Monitoring and Verification approach
The data and information shared on SourceUp will be used by stakeholders to make strategic decisions and will ground meaningful dialogue on critical sustainability issues. This data is foundational to Compacts’ efforts to retain and attract stakeholders.
Reliable data will be provided backed by a 4-step Smart Verification process explained in Figure 1 that ensures that all data is complete, correct, and accurate. From design to implementation, a Smart Verification and annual Panel Review ensure transparency and reliability of progress data on SourceUp.
SourceUp provides clear and visual tracking of progress, virtual space for guidance and communication, and consistency in reporting across Compacts.
The Compact Self-review explained
The Compact Self-review is a yearly meeting where Compact stakeholders come together to discuss progress on the targets and indicators. The objective is to review progress and provide clarifications in case there is no or limited progress on a target, discuss and agree if there are issues that need to be addressed and/or targets to be adjusted, and to confirm data on indicators that is to be reported through the SourceUp platform. The Compact stakeholders can confirm that they have reviewed the data through e-signatures on SourceUp.
The total packages of data and meeting minutes is stored on SourceUp, for review by the VSA Panel, further explained below.
The Panel Review explained
The annual Panel Review will verify progress through documents submitted prior to the meeting, and a workshop where Compact stakeholders present their data on KPIs and processes to the Panel, and discuss progress, challenges, and learnings.
- Objective. The Panel is a small group of sustainability experts who review progress reported by Compacts. They verify what evidence is provided to the data that each Compact is reporting on their sustainability KPIs.
- Composition. The Panel consists of five to eight people with the following composition: at least two external experts from NGOs and one from a Committed Buyer, one representative from SourceUp and one representative from another Compact that is assigned by SourceUp.
- Process. The Panel Review process will start with verification of documents and reports shared by the Compact. The panel review is conducted annually and the results of the panel review will be made available on SourceUp.
To be further developed & tested. The approach described here will be tested within existing Compacts and updated based on results obtained. A first Panel Review is scheduled for early 2021.