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Corporate Social Disclosure (Difficulties in producing social and…
Corporate Social Disclosure
What is it?
CSD is about reporting on the success or otherwise of the company's contribution to economic development.
Improves the quality of life for its workforce, employees' families and society.
Reflects the relationship between the company, community and environment
Some companies (e.g mining companies) must have certain reporting obligations and conditions. This is a voluntary activity. That is likely to change in the future
Extent and Nature
The business not only report on financial performance but also its interaction with the community and enviornment
Extent - Includes information of:
Total water usage
Child labour
Employment turnover
OSH
Levels of emission
Quantity of waste products
Can be reported in annual report, seperate sustainability report, websites, media releases
Nature- Economic performance, environmental performance, social performance
Difficulties in producing social and environmental information
Difficult to measure
Cost of training staff
Lack of regulation makes it difficult to determine what needs to be reported
Cost of producing information
Keeping stakeholders up to date with CSR information
Use of CSD
Companies
Use CSD in 3 main ways, continuous improvement, risk management, stakeholder engagement
Benefits
Projects a positive image
Greater motivation of workforce
Reduced likelihood of government invention and regulation
Demonstrating compliance
Stakeholders
Benefits
Prefer buying shares in "green companies"
Dealing with high ethical standards
Good for suppliers and lenders
Local community approve
Critical evaluation of CSD made by Australian companies
Level of disclosure is increasing
Level of disclosure is greatest amount mining, oil and gas companies
Can report in a range of ways
Discussion of global reporting initiative (GRI)
Discussion of environmental reporting practices a specific Australian entity