Sustainability Accounting, What it is and is not
|
|
- Nathan Ball
- 8 years ago
- Views:
Transcription
1 Sustainability Accounting, What it is and is not Ali Khozein Department of Accounting, Aliabad Katoul Branch, Islamic Azad University, Aliabad Katoul, Iran. Abstract- Sustainability Accounting and Reporting provides an up-to-date overview of the most current views, developments, costs and benefits in environmental and sustainability accounting and its links to reporting. The book discusses new developments in environmental accounting and investigates topics in and links between corporate environmental and sustainability issues as well as between strategy, measurement and information management, and between accounting and reporting. Corporate sustainability reporting quality has been frequently criticized as being unbalanced, presenting an overly positive view or failing to address material issues. Sustainability Accounting is a tool used by organizations to become more sustainable. The most known widely used measurements are the Corporate Sustainability Reporting and the triple bottom line accounting. Keywords: Sustainability Accounting, Sustainability Reporting, Environment, Social, Corporate Sustainability Introduction The number of companies voluntarily producing environmental or sustainability reports has increased dramatically since Shell Canada produced one of the first environmental reports in 1991 (Maharaj & Herremans, 2008). According to the 2011KPMG benchmarking survey (KPMG, 2011) 95 percent of Fortune Global 250 (G250) companies now disclose social and environmental information either in a standalone or in an integrated report compared to just 35 percent of G250 companies undertaking environmental reporting in 1999 (KPMG, 1999). Scholarly research in this area has also 726
2 grown significantly with sustainability reporting quality in particular being the subject of research and benchmarking studies (Adams, 2004; Dong & Burritt, 2010; Günther, Hoppe, & Poser, 2007; Guthrie, Cuganesan, & Ward, 2008). The overall consensus of this research is that although the number of sustainability reports has increased, reporting quality remains poor. For example Dong and Burritt (2010) found that a large gap exists between reporting by Australian oil and gas companies and the industry benchmark with reporting quality well below that which would be expected. Comparing reporting by Greek companies to the Global Reporting Initiative (GRI) reporting guidelines, Skouloudis et al. (2009) found major gaps in the comprehensiveness of reports with important indicators such as those concerning environmental performance, human rights and product responsibility being omitted. Günther et al. (2007) found that reporting quality was particularly low for quantitative indicators such as greenhouse emissions. In relation to materiality, it was observed by KPMG in their 2008 study that many companies in at risk sectors such as automotive, construction and transport are lagging behind when it comes to reporting on climate change risk, one of the biggest global environmental problems (KPMG, 2008). Regarding balance, Deegan and Rankin (2002) found that Australian companies successfully prosecuted for violations of environmental regulation did not disclose this information, focusing instead on more positive aspects of their operations. Even within this overall poor quality, it has been found that there is a wide range of qualities depending on geographical location, company size and industry sector with typicallylarger companies in more polluting sectors producing better quality reports (Brammer & Pavelin, 2008). This research has led to sustainability reporting being labeled as little more than an impression management tool (Jones, 2011) or a smokescreen diverting attention from core issues of ethical and moral accountability (Owen, 2005, p. 397).The motivation for companies to produce sustainability reports as well as the quality and extent of reporting has been examined in the literature using several theoretical perspectives. Two widely adopted perspectives are legitimacy and accountability. The legitimacy perspective is management orientated. It supports the view that companies use sustainability reports as a legitimizing tool to demonstrate to stakeholders and to society 727
3 that their activities and behaviors are within the accepted norms. This perspective also supports the view that sustainability reports are used to respond to negative external pressures or events by increasing the extent of disclosure as well as the amount of positive disclosure (Deegan et al., 2002). From this perspective sustainability reporting appears as symbolic action so that reports may not be an accurate reflection of company performance but are used to present a socially responsible image and manage public perceptions (Bansal & Clelland, 2004; Jones, 2010). The accountability perspective views sustainability reporting as the duty of organizations to provide an account of their activities, even if they are not in the best interests of the company (Gray, 2007). The accountability perspective recognizes the gap between what companies are reporting and what is required, and also be-moans the current quality of sustainability reports. Issues such as lack of regulation in the reporting process as well as information asymmetry between the company and its stakeholders (Brammer & Pavelin, 2008) have been identified within this literature as obstacles to high reporting quality. What is Sustainability Accounting? Sustainability accounting (also known as social accounting, social and environmental accounting, corporate social reporting, corporate social responsibility reporting, or nonfinancial reporting) was originated about 20 years ago (Tilt, 2007) and is considered a subcategory of financial accounting that focus on the disclosure of non-financial information about a firm's performance to external parties such as capital holders, mainly to stakeholders, creditors and other authorities. These represent the activities that have a direct impact on society, environment and economic performance of an organization. Sustainability accounting in managerial accounting contrast with financial accounting in that managerial accounting is used for internal decision making and the creation of new policies that will have an effect on the organization's performance at economical, ecological and social (known as the triple bottom line or Triple-P's; People, Planet, Profit) level. 728
4 Sustainability Accounting is a tool used by organizations to become more sustainable. The most known widely used measurements are the Corporate Sustainability Reporting and the triple bottom line accounting. These recognize the role of financial information and shows how traditional accounting is extended by improving transparency and accountability by reporting on the Triple-P's. As a result of the triple bottom level reporting, and in order to render and guarantee consistency in social and environmental information the GRI (Global Reporting Initiative), was established with the goal to provide guidelines to organizations reporting on sustainability. In some countries guidelines were developed to complement the GRI. The GRI states that "reporting on economic, environmental and social performance by all organizations is as routine and comparable as financial reporting". Corporate Sustainability Corporate Sustainability is a business approach that creates long-term consumer and employee value by not only creating a "green" strategy aimed towards the natural environment, but taking into consideration every dimension of how a business operates in the social, cultural, and economic environment. Also formulating strategies to build a company that fosters longevity through transparency and proper employee development. Corporate sustainability is an evolution on more traditional phrases describing ethical corporate practice. Phrases such as corporate social responsibility (CSR) or corporate citizenship continue to be used but are increasingly superseded by the broader term, corporate sustainability. Unlike the other phrases that focus on "added-on" policies, corporate sustainability describes business practices built around social and environmental considerations. The challenge for many businesses in this new field is to quantify the positive impacts of sustainability. A business thought leader in this area openly shares resources to help sustainability champions build the case for sustainability. Sustainability can increase revenue, reduce energy expenses, reduce waste expenses, reduce materials and water 729
