uplift your
corporation’s image, giving customers confidence in your products and
services.

DTC World
Corporation Pte Ltd, was awarded EcoVadis Gold medal for Year 2018, 2019
and 2020 consecutively, placing us in the top 5% in terms of our sustainability
management system.

We are
also glad to share that for Year 2021, DTC World has been conferred the Platinum
medal, rendering us in the top 1%.

At DTC, sustainability is a philosophy of doing business. We position
ourselves as the leading sustainability-focused corporate gifts & premium supplier.
We believe that our standards and practices play a big role in holding our stakeholders
and ourselves responsible for our sustainability practices throughout our
business activities.