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In real life, firms do not make their investment decisions based only on investment profitability. Investment decision making is the result of a dynamic decision-making process influenced by (1) organizational and external contexts (2) actors involved, and (3) characteristics of the investment. Among investment characteristics, its strategic character is a key factor influencing decision-making. An investment is strategic if it contributes to improve a firm's value proposal, and/or reduces its costs and risks (Cooremans, 2011, 2012a). On May 25 2011, Switzerland decided to phase out nuclear power on a step-by-step basis and to build up a sustainable energy system. Energy efficiency is a key driver of this system. Large-scale consumers represent an important target for energy efficiency as they consume about 25% of total Swiss electricity consumption. Within this context, the Swiss canton of Vaud is about to launch an ambitious audit program aiming at decreasing energy consumption of its 600 large-scale consumers. The Canton of Vaud decided to innovate by complementing the usual technical-economic audit assessment with a new audit tool. Based on the conceptual framework described above, this new tool consists of an assessment of non-economic factors influencing energy-efficiency decision-making and of strategic aspects of energy-efficiency measures (EEMs) for audited companies. It will take the form of a questionnaire submitted to top executives of the audited companies, during a meeting, at the pre-audit stage. A reference manual will explain how to interpret the answers. The goal of the paper is to describe the new audit program, as well as the new audit tool, which will help auditors improve their evaluation and reporting, and will therefore increase the program's success. |