5 expenses, increase employee productivity, reduce hiring and attrition expenses, and reduce strategic and operational risks. Deals with the idea that by having an engaging and open environment within the company as well as the community will improve performance and increase profits. It is an open culture that promotes employee involvement in regards to the innovation and creative processes. Reaching out to the community creates a much bigger team, is extremely cheap, and provides evaluation from all angles. Companies are looking inward and realizing changes must be made to fulfill environment needs such as energy efficiency, limiting product waste and toxicity, and designing innovative products. Reporting formats The concept of sustainability accounting is being carried out in an international setting with a vast and growing level of experience in the measurement of sustainable development. This new financial accounting tool is used by organizations to become more sustainable. It recognizes the role of financial information and shows how this can be extended to the social and environmental level. Although there isn't an established framework of reporting the content of a company's report can be largely determined by factors and reporting standards, guidelines and regulations. This trend offers companies a greater flexibility than financial statements, but an effective report needs to deliver information aligned to the company's overall objectives and engage with the audience in a manner that promotes the exchange of ideas and communication. Nowadays, there are several ways and mechanisms of reporting, such as assurance statements, environmental, social and economic performance reports, that have been noted. Some of these reports include shorter and more concise reports. Some companies are including in their reports a combination of hard copies and online resources as well as downloadable PDF files. Some examples can be found at the GRI, which is the most popular framework for companies that are looking for help and assistance in how to create their sustainability report. (GRI Downloadable report, 2011) As the trend to produce 730
6 sustainability reports increases, so too do the guidelines and frameworks to report on the social environmental information. Frameworks Sustainability accounting continues to develop. It is therefore of importance that companies understood the scenery of reporting frameworks, standards and guidelines that may affect the form and content of their reports. There are several organizations that offer services to companies that want to change the traditional financial statement disclosure for sustainability reporting. In mostly all countries around the world, there are currently no governmental requirements for companies to prepare and publish sustainability reports. Companies that have started to adopt this new method of reporting have faced new challenges in reporting due to the lack of experience. Failing to report accordingly to the guidelines and frameworks provided (see OECD and GRI) would lead them to potentially reduce their credibility of published information. The GRI, OECD and UNCSD (United Nations Commission on Sustainable Development) are some of the main actors in integrating a policy framework for better integrating the three dimensional level of sustainability by decoupling economic growth from environmental pressures. The GRI is a multi-stakeholder organization that is committed to developing and maintaining the "Sustainability Reporting Guidelines." The goal is the continuous improvement of sustainability reporting, this is only a protocol that approaches the application levels, there are three levels of reporting A, B and C, but these are not yet legally ratified fundamentals and are only used to assist companies with their sustainable reports. On the one hand the UNCSD focuses only on the environmental dimension of the sustainability accounting. On the other hand the OECD (Organization for Economic Cooperation and Development) focuses only focuses only in two frameworks: (Kee and de Haan, 2012) the analytical and accounting frameworks. 731
7 Leading sustainability companies display high levels of competence in addressing global and industry challenges in a variety of areas: Strategy: Integrating long-term economic, environmental and social aspects in their business strategies while maintaining global competitiveness and brand reputation. Financial: Meeting shareholders' demands for sound financial returns, longterm economic growth, open communication and transparent financial accounting. Customer & Product: Fostering loyalty by investing in customer relationship management and product and service innovation that focuses on technologies and systems, which use financial, natural and social resources in an efficient, effective and economic manner over the long-term. Governance and Stakeholder: Setting the highest standards of corporate governance and stakeholder engagement, including corporate codes of conduct and public reporting. Human: Managing human resources to maintain workforce capabilities and employee satisfaction through best-in-class organizational learning and knowledge management practices and remuneration and benefit programs. Corporate sustainability performance is an investable concept. This is crucial in driving interest and investments in sustainability to the mutual benefit of companies and investors. As this benefit circle strengthens, it will have a positive effect on the societies and economies of both the developed and developing world. Analytical frameworks Analytical frameworks are important for linking information from different areas. Various types of frameworks are being used nowadays depending on the purpose of measurement. These frameworks seek to: 732
8 Integrate the economic, environmental and social dimensions of sustainable development Have sound foundations and to maintain key information needed to improve sustainable development measurements Clarify relationships between different indicators and policies. Some examples of analytical frameworks are; Pressure State Response (PSR) model which is based on one of its variants Driving Force Pressure State Impact Response used by the European Environment Agency (EEA) or the Driving Force State Response. (Kee and de Haan, 2012) Sustainability requires a company to look both internally and externally to understand their environmental and social impacts. This requires the engagement of various stakeholders to understand impacts and concerns. A business can address sustainability internally by educating employees and seeking to reduce impacts through waste reduction, energy efficiency, etc. Employee engagement can be a powerful motivator by having a philanthropy committee or a green team. As a company looks externally, stakeholders include customers, suppliers, community, and non-government organizations. Accounting frameworks In the other hand the accounting frameworks seek to quantify information in the three dimensions of sustainability accounting. The System of National Accounts (SNA) has proven that measuring sustainable development with the conventional system of financial reporting is inadequate. (Kee and de Haan, 2012) The accounting structure imposes a more systematic approach that is not too flexible in comparison to the standards and frameworks that offer the GRI and OECD among others. Accounting for sustainability therefore requires an extension of its standard framework. The OECD offers two different approaches to the accounting framework for sustainability accounting. 1. measuring environmental-economic-social interrelationships 2. Wealth-based approaches 733
