IKEA Key Leadership and Management Issues - Research Paper Example

?IKEA – Key Leadership & Management Issues Part I Introduction Ikea, is a renowned manufacturer of flat-pack ready to assemble furniture. It is an unlisted and a family owned company with worldwide operations. The Local reported that the company employs 123,000 people worldwide and has 267 stores in 25 countries, with another 34 operating under franchise.1 The IKEA Systems B.V., a division of IKEA group owns the IKEA brand and concept relationship and between the IKEA Group and Inter IKEA Systems B.V. is of franchise type. Contemporary designs and low prices are the hallmarks of which made IKEA a cult brand globally. Environmental sensitiveness of the company is well recognized by the consumers. The other companies that specialize in Nordic furniture design the in the US, whose prices are comparatively very high are Design Within Reach, Minimalista, Boconcept and Tema. But, the strategy of IKEA is to target middle class families on global level with variety in designs, quality and price. Companies like Sears, JC-Penny, Flanigan and Raymour are competitors to IKEA in the USA. Competitors in Europe include companies like John Lewis, Argos, B&Q and TESCO. Apart from furniture, the extensive range of products of IKEA includes lighting, textiles & rugs, Kitchenware, flooring, storage furniture, beds and mattresses tools and hardware. The IKEA Concept is based on offering a wide range of well designed, functional home furnishing products at prices so low that as many people as possible will be able to afford them as mentioned in the website of Inter IKEA Systems B.V. --------------------------------- 1. The Local, Ikea hit by strikes in France, 14 February 2010, http://www.thelocal.se/24980/20100214/ (accessed April 19, 2005). The IKEA Concept guides the way IKEA products are designed, manufactured, transported, sold and assembled. 2 IKEA's business strategy hinges on sustainability and environmental design. The sustainability programs of IKEA envisage social, environmental and economic issues. Internal Environment Strengths and weaknesses of a company are mostly related to internal aspects. The internal environment of IKEA in terms of competitive advantage, market position and financial resources, is by and large conducive for a sustainable growth. Competitive advantage of a company arises out of several factors and the business plan which is very difficult to duplicate and the absence alternate products available cheaply enable IKEA to exploit the opportunities effectively and overcome the external threats. IKEA has established name for itself with designs, quality and competitive pricing in the markets world over. The company has been successful in leveraging its core competency in furnishing to a complete range of related or associated products ranging from flooring to lighting in its business by taking advantage of the external environment. Value creation and value addition has been a constant endeavor of the company through continuous introduction of new designs for keeping its position ahead of the competition. . Intangible resources are more difficult for the competitors to understand and replicate the models for catching up with a company in competition. Constant innovation is possible only when the invisible and intangible resources of the company are superior. For instance, special collection of home furnishings using recyclable or unusual materials is a novel idea in tune with the environmental awareness among the public. ------------------------------ 2. Inter IKEA Systems B.V., The IKEA Concept, http://franchisor.ikea.com/showContent.asp?swfId=concept2 (accessed April 19, 2011). The other special features internal environment in the case of IKEA are Modernized plants, global network for distribution, expansion in line with the globalization, balanced and efficient business model, innovative marketing strategies, cost structure and organizational culture. For example, the relentless cost cutting exercises undertaken by IKEA has been one of the main factors which catapulted the company to its premier position to-day. The company aims to reduce the prices on a consistent basis by about 2 to 3% every year, and it could be severe in the face of completion in respect of a particular range of products. "We look at the competition, take their price, and then slash it in half," says Mark McCaslin, manager of Ikea Long Island, in Hicksville, N.Y.3 External Environment There are several tools and concepts for the analysis of the external environment in relation to a company. Opportunities and threats in the case of a company are related to external environment, which could be analyzed in SWOT. PESTLE, an acronym for Political, Economical,   Social, Technological, Legal and Environmental analysis" and Porter’s Five Forces Analysis are useful in the analysis of the macro environmental factors or external environment in relation to the operations of a company. PESTLE analysis, a transformation of PEST analysis is specifically very useful for market research. Ethical and demographic factors are also considered to be important in a broader analysis with reference to the external factors by a section of the scholars. Consequent upon the growing environmental concern post Kyoto Protocol, the companies are expected to exhibit greater corporate social responsibility (CSR) in their operations. ----------------------- 3. Bloomberg Businessweek, Ikea: