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Corporate Social Responsibility & Sustainability/ Integrated Reporting
Corporate Social Responsibility & Sustainability/ Integrated Reporting
Sustainability reporting
Benefits
Formalising and enhancing communication
with key stakeholders such as the finance sector, suppliers, community and customers
Attracting and retaining competent staff
by demonstrating an organisation is focused on values and its long-term existence
Improved management of risk
through enhanced management systems and performance monitoring
Ability to benchmark performance
both within industries and across industries
Embedding sound corporate governance and ethics systems throughout
all levels
of an organisation
Primarily
voluntary
nature; a variety of terms, e.g. triple bottom line
Limited legislative guidance
on appropriate methods to develop sustainability reports
Firms' responsibilities to develop own measurement and reporting format
A widely accepted format: Global Reporting Initiative (GRI)
Aim to enhance transparency, comparability and clarity
Size, financial performance, industry and country
Sustainable development
Development that
meets the needs of the present
without compromising
the ability of
future
generations to meet their own needs
Environmental
Social
Economic
Integrated reporting
A recent initiative designed to
improve sustainability reporting
and
integrate it more closely with financial and governance reporting
after the global financial crisis
Limited guidance on the specific format and detailed expected, thus comparability seems unlikely
Eco-justice
Intergenerational
equity
Long-term focus
Consumption of resources
should not
affect the quality of life of
future
generations
Intragenerational
equity
The ability to meet the needs of all
current
inhabitants
E.g. poverty and access to basic food, water and shelter for all inhabitants
Corporate
entities are in control of the majority of the earth's resources
Embracing sustainability could make good business sense for an entity
Stakeholder influence
Stakeholder theory
Determine which stakeholder to consider in actions
Degree of control
Shareholders, customers, government, community groups, media and creditors