9 Measuring environmental-economic-social interrelationships needs a clear understanding of the relationships that exists between the natural environment and the economy. It is not possible without understanding the physical representation. The physical flow accounts are helpful in showing the characteristics of production and consumption activities. Some of these accounts focus on the physical exchange between the economic system and natural environment. Wealth-based approaches to sustainability refer to the preservation of stock of wealth. Sustainability is observed as the maintenance of the capital base of a country and therefore potentially measured. A number of environmental changes are contained also in these financial statements that are measured during an accounting period of time. The GRI offers advanced material to help organizations of all types to create their accountability reports. This published material lead organizations through the reporting process with main idea of becoming more sustainable in their practices in everyday business. Conclusion In contrast to financial reporting, the history of sustainability reporting (SR) is comparatively recent. The proposition that organizations, and business organizations in particular, should supplement their financial accounting with accounting on their environmental, social and other non-financial performance or sustainability reporting first emerged in the 1990s. At the time of the 1992 UN Conference on Environment and Development (UNCED), relatively few companies engaged in SR in any form. Responding to increasing media attention to environmental problems, most reports focused on environmental policies and performance. If businesses and other organizations are to meet the many and complex challenges of sustainable development, then they all, both public and private, need to embed sustainability considerations into their decision-making and reporting. However, the translation of this aspiration into effective action is often inhibited by the lack of systems 734
10 and procedures that take sustainability into account. Sustainability Accounting is a tool used by organizations to become more sustainable. The most known widely used measurements are the Corporate Sustainability Reporting and the triple bottom line accounting. the context of sustainable development, sustainability reporting is arguably one of the best examples of how action taken by a partnership of stakeholders since the 1992 Earth Summit has helped to create and put into operation an entirely new sustainability practice. Together with other multi-stakeholder sector initiatives such as the Carbon Disclosure project, the Global Reporting Initiative has created a new level of awareness, information and engagement around the sustainability performance of organizations. Although promising, however, the practice is not yet widely or deeply enough observed to achieve sustainable development. References 1. Adams, C. A. (2004). The ethical, social and environmental reporting-performance portrayal gap. Accounting, Auditing & Accountability Journal, 17, Brammer, S., & Pavelin, S. (2008). Factors influencing the quality of corporate environmental disclosure. Business Strategy & the Environment, 17, Deegan, C. (2002). Introduction: The legitimizing effect of social and environmental disclosures a theoretical foundation. Accounting, Auditing & Account-ability Journal, 15, Dong, S., & Burritt, R. (2010). Cross-sectional benchmarking of social and environmental reporting practice in the Australian oil and gas industry. Sustainable Development, 18, Gray, R. (2007). Taking a long view on what we now know about social and environmental accountability and reporting. Issues in Social & Environmental Accounting, 1, GRI Downloadable report (2011). "The Santander Annual Report presents the bank s economic, social and environmental performance in Brazil for 2010", (PDF)", 735
11 Retrieved: Günther, E., Hoppe, H., & Poser, C. (2007). Environmental corporate social responsibility of firms in the mining and oil and gas industries: Current statusquo of reporting following GRI guidelines. Greener Management International, Guthrie, J., Cuganesan, S., & Ward, L. (2008). Industry specific social and environmental reporting: The Australian Food and Beverage Industry. Accounting Forum, 32, Jones, M. J. (2011). The nature use and impression management of graphs in social and environmental accounting. Accounting Forum, 35, KPMG. (2011). KPMG international survey of corporate responsibility reporting Amsterdam: KPMG. 11. Kee, P./de Haan, M. "Accounting for Sustainable Development", Statistical Commission of the Netherlands, Retrieved: Maharaj, R., & Herremans, I. M. (2008). Shell Canada: Over a decade of sustainable development reporting experience. Corporate Governance, 8, Owen, D. (2005). CSR after Enron: A role for the academic accounting profession? European Accounting Review, 14, Skouloudis, A., Evangelins, K., & Kourmousis, F. (2009). Development of an evaluation methodology for triple bottom line reports using international standards on reporting. Environmental Management, 44, Tilt, C. A. (2007). "Corporate Responsibility Accounting and Accountants". Idowu, Samuel O.; Leal Filho, Walter (Eds.), Professionals' Perspectives of Corporate Social Responsibility, DOI / _2, Springer-Verlag Berlin Heidelberg
The Balanced Scorecard and Corporate Social Responsibility: Aligning Values for Profit
Balanced Scorecard and CSR -------------------------------------------------------------- This story was printed from News, located at http://www.greenbiz.com/news/. --------------------------------------------------------------
More informationSingapore Exchange Sustainability Reporting Guide. Guide to Sustainability Reporting for Listed Companies
Guide to Sustainability Reporting for Listed Companies Contents 1. Policy Statement... 03 2. Purpose of the Guide... 07 3. Why Should Listed Companies Report?... 08 4. Who Should Report?... 09 5. How Should
More informationSustainability Accounting and Reporting: Research and Teaching
Sustainability Accounting and Reporting: Research and Teaching Associate Professor Sumit Lodhia Centre for Accounting, Governance and Sustainability University of South Australia Business School Sumit.lodhia@unisa.edu.au
More informationSustainability in Global Supply Chains Information and Guidance for Companies
Sustainability in Global Supply Chains Information and Guidance for Companies econsense Discussion Paper Publisher/Editor: econsense Forum for Sustainable Development of German Business Oberwallstraße
More informationGeneral Corporate Social Responsibility Policy 20/10/15
General Corporate Social Responsibility Policy 20/10/15 CONTENT GENERAL CORPORATE SOCIAL RESPONSIBILITY POLICY 3 OBJECTIVES 3 1. Objectives of the General Corporate Social Responsibility Policy 3 PRINCIPLES
More informationReport or Explain. How can markets, governments, companies and consumers together make the needed transition to a sustainable Green Economy?
