Improved Brand recognition and reputationAttractive to employees (existing and potential)Improved top-management strategic thinking Produce innovations in operationsResponded to customer needsMet stakeholder’s and society’s changing expectationAdvantages of implementing CSR
Sustainability development:Recognising that company activities can have a lasting impact on society and environment“Development that meets the needs of the present without compromising the ability of future generations to meet their own needs” (Brundtland Report UN, 1987)In supporting sustainability companies need to think of the triple bottom line, economic, social, and environmental performance.Sustainability and the triple bottom line
China's Guangdong Province requiring companies that pollute the ground water table to clear up or close down.The European Union establishing fishing quotas and other fishing limits to sustain fish stocks.South American and European Union controls on forestry products to protect the rain forest and to ensure that woodland is sustained by replanting. Since 1997, 190 nations, representing half the world's greenhouse gas emissions, have ratified the Kyoto Protocol, committing to reduce the world's greenhouse gases below 1990 levels by 2012 and ultimately to reverse the greenhouse effect. Examples of demands for sustainable development
reporting of relevant and material non-financial information is essential part of the disclosure. ‘non-financial’ refers to information relevant to assessment of economic value, but does not fit into the traditional accounting framework. information material to investor decision-making is becoming increasingly diverse and dynamic.Long term success in managing a business is increasingly dependent on factors not reflected in financial statements ICGN (2009)https://(pg 97,103)Integrated reporting non-financial information - (International CG Network)
A strategic initiative for business to useThe principles are that businesses should supportHuman rights: protection of internationally proclaimed human rights and not complicit in human rights abuses.Labour:uphold the freedom of association and the effective recognition of the right to collective bargainingthe elimination of all forms of forced and compulsory labour;the effective abolition of child labourthe elimination of discriminationin employment and occupation.UN Global Reporting Initiative
Environment:Businesses should rise to environment challengesTake on greater environmental responsibilityDevelop and diffuse environmentally friendly technologiesAnti-corruption:Work against corruption and briberyUN Global Reporting Initiative
The GRI has been adopted by organisations around the world and now produce sustainability reports using the GRI framework.