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Safety performance financial management

Other social controls indirectly influence industrial safety performance, such as laws and norms for corporate governance that cause companies to inform shareholders and potential investors about corporate activities so they can make informed decisions about financial risks. If the activities are hazardous, these sources of financial support may need to be convinced that their financial risks are held to acceptable levels by evidence of effective safety management, which thereby makes it necessary for companies to develop and implement codes of conduct and safety management practices that adhere to industrial standards and comply with government regulations. ... [Pg.36]

Similarly, corporate governance principles also establish management accountability to these financial stakeholders, and causes companies to take the pragmatic step of securing insurance coverage for losses and liabilities which could arise from accidents and other mishaps. This induces companies to maintain their safety performance at a level sufficient to convince insurers to provide sufficient coverage at... [Pg.36]

One of the principal indicators of management commitment to safety is the inclusion of safety performance in the performance review system. Management commitment to safety is questionable if the accountability system does not include safety performance measures that impact financially and on the promotion potential of those responsible for results. [Pg.21]

The principal role of the CRO is to contribute to the enhancement of the financial performance of its customers (Table 21.1). Improvement in the efficiency of their clients product development activities provides benefits to regulators, physicians and their patients. These include reduced cycle time, availability of external capacity, increased quality of trial management, and higher quality clinical data, all of which can result in lower labor costs. In late stage peri-approval trials, CROs may also play a role in developing safety profiles in large patient populations that are exposed to a new product after it is approved for manufacture and sale. Such trials can also assist the revenue growth of a new product. [Pg.409]

Every construction organization shouid have a ciear policy for the management of health and safety so that everybody associated with the organization is aware of its health and safety aims and objectives. For a policy to be effective, it must be honoured in the spirit as well as the letter. A good health and safety policy will also enhance the performance of the organization in areas other than health and safety, help with the personal development of the workforce and reduce financial losses. It is important that each construction site throughout the organization is aware of the policy. [Pg.23]

The safety and health function is in the unique position of having a product that everyone wants and everyone needs. From the top to the bottom in every organization, virtually every employee at every level will say that safety and health are very important and a priority. However, although employees say safety and health are important to them, the day-to-day activities and the continued resulting work-related injuries and illnesses say otherwise. Management often states that safety and health are priorities, however provides minimal financial and other support. It is our responsibility as safety and health professionals to ingrain and empower each and every employee with the skills and abilities to perform their job in a safe and healthful manner, as well as motivate each employee to take possession of his or her own safety and health, as well as the safety and health of his or her fellow employees, in order to truly achieve the cultural shift necessary within the workplace. [Pg.69]

To this, HhsAustralian Standard on Safety Management Systems guidehnes document (AS/NZS 4804 1997), adds that leadership entails appropriate financial and human resource allocation, setting accounlabifities, ensuring decisions are followed through and effective performance assessment. [Pg.126]

According to Goldman Sachs, companies that did not adequately manage workplace safety and health performed worse financially than those who did from November 2004 to October 2007. Investors could have increased their returns during this period had they accounted for workplace safety and health performance in their investment strategy. [Pg.132]


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See also in sourсe #XX -- [ Pg.96 ]




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