2. Definition of corporate sustainability
3. Reasons of preparing sustainability report
4.1 economic aspect
4.2 social aspect
4.3 environmental aspect
4. Key features of Mirvac’s sustainability report
5.4 content aspect
5.5 quality aspect
5. Evaluation of Mirvac’s sustainability report
6.6 content aspect
6.7 quality aspect
With increasing public awareness of various economic, social and environmental problems, corporations start to change their focus area from single solvency aspect to diversified development directions for their long-term survival. For example, companies take environmental and social factors into consideration, instead of just concentrating on the profitability of projects. Under the circumstance, companies prepare sustainability report to look back their performance in sustainable aspect and a multitude of metrics are established for assessment of these reports. The report defines corporate sustainability, analyses the reasons that companies cover non-financial information in their final reports, explores the key features of Mirvac’s Corporate Responsibility and Sustainability Report for the 2011 financial year and evaluates these key features according to the GRI Guidelines. Four parts will be discussed in the report, including definition of corporate sustainability, reasons of preparing sustainability report, key features of Mirvac’s sustainability report and evaluation of Mirvac’s sustainability report.
2 Definition of corporate sustainability
Corporate sustainability can be defined into two aspects, including long-term development and the protection of main stakeholders. First, corporate sustainability is companies’ ability to maintain their development in the long run. Steidl (2010, p. 39) highlights the fact that with the acceleration of the globalization process, companies are confronted with a more complex and unpredictable operating environment than before. Then, Steidl (2010, pp. 38-39) clarifies companies’ sustainability is to find opportunities and get rid of threats brought by the complicated global environment using strategic planning and advanced management principles in order to survive in the future. Second, corporate sustainability is the protection of the core stakeholders which is related to organizations’ achievement. Isaksson and Steimle (2009, p. 170) first identifies humanity and nature as the core stakeholders of corporations and then point out that corporate sustainability is a condition that make a profit without being detrimental to the key stakeholders’ interest.
3 Reasons of preparing sustainability report
Companies start to prepare sustainable content in their corporate reports for economic, social and environmental reasons. 4.1 economic aspect
Economic factor is significant to companies’ development for three parts, including attracting investment, stakeholders’ support and tackling uncertainty. First of all, sustainability reports are helpful for corporations to generate sufficient cash flow in order to operate normally. Flynn (2009, p. 15) emphasizes that sustainability reports gain investment since an effective sustainability repot raise stakeholder’s interest in companies’ activities. Secondly, sustainability reports reflecting companies’ contribution to stakeholders’ interest can ensure stakeholders’ support. Flynn (2009, p. 15) points out that if stakeholders hold the opinion that the company makes every effort and uses all of its time and resources to maximize their interests, they will do everything they can to support the company. Finally, an efficient sustainability report is beneficial to companies’ own survival in complicated development environment. Steidl (2010, p. 38) asserts that advanced development strategies and...