How the Swedish Retailer became a global cult brand, http://www.businessweek.com/magazine/content/05_46/b3959001.htm (accessed April 19, 2011). Due to the paradigm shift in the perception of CSR, the companies need to consider the communities as an important stakeholder in words, deeds and spirit, as they provide necessary infrastructure and human capital. Moreover, it is also important to note that an organization is also a part of the community, and hence they are governed by the laws of the country and required to be responsible for the environment and welfare of the community voluntarily apart from discharging the obligation imposed on them in a society. Theoretical background and the analysis Theoretical background to the analysis should form a strong foundation for the assessment of the leadership issues and the management performance. SWOT Analysis The SWOT analysis is a useful tool that helps a firm to identify its areas of relative strength and weakness, opportunities and threats for evaluating an enterprise in relation to the internal and external environment. Exploiting the opportunities, overcoming the threats and addressing the weaknesses would be possible based on the inherent strengths of the company. While strengths and opportunities are the drivers of growth, weakness and threats are the forces which hinder growth. Innovative ideas and management methods can convert weaknesses into strength and threats into opportunities. For a practical and meaningful evaluation of the leadership and management performance in an organization, analysis of the financial position is also very important. Strengths The IKEA is a strong international brand with an array of designs, quality and competitive pricing of its products in the market. IKEA’s concept and business model with the underlining cost consciousness reflect in pricing policy. The concept The IKEA Way on Purchasing Home Furnishing Products4, introduced in 2000 defines what suppliers can expect from IKEA and specifies what IKEA requires from its suppliers, is based on international conventions and declarations. (Iway) The demand from the extensive network of retail stores throughout the world gives the benefit of economies of scale to IKEA. During financial year 2010, Ikea opened 12 new stores in eight countries, and at the end of August counted a global total of 280 stores in 26 countries. During the financially year 2010, profit rose 6.1 percent to €2.7 billion The gross margin improved in 2010 to 46.1 percent from 44.6 percent a year earlier. Sales including rental income for the year ended Aug. 31 rose to €23.5 billion from €21.8 billion in fiscal 2009. The growth came both from existing stores, which grew by 2.4 percent, and new stores. The current ratio works out to 1.76 which is very healthy. 5 Current ratio: Current Assets/Current Liabilities = 1.76 (22608/12811) is very healthy. Weaknesses The relentless expansion without proper ground work has landed the company in troubles in some cases. Though seizing the opportunities existing in the international environment, it is ----------------------- 4. Ikea, The IKEA Way on Purchasing Home Furnishing Products (IWAY), http://www.ikea.com/ms/en_US/about_ikea/our_responsibility/iway/index.html (accessed April 19, 2011). 5. IKEA, Welcome Inside; Yearly Summary FY 10 IKEA Group, p. 15, http://www.ikea.com/ms/en_CN/pdf/yearly_summary/Welcome_inside_2010_update.pdf (accessed April 19, 2011). very important to align the strengths with the opportunities for effective results. Otherwise, the weaknesses in the system especially in terms of labor management and legal issues will not only affect the performance but also lead to negative perceptions about the capability of the company to deal with the expansion. Audit work performed and the investigations conducted in the IKEA’s Russian operations by the firms like KPMG, Ernst & Young, PriceWaterhouseCoopers, Sweco and Cowi revealed the shortcomings in shopping centres' buildings, lack of permission for operations, poor corporate governance and weaknesses in internal controls and poor personnel management.6 IKEA is an unlisted and a family owned company and this structure has its own drawbacks in interaction with the various stakeholders, and therefore its communication with them is constrained by its corporate structure. Also, Traditionally, IKEA has not been following the best practice of releasing regular earnings reports, and is considered as a ‘secretive company’, but, the board decided in December 2009 to release a financial results summary annually. Ikea, the Swedish retailer known from Stockholm to Shanghai for its low-priced furniture, has publicly disclosed its profits for the first time in its 67-year history.7 The weaknesses in the labor front could be attributed partially to decrease in efficiency level of leadership on account of aggressive expansion and inability to forecast the economic trends and plan effectively. For instance in June, it said it had slashed 5,000 jobs in France to cope with the drop in demand brought about by the global economic crisis.8 ------------------------- 6. Vivian Tse, Ikea owner 'distressed' over Russian expansion, The Local, 11 December 2010, http://www.thelocal.se/30768/20101211/ (accessed April 19, 2011). 7. James Lammont, Financial Times, Ikea lifts veil on results for first time, 1 Oct 2010 http://www.ft.com/cms/s/0/9075ec20-cd3e-11df-ab20-00144feab49a.html#axzz1JzHqG1nP (accessed April 19, 2011). 