Executive Summary 1
What Sustainability means to Woolworths3
Corporate Stakeholders of Woolworths3
Woolworths Drive for Change5
Why Integrated Reporting?6
Woolworths Integrated Reporting7
The Future of Integrated Reporting7
Word Count: 1995
This report examines the new world of sustainability reporting, and the complex web of stakeholders. It focuses particularly on the demands for new kinds of transparency which serve the interests of the environment and society. In this report, Woolworths, one of our major competitors has been analyzed in order to understand how they have evolved the concept of sustainability and how they have applied it to their organizational level. As a result, Woolworths has placed our organization at a competitive disadvantage. The report finds Woolworths future prospects as a positive template in managing our organization. Their engagement on sustainability issues with their stakeholders, customers, suppliers, investors and employees through their Sustainability Strategy have placed them in the lead. This report provides an opportunity on sustainability and integrated reporting for our organization.
Over the years there has been an increase in pressure and concern over the impact that organizations have had on the environment and the society. As a result, organizations are being challenged to actively account for and manage their sustainability footprint and emphasize on the integration of ethical, social, environmental and economic, or sustainability issues within corporate reports (Adams & Frost, 2008). In addition, move towards how organizations must understand themselves in correspondence to both internal and external stakeholders (D’Amato, Henderson & Florence, 2009). D’Amato, Henderson & Florence (2009, p. 1) believe the quality of relationships that a company has with stakeholders such as customers, investors, suppliers and employees is crucial to its success, as is its ability to respond to demands in competitive conditions and corporate social responsibility. This study sheds light on the extent to which sustainability accounting and reporting functions are integrated into organizations. Organizations have developed a variety of strategies for dealing with these issues. Woolworths Limited, a major competitor, has gained a competitive edge through the introduction of ‘doing the Right Thing: Sustainability Strategy 2007-2015’. They have been actively engaged in sustainability reporting for a number of years and have been adopting elements of best practice approaches to sustainability reporting and managing sustainability performance (ICAA, 2011). Defining Sustainability
Organizations around the world are struggling with a new role, which is to ‘meet the needs of the present generation without compromising the ability of the next generations to meet their own needs’ (Idyllic & Hackers, 2002). Organizations are being called upon to take responsibility for the ways their operations impact societies and the natural environment (Barbell, 2012). Sustainability refers to an organization’s activities that demonstrate the inclusion of social and environmental concerns in business operations and in interactions with stakeholders (Adams & Frost, 2008). What Sustainability means to Woolworths
In today’s world, in order to endure, organizations must make decisions which serve the interests of the environment and society. Following the appointment of a new CEO, and in response to a dynamic external environment, Woolworths Limited identified the need to develop and communicate a strategic approach to sustainability and to be ‘recognized as the leader in sustainable retailing in the Australian retailing sector’ (ICAA, 2011). Woolworths don’t see sustainability as a stand-alone activity rather that it is embedded in everything they do. ICAA...