Report or Explain Why all big companies should report their sustainability performance, or explain why they don t. www.globalreporting.org How can markets, governments, companies and consumers together
More informationCORPORATE SOCIAL RESPONSIBILITY STRATEGY
Approved by the Board of Directors of MDM Bank, OAO Minutes No. 08 dated July 27, 2007 CORPORATE SOCIAL RESPONSIBILITY STRATEGY Moscow 2007 GOALS AND PRINCIPLES 2 The Bank s mission and key values MDM
More informationEconomics, Law and Political Science
Corporate Performance Management - Tool for New Public Management JAN FUKA, PETRA LEŠÁKOVÁ Faculty of Economics and Administration University of Pardubice Studentská 95 CZECH REPUBLIC jan.fuka@upce.cz,
More informationFrequently Asked Questions
Frequently Asked Questions The G4 FAQ document has been prepared by the Standards Division as supporting material for G4 stakeholders. However, the prime references for any interpretation and guidance
More informationInventec Corporation Corporate Social Responsibility Best Practice Principles
Inventec Corporation Corporate Social Responsibility Best Practice Principles (This English version is a translation based on the original Chinese version. Where any discrepancy arises between the two
More informationDeveloping and Reporting Supplementary Financial Measures Definition, Principles, and Disclosures
IFAC Board Exposure Draft February 2014 Professional Accountants in Business Committee International Good Practice Guidance Developing and Reporting Supplementary Financial Measures Definition, Principles,
More informationSCP Issues for Business and Industry
SCP Issues for Business and Industry Introduction Business and industry are key players in the SCP agenda. They are at the core of production and are also key organizational consumers. As the most important
More informationCONTENTS PREFACE 3 1. THE PURPOSE OF THE GRI SUSTAINABILITY REPORTING GUIDELINES 5
CONTENTS PREFACE 3 1. THE PURPOSE OF THE GRI SUSTAINABILITY REPORTING GUIDELINES 5 2. HOW TO USE THE GUIDELINES 2.1 The Guidelines 7 2.2 Using the Guidelines to Prepare a Sustainability Report: The Steps
More informationThe Triple Bottom Line
The Triple Bottom Line Accountants can play a key role in finding the real value in corporate social responsibility programs. FROM: JAN-FEB 2004 ISSUE OF CGA MAGAZINE BY ALISON ARNOT Envision Credit Union,
More informationCorporate Social Responsibility Practice Guidelines
Corporate Social Responsibility Practice Guidelines I. General Principles A. Purposes 1. In order to practice and fulfill the corporate social responsibility, and to promote economic, environmental and
More informationCorporate Social Responsibility Reporting in the United States
McNair Scholars Research Journal Volume 1 Issue 1 Article 6 2-12-2010 Corporate Social Responsibility Reporting in the United States Eastern Michigan University, lianna.cecil@emich.edu Follow this and
More informationTriple Bottom Line Reporting A communication tool on the journey towards sustainable performance for US water utilities
Triple Bottom Line Reporting A communication tool on the journey towards sustainable performance for US water utilities Abstract Steven Kenway, Carol Howe, Shiroma Maheepala (CSIRO, Australia) Steven.Kenway@csiro.au
More informationCorporate Social Responsibility Best Practice Principles The Far EasTone Telecommunications Co., Ltd. Approved by Board of Director Meeting on
Article 1 Article 2 Article 3 Article 4 Article 5 Corporate Social Responsibility Best Practice Principles The Far EasTone Telecommunications Co., Ltd. Approved by Board of Director Meeting on 2015/7/30
More informationCSR / Sustainability Governance and Management Assessment By Coro Strandberg Principal, Strandberg Consulting www.corostrandberg.