8. The Local, Ikea hit by strikes in France, 14 February 2010, http://www.thelocal.se/24980/20100214/ (accessed April 19, 2011). Opportunities Post Kyoto Protocol environmental responsibilities of the organizations are under watch by all the stakeholders of an organization. Products of IKEA manufactured through recycling of waste and used products have been well accepted in the market. Preference of the customers for green products and less costlier products in the economic down trend gives great opportunities to IKEA for improving its business. For instance ‘PS (Post Scriptum) collection’ of IKEA manufactured by adopting recycling process has been successful. Leveraging core competencies to seize the new growth opportunities is reflected in the range of products added to IKEA’s portfolio. The achievements by IKEA in the environmental front would enhance the reputation of IKEA over the period of time for its sustainable growth and development. The publication of financial information would go a long way in improving its image in respect of transparency with the stakeholders. The worldwide network of retails stores of their own and stores under franchise arrangement is useful in achieving economies of scale. Threats Awareness of the existing threats is very important for overcoming them through proper strategies. Slowdown in the economy, changing tastes and fashions of the customers, industrial unrest, increasing competition are some of the most important factors in this respect. The entry barrier in terms of cost and volume presently enjoyed by IKEA might vanish over a period of time due to efficiency or the developments in technology brought about new production rocesses or methods. It may increase competition in the long run. The report by the Local that IKEA’s founder Ingvar Kamprad expressed "distress" over a bribery affair which has led to the firing of the Swedish furniture giant's two top managers of its Russian division9 indicates its vulnerability to the external environment which needs to be addressed on priority basis. PESTLE Analysis PESTLE analysis with reference to the macro environmental factors to an organization is time tested for its efficacy in respect of systematic analysis with reference to the external factors which have an impact on the performance of an organization. Political  Political atmosphere has drastically changed in the recent years at a very faster rate due to developments in information technology, telecommunications, internet, media and social networks which in fact is responsible to a greater extent for the recent upheavals in the Middle east. The political landscape changing for better in the long run pave way for growth in international business and changes in life style of the people which offers immense scope for further expansion of IKEA in future. Economic Liberalization and globalization has resulted into expansion of market for the multinational companies. The economic development in the Asian countries like China and India with huge population could open up new avenues of growth to IKEA, which has already plans for expansion into these countries in a big way. The company unveiled projects including a -------------------- 9. The Local, Ikea founder 'cried like a baby' over Russian bribery scandal, 19 February 2010, http://www.thelocal.se/25096/20100219/ (accessed April 19, 2011). sprawling shopping destination in Beijing, which will house 450 brands alongside the main attraction of the city’s second Ikea store, set to open in 2014.10 Social The revolutions in human relations consequent upon the advent of social networks have been very phenomenal. The groups with similar interests in life are formed cutting across the borders of the nation. The impact of such revolution in the tastes and fashions of the consumers is yet to be realized fully by the corporate companies. The concept, the brand image, pricing structure and varieties in the case of IKEA could appeal the customers internationally. Technological  The reach of mobile telephony in the recent years throughout the world including the developing countries and internet has increased the awareness among the consumers. The companies need to strive continuously to satisfy their needs and render service to them to survive in the market. The developments in software technology encourage the companies to use techniques such as customer relationship management (CRM) in the business for sustainability. Legal  IKEA pay taxes and fees in accordance with laws and regulations, wherever they are present as retailer, manufacturer or in any other role. There were allegations of unethical business behaviour with third parties and complex legal disputes regarding diesel equipment -------------------- 10. The Local, Ikea company unveils rapid China expansion, 26 November 2009, http://www.thelocal.se/23538/20091128/ (accessed April 19, 2011). and electricity supply in St. Peterburg against IKEA.11 However, these issues have been resolved with the parties concerned and the government authorities. Environmental  IKEA’s minimum requirements relating to the supplies stipulates Environment and Social & Working Conditions which includes prevention of child labour. The products are made of environment friendly manufacturing processes. The material such as waste, sawdust and discarded wood are recycled for making new products and the resultant savings are passed on to the consumers. Over the last 10-15 years IKEA has, together