Sustainability and Integrated Reporting
EXECUTIVE SUMMARY
The purpose of this report is to identify and analyse what it means to be a sustainable business, how to report for it, and the cost/benefits of integrated reporting.
By using Woolworths as an example of what to expect and the outcomes of their progress I dissect the strategy Woolworths adopted in attempting to implement sustainability into their every day-to-day operations and through doing so have resulted in a conclusion with a recommendation for Coolworths. Sustainability will require heavy investment in the short term, however with the correct approach, attitude, and strategy, investments into sustainability will pay for themselves in the long run and furthermore allow us a solid foundation for further developments in sustainability; this will also allow for us to produce integrated reports presenting stakeholders a completely transparent view of the company and our performance as an entire unit.
INTRODUCTION
Sustainability and sustainability reporting is becoming an increasingly popular trend globally especially after the Global Financial Crisis (GFC) stakeholders are requesting more honest, and faithful representation of information released by entities. Not only does it allow for stakeholders, and investors a more transparent view of our company but it also allows results in benefits. Sustainability, or sustainable development is defined as ‘development that meets the needs of the present without compromising the ability of future generations to meet their own needs’ (Brundtland Report, 1987).
The purpose of this paper is to identify the impacts, and issues, weighing up the benefits against the costs to foster a recommendation and conclusion on whether Coolworths should adopt an approach to sustainability, sustainability reporting and ultimately integrated reporting. In this research paper, Woolworths, our major competitor will be used as an example to give rise and shed light on the outcomes of their recent endeavor towards
The purpose of this report is to identify and analyse what it means to be a sustainable business, how to report for it, and the cost/benefits of integrated reporting.
By using Woolworths as an example of what to expect and the outcomes of their progress I dissect the strategy Woolworths adopted in attempting to implement sustainability into their every day-to-day operations and through doing so have resulted in a conclusion with a recommendation for Coolworths. Sustainability will require heavy investment in the short term, however with the correct approach, attitude, and strategy, investments into sustainability will pay for themselves in the long run and furthermore allow us a solid foundation for further developments in sustainability; this will also allow for us to produce integrated reports presenting stakeholders a completely transparent view of the company and our performance as an entire unit.
INTRODUCTION
Sustainability and sustainability reporting is becoming an increasingly popular trend globally especially after the Global Financial Crisis (GFC) stakeholders are requesting more honest, and faithful representation of information released by entities. Not only does it allow for stakeholders, and investors a more transparent view of our company but it also allows results in benefits. Sustainability, or sustainable development is defined as ‘development that meets the needs of the present without compromising the ability of future generations to meet their own needs’ (Brundtland Report, 1987).
The purpose of this paper is to identify the impacts, and issues, weighing up the benefits against the costs to foster a recommendation and conclusion on whether Coolworths should adopt an approach to sustainability, sustainability reporting and ultimately integrated reporting. In this research paper, Woolworths, our major competitor will be used as an example to give rise and shed light on the outcomes of their recent endeavor towards
References: United Nations World Commission on Environment and Development 1987, Our common future – The Brundlandt Report, University of Oxford Press, Oxford Evans, ELAINE, Mala, RAJNI 2012, Intermediate Financial Accounting, John Wiley & Sons Australia, Ltd Bebbington, J & Larrinaga-Gonzalex, C 2008, Carbon trading: Accounting and reporting issues’, European Accounting Review, vol. 17, no. 4, p. 697 – 717