Introduction CSR / Sustainability Governance and Management Assessment By Coro Strandberg Principal, Strandberg Consulting www.corostrandberg.com June 2015 Companies which adopt CSR or sustainability 1
More informationConvention on Corporate Sustainability Reporting
Convention on Corporate Sustainability Reporting A policy proposal for corporate sustainability reporting to be mandated for the advancement of a Green Economy for The UN Conference on Sustainable Development
More informationLink Sustainability to Corporate Strategy Using the Balanced Scorecard
Link Sustainability to Corporate Strategy Using the Balanced Scorecard People and their managers are working so hard to be sure things are done right, that they hardly have time to decide if they are doing
More informationAn introduction to the. Principles for Responsible Investment
An introduction to the Principles for Responsible Investment Message from the UN Secretary-General The Principles have quickly become the global benchmark for responsible investing. Launched in April 2006,
More informationSustainability reporting What you should know kpmg.com
SUSTAINABILITY Sustainability reporting What you should know kpmg.com b Sustainability reporting What you should know KPMG LLP (KPMG) defines corporate sustainability as adopting business strategies that
More informationStrategies for Corporate Social Responsibility
Strategies for Corporate Social Responsibility Dr. Vanja Markovic Certification Maintenance Points This seminar has been approved by: -ABIH (American Board of Industrial Hygiene) Please complete a quiz
More informationFinancial sector leadership on natural capital
Financial sector leadership on natural capital The Natural Capital Declaration A commitment by financial institutions to mainstream natural capital in financial products and in accounting, disclosure and
More informationAccenture Sustainability Performance Management. Delivering Business Value from Sustainability Strategy
Accenture Sustainability Performance Management Delivering Business Value from Sustainability Strategy Global executives are as committed as ever to sustainable business. Yet, executing a sustainability
More informationEnvironmental management. The ISO 14000 family of International Standards
The ISO 14000 family of International Standards ISO in brief ISO and the environment ISO is the International Organization for Standardization. It has a membership of 160 national standards institutes
More informationImproving sustainability communications between property and construction companies and the investment community
C636 London, 2005 Investing in tomorrow s company Improving sustainability communications between property and construction companies and the investment community J Hirigoyen G Chant-Hall S Reid Upstream
More informationCorporate Social Responsibility and Corporate Governance in the United Arab Emirates
1 Executive Summary The main aim of this study was to assess the state of Corporate Social Responsibility (CSR) in the United Arab Emirates (UAE). This is the first comprehensive study on CSR in the UAE
More informationNECAQ Sustainability Program The Business Case
NECAQ Sustainability Program The Business Case Key messages Energy efficiency is a fundamental element in the progression towards a future low-carbon economy. Actions to increase energy efficiency can
More informationCorporate Governance. R esponse. T arget. A ddress. M anagement
S trategy M anagement A ddress R esponse T arget Enforcement of Ethical Business Practices Risk and Crisis Management Code of Conduct Ethical Corporate Culture Strengthening Transparency and Management
More informationCORPORATE SOCIAL RESPONSIBILITY FACTORS OF PERFORMANCE AND COMPETITIVENESS SVOČ FST 2008
CORPORATE SOCIAL RESPONSIBILITY FACTORS OF PERFORMANCE AND COMPETITIVENESS SVOČ FST 2008 Marcela Srchová, West Bohemia University, Univerzitni 8, 306 14 Pilsen Czech Republic ABSTRACT Corporate Social
More informationBusiness Sustainability and Key Performance Indicators
Journal of Business and Economics, ISSN 2155-7950, USA September 2014, Volume 5, No. 9, pp. 1484-1490 DOI: 10.15341/jbe(2155-7950)/09.05.2014/004 Academic Star Publishing Company, 2014 http://www.academicstar.us
More informationCorporate Social Responsibility Best Practice Principles. ( CSR Principles )
Taiwan Mobile Co., Ltd. Corporate Social Responsibility Best Practice Principles ( CSR Principles ) Chapter I General Principles Officially resolved by the board of directors on January 29, 2015 Article
More informationCorporate Governance. The Foundation for Corporate Citizenship and Sustainable Businesses
Corporate Governance The Foundation for Corporate Citizenship and Sustainable Businesses Corporate Citizenship and Sustainable Businesses Corporate citizenship a commitment to ethical behavior in business
More informationSustainability Reporting Guidelines
RG Sustainability Reporting Guidelines 2000-2011 GRI Version 3.1 2000-2011 GRI Version 3.1 Sustainability Reporting Guidelines RG Table of Contents Preface Sustainable Development and the Transparency
More informationA Study on Sustainability Disclosures and Reporting Trends in India: An Analytical Validation
Global Journal of Finance and Management. ISSN 0975-6477 Volume 6, Number 9 (2014), pp. 821-826 Research India Publications http://www.ripublication.com A Study on Sustainability Disclosures and Reporting
More informationPREPARING SUSTAINABILITY REPORT FOR KRAJOWA SPÓŁKA CUKROWA
PREPARING SUSTAINABILITY REPORT FOR KRAJOWA SPÓŁKA CUKROWA Warsaw, 20th of June 2013 REPORTING SUSTAINABILITY 1. Business sustainability definition. 2. The world trends on sustainability reporting. 3.
More informationPlanned Giving Council March 3, 2015. Investment Fiduciary Duties and Developing Trends
Planned Giving Council March 3, 2015 Investment Fiduciary Duties and Developing Trends Reinhart Boerner Van Deuren s.c. Keith L. Johnson Megan Jackson Uniform Prudent Management of Institutional Funds
More informationBusiness Principles September 2014
Business Principles September 2014 1. INTRODUCTION 2. BUSINESS PRINCIPLES 2.1 Core Principle We behave honestly, fairly and with integrity 2.2 Overarching Principle We manage risk and seek to continually
More informationTowards Business Sustainability
www.pwc.com Towards Business Sustainability Companies Commission of Malaysia Corporate Responsibility Seminar Series 29 Date (move higher if title is only one line) Agenda 1. Overview of Sustainability
More informationMessage from the Chief Executive of the RCM
Message from the Chief Executive of the RCM The Midwifery Leadership Competency Framework has been derived from both the NHS Leadership Qualities Framework and the Clinical Leadership Competency Framework.