with partners like WWf, UNICEf and Save the Children, developed a broad environmental and social programme. Porter’s Five Forces Analysis Power of the Buyers IKEA’s major strength in its operations rests on variety or choices to the customers, quality and unbeatable price. These three important factors are the drivers of growth for IKEA. Therefore, the chances of customers shifting their allegiance to the competitors are very limited as of now. Power of Supplier The supply chain is very structured and purchasing home furnishing products, is based on international conventions and declarations. Volume is the name of the game and it is understood by the suppliers. Since the consistency in growth over the period of time ensures steady flow of orders to the suppliers, their bargaining power is very limited. IKEA's code of conduct ensures -------------------- 11. Vivian Tse; Ibid. control over the suppliers, and it defines what suppliers can expect from IKEA and specifies what IKEA requires from its suppliers.  Rivalry The competitors’ profile is different for different competitor. For instance, there are many smaller companies competing with IKEA’s low priced range of furniture. Cratel & Barrel’s ‘Furniture in Box’ is highly priced. In the case of other general retail players like Wal-Mart or TESCO, the styles and available ranges are very limited compared to IKEA which offers lot of choices for the customers. Substitutes The absence of substitutes for its products is the main strength of IKEA. Moreover, continuous cost cutting exercises and IKEA’s strategy of severe cost cutting in selected products offer little scope for substitutes. On the other hand if something could be cheaper than IKEA, there is no reason why IKEA should not duplicate the product and reduce the cost further in mass production. New Entrants New entrants have little maneuverability in terms of range, quality and price compared to IKEA. The economies of scale would tilt the balance further against them. The brand value is also an important factor in calculation which is very favourable to IKEA. Core competencies Diversification of any sort unrelated to the core competencies of the organization results into mismatch of synergies. However, expansion into new markets and leveraging of synergies is not only preferable, but also essential for the growth and development. In the case of IKEA, the key core competency is their appeal to growing lower-middle class. Opportunities existing in a business environment are limitless, but the success of an organization is founded on aligning core competencies with the opportunities available. The focus on core competency relating to an organization is very important because replicating the business model based on the intangible core competencies by the competitors would be difficult. Core competencies could be leveraged on selective basis after taking into account the pros and cons of the proposals in terms of its implications to the growth prospects, Core competencies are the real strengths relative to other organizations in the industry and control and manageability cannot be compromised in any case. The ‘functional aspects’ of furnishing, rather than personalized service for convenience and value-based pricing is the key for success of IKEA. Also, positioning of the IKEA products against over-designed products score well with the customers, because the made to order products are not compatible with the needs of the customers. Resource Audit The resource audit would be useful in identifying the resources available to a business, which could be categorized as tangible and intangible. The resources are made available to an organization through technical tie-ups, marketing tie-ups, joint ventures, franchisees and supply agreements and so on. The Human Resource Audit (HRA) could be useful in evaluating the organization strength in relation to the employees, the structural advantage and the organizational culture. This audit will reveal the core competencies of an organization and this may enable IKEA to evolve strategies to overcome the issues like retrenchment of labor in France or ethical issues involved in the Russian operations.   Part II Proposed plan for future development Ready-To-Assemble furniture (RTA) is a popular concept in tune with the increased mobility of the people under in the backdrop of liberalization and globalization. IKEA has become synonymous to RTA furniture, and the market positioning is guided by this fundamental factor. The investment in RTA furniture is inexpensive compared to the assembled furniture as it involves certain amount of labor which the people are willing to spend. The assembly work is manual rather than technology oriented and the owners enjoy doing this work. Therefore, this model indirectly brings about active participation of the consumers in promotion of the products. Secondly, ready to assemble concept is always amenable to standardization of the components involved in the assembly and mass production. This is the main reason for the company IKEA to be very cost effective in competition. The pertinent point under discussion is the ‘volume’ due to band recognition and extensive network. It is very difficult to replicate this model by the competitors, mainly on account of the fact that IKEA is innovative enough to upgrade the portfolio of the products with advanced features, uses, cost advantages and other factors such as environmental benefits, ensuring that