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ic report - The Annual Report 2004. These reports address issues recommended by United Nation's Global Compact, the Global Reporting Initiative's 2002 Sustainability Reporting Guidelines, and follow the approach laid out in the AA1000 Framework; the reports deliver a comprehensive documentation of Novo Nordisk's ambitions, goals, initiatives, results and new targets for environmental and social responsibility. Novo Nordisk is renowned nationally and internationally for its dedication to corporate sustainability and for pioneering new agendas and concurrent development of stakeholder relations. Recent recognition includes being ranked by Corporate Knights Inc. in February 2005 amongst the top 100 sustainable companies in the world, and being ranked second in the world by SustainAbility and the United Nations Environment Programme in November 2004 for its ability to identify and manage social and environmental issues as accounted for in its sustainability report. Additionally, their Sustainability Report 2003 won the 1st prize (for the sixth time!) of the European Sustainability Awards (sponsored by the Association of Chartered Certified Accountants), and in Denmark, Novo Nordisk has won six prizes for the best annual social report awarded by the Association of Danish Accountants and the Danish business newspaper Børsen[14] . In the annual image analysis reported in Børsen, Novo Nordisk has in 1992, 2001, 2002, 2003 and 2005 ranked either one or two, with a high score on the corporate social responsibility element. In 2004 Novo Nordisk was second to A.P. Møller[15] . In order to measure its progress towards sustainability, Novo Nordisk uses a Triple Bottom Line approach which links a set of key targets to sustainability goals. Table II [Figure omitted. See Article Image.] provides details from Novo Nordisk's Annual Report 2004 on the specific indicators used, and the reason for using them (impact). As shown, there are six strategic areas for Novo Nordisk's triple bottom line performance: living our values; access to health; our employees; our use of animals; eco-efficiency and compliance; and economic contribution. The Triple Bottom Line is used as a firm wide tool to ensure Novo Nordisk takes actions that are consistent with operating as a sustainable company. All metrics used in the Triple Bottom Line report aggregate performance across all business units to present the full picture. Novo Nordisk does not report Triple Bottom Line performance at a disaggregated level (i.e. for each business unit), but does provide specific and detailed data for eight major production sites: Transparent reporting is a vital instrument for us in accounting for our performance on the Triple Bottom Line. This is where we can account for our approach to doing business in a single document and cohesively present performance, progress, positions and strategic initiatives as well as the dilemmas and key issues we face as a pharmaceutical company. Most importantly, what we present in the report is the result of our interactions and engagements with stakeholders, says Susanne Stormer[16] , manager in Corporate Stakeholder Relations and responsible for Novo Nordisk's sustainability reporting. Balanced scorecard Rather than assessing each division with a Triple Bottom Line performance report, Novo Nordisk relies on the balanced scorecard: The Balanced Scorecard is the management tool for embedding and cascading the Triple Bottom