More informationAnna Wildowicz-Giegiel University of Bialystok, Bialystok, Poland E-mail: awildowicz@interia.pl
The evolution and the new frontiers of social Responsibility Accounting 95 Anna Wildowicz-Giegiel University of Bialystok, Bialystok, Poland E-mail: awildowicz@interia.pl Abstract It is required currently
More informationEnhancing Competitiveness through Sustainable Supply Chain. Clearstream Solutions. Greener Business
Enhancing Competitiveness through Sustainable Supply Chain Clearstream Solutions Greener Business Agenda Understanding Sustainability : Competitive advantage or disadvantage for Ireland? Why focus on sustainable
More informationCOMMUNIQUÉ ON PRINCIPLES FOR INTERNET POLICY-MAKING OECD HIGH LEVEL MEETING ON THE INTERNET ECONOMY,
COMMUNIQUÉ ON PRINCIPLES FOR INTERNET POLICY-MAKING OECD HIGH LEVEL MEETING ON THE INTERNET ECONOMY, 28-29 JUNE 2011 The Seoul Declaration on the Future of the Internet Economy adopted at the 2008 OECD
More informationEXECUTIVE SUMMARY. EU Multi Stakeholder Forum on Corporate Social Responsibility 3-4 February, 2015 Brussels, Belgium
EXECUTIVE SUMMARY EU Multi Stakeholder Forum on Corporate Social Responsibility 3-4 February, 2015 Brussels, Belgium The Multi Stakeholder Forum on Corporate Social Responsibility (CSR) was held in Brussels
More informationThe power and influence of companies in relation to
Yoo Jaechang/TongRo Images/Corbis Corporate Social Responsibility In her regular column on corporate governance issues, Holly Gregory explores corporate social responsibility issues that are likely to
More informationReporting to. stakeholders. What s in this section? Tips for reporting back to projectaffected
Reporting to Stakeholders What s in this section? 88 89 92 93 Tips for reporting back to projectaffected stakeholders International standards for reporting on stakeholder engagement Reaching a wider audience
More informationAB Volvo, 405 08 Göteborg, Sweden. Ref No 953810003, August 2009. The Volvo Way
AB Volvo, 405 08 Göteborg, Sweden Ref No 953810003, August 2009 The Volvo Way index Preface Our mission Customers first Customer focus Clear objectives Quality, safety, environmental care Continuous improvements
More informationACCOUNTICA. No 7/September 2009/www.gierusz.com.pl
ACCOUNTICA No 7/September 2009/www.gierusz.com.pl Content: 1. The role played by corporate disclosure and financial accounting information in corporate governance and the ways in which these forms of information
More informationCorporate Social Responsibility: Who's Responsible?
Corporate Social Responsibility: Who's Responsible? Finding an Organizational Home for an Increasingly Critical Function First Author: Julia Bonner M.S., New York University Second Author: Adam Friedman
More informationToward an integration of environmental and social data in a company s reports for more effective decision-making and reporting purposes
Toward an integration of environmental and social data in a company s reports for more effective decision-making and reporting purposes Dr. Neungruthai Petcharat Lecturer in accounting, Graduate School,
More informationEnvironmental accounting and reporting
RELEVANT TO ACCA QUALIFICATION PAPER P1 Environmental accounting and reporting For the 2013 exams onwards, a small but quite significant change applies to the Paper P1 syllabus in Section E of the Study
More informationSustainability Portfolio. Keeping Business Sustainable
Sustainability Portfolio Keeping Business Sustainable Sustainable practice is the path to success now and for the long term. In 1800, the world s population was 1 billion people, by 1900 it was 2 billion
More informationAn Oracle White Paper March 2011. Sustainability Matters: Why and how business is widening its focus to consider the needs of all stakeholders
An Oracle White Paper March 2011 Sustainability Matters: Why and how business is widening its focus to consider the needs of all stakeholders Table of Contents Executive Overview... 1 Introduction... 2
More informationLeadership and Management Competencies
Leadership and Management Competencies 0 The Saskatchewan Public Service Vision: The Best Public Service in Canada Our Commitment to Excellence Dedicated to service excellence, we demonstrate innovation,
More informationSustainability Reporting A guide CHINA
Sustainability Reporting A guide CHINA ii Sustainability Reporting Contents Executive summary......................... 2 Introduction............................... 5 What is sustainability reporting?...............
More informationSustainability Reporting Guidelines & Financial Services Sector Supplement
Sustainability Reporting Guidelines & Financial Services Sector Supplement 2000-2011 GRI Version 3.0/SS Final Version Financial Services Sector Supplement Table of Contents Sustainability Reporting Guidelines
More informationSustainability Reporting Guidelines. Mapping & Gap Analyses for. Shanghai Stock Exchange
Sustainability Reporting Guidelines Mapping & Gap Analyses for Shanghai Stock Exchange Written by Syntao In Partnership with CIDA Copyright 2011 International Finance Corporation (IFC). All rights reserved
More informationINSPIRE AND GROW YOUR BUSINESS IN THE 21 ST CENTURY BUSINESS CHARTER FOR SUSTAINABLE DEVELOPMENT
INSPIRE AND GROW YOUR BUSINESS IN THE 21 ST CENTURY BUSINESS CHARTER FOR SUSTAINABLE DEVELOPMENT ICC CHARTER FOR SUSTAINABLE DEVELOPMENT 3 INSPIRE AND GROW YOUR BUSINESS IN THE 21 ST CENTURY BUSINESS CHARTER
More informationWhite Paper: Report on Project Findings
Institute for Responsible Investment White Paper: Report on Project Findings The Use of Non-Financial Information: What Do Investors Want? March 1, 008 A study of investor use of non-financial information
More informationSocially Responsible Investment and Corporate Social Responsibility Literature Survey from Accounting and Finance Perspective
Socially Responsible Investment and Corporate Social Responsibility Literature Survey from Accounting and Finance Perspective Dr. Haitian LU Associate Head, School of Accounting and Finance Deputy Director,
More informationCall for Action Need to Increase Education in Sustainability for Accountants and Management!
