Environmental, social and governance criteria, commonly abbreviated as ESG, determine whether sustainability is truly a pillar of a company’s business model.
The role that the Legal Affairs department plays in IBSA entails more than just overseeing legal compliance; it means actively promoting a key concept: sustainable governance, which goes beyond protecting the company from risks, by upholding the principles of lawfulness, transparency, traceability and preventing corruption, and extends to the positive development of corporate identity based on best practices and therefore capable of attracting investors, instilling loyalty in customers and suppliers and cultivating a better work environment.
4cLegal was the first Italian company to apply the beauty contest model to legal procurement, while IBSA, guided by its Legal Affairs department, was one of the first pharmaceutical companies to implement this model, a decision that substantially raised the sustainability index of its governance. In short, a beauty contest is a competitive procedure that helps companies select lawyers more objectively and knowledgeably based on an assessment of the best service quality for the expenditure budget of the company seeking legal assistance. The fact that it is digital makes the process more traceable and transparent.