there is always a gap between the company and the competitors in creating the ‘needs’ for a new product or ‘new uses’ for the existing product which in fact is inherent in the type of the product which is assembled by the customers themselves. A rationalized plan for future needs to addresses the key issues identified in part I relating to effective leadership and management. Analysis of the issues with reference to the concept as enshrined in Mc Kinsey’s 7 S Framework could be useful in firming up the strategies for a sustainable development in the long run. The Part II seeks to realign the issues in the right perspective for critically evaluating the proposals on a practical and structured theoretical background. McKinsey7S Framework According to this model there are seven internal aspects of an organization Strategy, Structure, Systems, Shared values, Style, Staff and Skills needs to be considered for the analytical purposes, and proper alignment of these aspects is necessary for success of an organization. Strategy The IKEA business idea is to offer a wide range of well designed, functional home furnishing products at prices so low that as many people as possible will be able to afford them. The competitive advantage of the company has a strong foundation based on variety of designs, quality and cost reduction. Introduction of PS (Post Scriptum) collection consisting of several dozen items such as furniture to lighting with new concept from the stage of design to showrooms is an example of maintaining its cutting edge in the business in a competitive external environment. Structure  The IKEA vision, business idea and market positioning statement provide a framework for all IKEA marketing communication worldwide. Inter IKEA Systems B.V. is the owner of IKEA concept and trademark, and it has franchising agreement with the IKEA stores. The organizational structure of IKEA is complicated, and it is owned and operated by a web of nonprofit and for-profit organizations. Ingka Foundation’s five-person executive committee is chaired by Ingwar Kamprad, the founder of the group. The more centralized decision making in the organization affects the labor realtionship in many countries. For instance, strikers protesting at an inadequate pay offer hit 16 of the 26 Ikea stores in France. Also, the corporate structure needs to be changed, becayse, as a privately owned company, IKEA may find it difficult to raise capital for expansion or diversification in future. Systems The management is candid enough to state that though IKEA already attracts very many highly skilled co-workers, they need to develop a more systematic approach to talent management as they are expanding quite quickly.12 It is clear from the statement that the company has embarked upon evolving a system to cope up with the expansion. The advanced technology adopted by IKEA ensures efficiency in areas such as staffing, proper scheduling, quality management, systems to promote the shorter queues and tracking in supply chain. The IKEA code of conduct to co-workers, sub-contractors and the suppliers lends clarity in the operational issues. The systems adopted from the drawing room to show room enables the company to launch new products on a regular basis keeping in tune with the change in tastes and fashions of the customers. Shared Values The changing perspectives of the corporate governance and culture need to reflect the corporate social responsibility of an organization apart from their responsibilities towards the shareholders for a sustainable development, taking into account the interest of all the other stakeholders which include community as well. Highlights from the 2010 IKEA Sustainability Report reveal13 its commitment which encompasses inter alia, the product score ------------------- 12. IKEA, Welcome Inside; Ibid p.15 13. V. Joseph, Caelus Foundation, IKEA releases 2010 Sustainability Report, April 4, 2011, http://caelusconsulting.wordpress.com/2011/04/04/ikea-releases-2010-sustainability-report/ (accessed April 19, 2011). card criteria that have an impact on the environment, certified wood, renewable energy, IKEA foundation’s involvement in UNICEF’s water sanitation program in India, sustainable farming practices in respect of the raw material cotton, phasing out of incandescent lighting and geothermal technology. Style The company exhibits its leadership style in adopting more environment friendly processes in manufacturing. The IKEA concept has developed through the years by people sharing the IKEA culture. Apart from the leadership position it has been maintaining in the industry through variety, quality and competitive pricing, IKEA believes in leading by example and provide a conscious leadership based on our cultural heritage and unique values, the kind of leadership IKEA is built on – ‘the unique way we do things’. In fact the company has planned for succession in future leadership positions which started in 2010.14 Staff  The labor relationship is cordial in most of the established stores worldwide. A co-worker satisfaction surveys show very strong results with regard to employee relations. The company over the period of time was able to attract highly skilled and motivated co-workers. IKEA wants to give co-workers the possibility to grow, both as individuals and in their professional roles. In many markets IKEA is the “Employer of Choice” and globally it is listed as one of the top 50 most attractive employers in 