Page 1 of 11 Call for Action Need to Increase Education in Sustainability for Accountants and Management! Call for Action Professional organisations from all disciplines are generally committed to the
More informationEnvironmental Claims Findings and Conclusions of the OECD Committee on Consumer Policy. March 2011. Environmental Claims
Environmental Claims Findings and Conclusions of the OECD Committee on Consumer Policy March 2011 Environmental Claims FOREWORD The Committee on Consumer Policy launched a project to examine ways to enhance
More informationStrategic plan 2014-16. Reducing greenhouse gas emissions Safeguarding water resources Preventing the destruction of forests
Strategic plan 2014-16 Reducing greenhouse gas emissions Safeguarding water resources Preventing the destruction of forests We face an unprecedented environmental crisis. The impacts of climate change,
More informationImpact Investing TAILORED, TRANSPARENT SOLUTIONS
We set the standard for Impact Investing and are the first-choice partner for asset owners seeking to understand and control their global impact. Build your impact strategy with us - see inside for details.
More informationCisco Supply Chain Sustainability FAQ
Cisco Supply Chain Sustainability FAQ Q: What does Cisco mean by sustainability? A: Business for Social Responsibility (BSR) has defined a sustainable business as one that delivers value for investors,
More informationSHAFTESBURY PLC STATEMENT OF GRI COMPLIANCE FOR YEAR ENDED 30 SEPTEMBER 2013
SHAFTESBURY PLC STATEMENT OF GRI COMPLIANCE FOR YEAR ENDED 30 SEPTEMBER 2013 The Global Reporting Initiative (GRI) is the leading voluntary sustainability reporting standard and this year we have benchmarked
More informationThe Top 5 Things to Know about Careers in Sustainability
The Top 5 Things to Know about Careers in Sustainability What makes sustainability such an appealing field to work in? One of the major attractions of the sustainability sector is its highly multi-faceted
More informationCorporate Social Responsibility: Implications for Human Resources and Talent Engagement
Corporate Social Responsibility: Implications for Human Resources and Talent Engagement Winnie Kwan and Emily Tuuk Center for Advanced Human Resource Studies May 2012 I. Introduction Over the past few
More informationWieson Technology Co., Ltd.
Chapter 1 General Provisions Wieson Technology Co., Ltd. Corporate Governance Best-Practice Principles Article 1 Article 2 Article 3 Article 4 Article 5 In order to fulfill corporate social responsibilities
More informationCORPORATE SOCIAL RESPONSIBILITY IN THE GLOBAL SUPPLY CHAIN
CORPORATE SOCIAL RESPONSIBILITY IN THE GLOBAL SUPPLY CHAIN 1 John K. Visich, Ph.D. Bryant University 2014 Supply Chain Management Summit August 21, 2014 Title: Company: Email: Dr. John Visich John K. Visich
More informationMay 2008. Laura Musikanski, JD, MBA, CEM lmusikanski@entrix.com
Triple Bottom Line Reporting May 2008 Triple Bottom Line Reporting Road Map Definition Takeaways and Status of TBL Reporting Frameworks Indicators Boundaries Drivers Risks and Liabilities Tips Triple Bottom
More information2014 EMAN Conference From Sustainability Reporting to Sustainability Management Control 27-28 March 2014 Rotterdam, The Netherlands
2014 EMAN Conference From Sustainability Reporting to Sustainability Management Control 27-28 March 2014 Rotterdam, The Netherlands Access to this paper is restricted to registered delegates of the EMAN
More informationPacific Gas and Electric Company
Pacific Gas and Electric Company April 5, 2012 Top PG&E Suppliers: Des Bell Senior Vice President Safety and Shared Services US Mail: Mail Code B32 Pacific Gas and Electric Company P. O. Box 770000 San
More informationBUSINESS CHARTER FOR SUSTAINABLE DEVELOPMENT
English Anglais BUSINESS CHARTER FOR SUSTAINABLE DEVELOPMENT How to inspire and grow your business in the 21 st century ECONOMIC INNOVATION ENVIRONMENTAL INNOVATION GOVERNANCE & COLLABORATION SOCIETAL
More informationDefining Materiality: What Matters to Reporters and Investors
Defining Materiality: What Matters to Reporters and Investors Do investors and reporters agree on what s material in the Technology Hardware & Equipment and Banks & Diverse Financials sectors? ABOUT GRI
More informationParticipatory planning and monitoring
Participatory planning and monitoring Session 1 Participatory approaches to corporate-community relations in the extractive industries: Concepts, tools, benefits and risks 1 Overview This presentation
More informationCenter for Sustainable Organizations
A Presentation by the Center for Sustainable Organizations November 2012 - DRAFT 12.9 Foreword 3 Introduction 4 Our Theoretical Foundation 5 Vital Capitals 8 Operationalizing the Triple Bottom Line (TBL)
More informationQUALITY TOOLBOX. Creating a Complete Business Management System. Many organizations have separate environmental management. Integrating environmental,
QUALITY TOOLBOX Creating a Complete Business Management System Many organizations have separate environmental management and occupational, health, and safety management systems. They are defined as being
More informationMASTER IN ACCOUNTING PROGRAM CURRICULUM CORE BUSINESS COURSES (6 COURSES 18 CREDITS) MANAGERIAL ACCOUNTING AND CONTROL TRACK
COMPOSITION OF COURSES REQUIRED: MASTER IN ACCOUNTING PROGRAM CURRICULUM CORE BUSINESS COURSES (6 COURSES 18 CREDITS) FINANCIAL ACCOUNTING AND ASSURANCE TRACK MANAGERIAL ACCOUNTING AND CONTROL TRACK TEACHING
More informationInstitutional investors expectations of corporate climate risk management
Institutional investors expectations of corporate climate risk management Institutional investors expectations of corporate climate risk management As institutional investors, we are major shareowners
More informationSustainability and Materiality in the Natural Resources Sector
Sustainability and Materiality in the Natural Resources Sector ABOUT SUSTAINALYTICS Sustainalytics is an international and independent sustainability research and services provider. Our global perspective
More informationInternal Auditing Guidelines
Internal Auditing Guidelines Recommendations on Internal Auditing for Lottery Operators Issued by the WLA Security and Risk Management Committee V1.0, March 2007 The WLA Internal Auditing Guidelines may
More informationDraft Scope 2 Accounting Guidance: What it could mean for corporate decisions to purchase environmental instruments
Draft Scope 2 Accounting Guidance: What it could mean for corporate decisions to purchase environmental instruments September 2014 Corporate Scope 2 accounting has traditionally been relatively straight
More informationEarth Summit 2012 Towards a convention on corporate sustainability reporting at Rio+20
Earth Summit 2012 Towards a convention on corporate sustainability reporting at Rio+20 Confidenti INTERNATIONAL POLICY FRAMEWORK Aviva has convened a Corporate Sustainability Reporting Coalition of more
More informationA Framework for Business Sustainability
Environmental Quality Management, 17 (2), 81-88, 2007 A Framework for Business Sustainability Robert B. Pojasek, Ph.D Business sustainability seeks to create long-term shareholder value by embracing the
More informationSustainability and the Small Business
Sustainability and the Small Business Presented To The Conference Board s Business and Sustainability Conference New York City Thursday, June 5 Presented By B. Tod Delaney, Ph.D., P.E., DEE tod@firstenvironment.com
More informationNordea Asset Management. Responsible corporate tax practices
Nordea Asset Management Responsible corporate tax practices Photo: istockphoto Graphic design: Lina Johansson. Sense Design March 2014 Responsible corporate tax practices Thematic Report. Nordea Asset
More informationFNG Quality Label Presentation. 2016 edition (second round)
FNG Quality Label Presentation 2016 edition (second round) 2 Agenda 1. FNG Label Project 2. Methodology 3. Labelling process 4. Good reasons 5. How to apply 1. FNG Label Project Purpose of the project
More informationA Guide to Corporate Governance for QFC Authorised Firms
A Guide to Corporate Governance for QFC Authorised Firms January 2012 Disclaimer The goal of the Qatar Financial Centre Regulatory Authority ( Regulatory Authority ) in producing this document is to provide
More informationInvestment in Mining in Asia The Triple Bottom Line Challenge and Opportunity
OECD Global Forum on International Investment Foreign Direct Investment and the Environment Lessons from the Mining Sector February 7 to 8, 2002 Paris, France Investment in Mining in Asia The Triple Bottom
More informationPortfolio Carbon Initiative
Portfolio Carbon Initiative Acting as market makers, capital providers, and advisers, financial institutions (FIs) are important actors in the shift to a low-carbon economy. As providers of debt and equity,
More informationCase Study. Reduction Story. Clay Nesler Vice President, Global Energy & Sustainability. Steve Thomas Manager, Energy & Sustainability Communications
Case Study The Johnson Controls Greenhouse Gas Reduction Story Clay Nesler Vice President, Global Energy & Sustainability Steve Thomas Manager, Energy & Sustainability Communications August 2010 Pressures
More information5. PROMOTING COMPLIANCE
5. PROMOTING COMPLIANCE INTRODUCTION Compliance promotion is any activity that encourages voluntary compliance with environmental requirements. Promotion helps overcome some of the barriers to compliance
More informationIntegrating Sustainability into Management Education. Ideas for a Green Economy. Stefano Pogutz, Master MAGER, Università Bocconi, Milan
Integrating Sustainability into Management Education. Ideas for a Green Economy Stefano Pogutz, Master MAGER, Università Bocconi, Milan Nature and organizations: some key principles Integrating sustainability
More informationYuanta Financial Holding Company Corporate Social Responsibility Guidelines
Yuanta Financial Holding Company Corporate Social Responsibility Guidelines Approved by the Board of Directors on October 26, 2010 (5th meeting of the 5th board) Section One: General Provisions Article
More informationMODEL FOR IT GOVERNANCE ASSESSMENT IN BANKS BASED ON INTEGRATION OF CONTROL FUNCTIONS
MODEL FOR IT GOVERNANCE ASSESSMENT IN BANKS BASED ON INTEGRATION OF CONTROL FUNCTIONS Ivana Dvorski Lacković PBZ stambena štedionica d.d., Croatia ivana.dvorski-lackovic@pbz.hr Abstract: Nowadays banks
More informationIntegrated Risk Management:
Integrated Risk Management: A Framework for Fraser Health For further information contact: Integrated Risk Management Fraser Health Corporate Office 300, 10334 152A Street Surrey, BC V3R 8T4 Phone: (604)
More information