2010. ------------------- 14. IKEA, Welcome Inside; Ibid p. 15 Skills  As a part of the skill development and succession plan in “Backpacker Journey”, the workers are allowed to travel to two different countries for working in different fields for six months in each field, learn the job coached by the best leaders. “When they come back, the plan is for them to take leadership responsibility, growing and forming the pool of highly skilled IKEA managers of the future” 15 Key leadership and management issues The performance of the management has been amply reflected in the working results of the company available for the financial years 2009 and 2010. However, resolving some of the key leadership and the management issues could improve the performance further. Highly centralized leader ship even in the case of advertisements and labor needs to be reviewed for introducing reforms. Especially, these two issues are required to be approached with the knowledge of the local factors and cultural background which vary from society to society. Time is ripe for the company to go public and get listed in view of its volume of business, international presence and need for capital in future for expansion or diversification. Lack of expertise in legal matters may drag the company into unnecessary controversies, and it may damage the reputation of the company. Proposals and recommendations It could be observed from the analysis that the legal cell of IKEA needs to be strengthened for expertise in the international commercial law in view of the earlier bitter experiences especially in Russia and the aggressive expansion plans of the company to the new geographical areas. -------------------- IKEA, Welcome Inside; Ibid p.14-15 Secondly, for an international organization like IKEA, the employment policy should be flexible and more decentralized in tune with the local cultural background and the laws, because uniform labor policy may result in the commitments in excess of the requirements or insufficient for an effective labor management. Changes in the tastes and fashions on the part of the customers in various countries are guided by the local factors, rather than international factors. Therefore, market research in respect of the business in each country is essential for a sustainable growth on a global basis. The Management Information System needs to be strengthened so that the system signals the impending hindrances to the growth due to various internal and external factors. The experience gained over the period of time should enable the company to evolve suitable framework in this respect for analyzing the variances or deviations from the established practices on a real time basis. Therefore streamlining of the planning process is a prerequisite for establishing standards at various levels. Finally transparency in the operations could be effectively communicated to the world only by listing the company. The company has started publishing the financial results of the company only from the year 2009. The general public mostly relies on statutory compliance by a corporate company, and the unlisted companies generally enjoy low level of public confidence. An international organization like IKEA needs to come out of its shell for a complete integration of its operations in tune with the expectations of the society. Limitation of the study The analysis with reference to McKinsey7S Framework has been made with the available information and is broader in nature. A comprehensive and detailed study with regard to the business is essential for making specific recommendations with reference the operations in various areas. Due to overlapping of the issues, repetition has been avoided in the analysis with reference to the various theories and models. The Factors that may affect implementation of recommendations In a dynamic business environment, the external factors undergo changes on a continuous basis. Therefore, constant review of the operations and strategies is very essential. The success of an organization hinges on clarity in goals and objectives, planning and budgeting. Comparison of the actual with the budgets or standards enhances the level of performance at all levels by throwing out inconsistencies. Proper analysis of variances and internal auditing would eliminate the inefficiency in the operations and the deficiencies in forecasting and budgeting. References 2. Inter IKEA Systems B.V., The IKEA Concept, http://franchisor.ikea.com/showContent.asp?swfId=concept2 (accessed April 19, 2011). 3. Bloomberg Businessweek, Ikea: How the Swedish Retailer became a global cult brand, November 14, 2005, http://www.businessweek.com/magazine/content/05_46/b3959001.htm (accessed April 19, 2011). 4. IKEA, The IKEA Way on Purchasing Home Furnishing Products (IWAY), http://www.ikea.com/ms/en_US/about_ikea/our_responsibility/iway/index.html (accessed April 19, 2011). 5. IKEA, Welcome Inside: Yearly Summary FY 10 IKEA Group, http://www.ikea.com/ms/en_CN/pdf/yearly_summary/Welcome_inside_2010_update.pdf (accessed April 19, 2011). 7. Lammont, James, Financial Times, Ikea lifts veil on results for first time, 1 October 2010, http://www.ft.com/cms/s/0/9075ec20-cd3e-11df-ab20-00144feab49a.html#axzz1JzHqG1nP (accessed April 19, 2011). 13. Joseph, V., Caelus Consulting, IKEA releases 2010 Sustainability Report, April, 4, 2011, http://caelusconsulting.wordpress.com/2011/04/04/ikea-releases-2010-sustainability-report/ (accessed April 19, 2011). Read More