Concerns about climate change, the pending introduction of an emissions trading scheme and significant changes in demographics and society in general have combined to make sustainability a mainstream issue. “The goal of sustainable development is to meet the needs of the present without compromising the ability of future generations to meet their own needs.” (G3.1 Guidelines, 2011, p4) This study report on a survey of the Virgin Group's sustainability report that summarize the Virgin companies’ sustainability strategy, evaluating the sustainability report based on the Global Reporting Initiative (GRI) principle, to comment performance indicators and making recommendations, which can improve the sustainability report. Virgin Group's Corporate responsibility and sustainable development report 2010 emphasizes the range of corporate responsibility and sustainability issues the Virgin companies face operating in so many different sectors, and how they are dealing with them that based on the customer-oriented method. It described different aspects to combine the customers’ lifestyles with the sustainability issues associated to enhance the relevance to the readers.
Sustainability reporting is the measurements, disclosures and being accountable of the organizational sustainable developing performance to internal and external stakeholders. ‘Sustainability reporting is a broad term considered synonymous with others used to describe reporting on economic, environmental, and social impacts.’ (G3.1 Guidelines, 2011, p5) The purpose of this report is evaluate the Virgin Group's sustainability report based on GRI's Reporting Framework to comment the usefulness of the sustainability report to stakeholder and make recommendations for further improvements.
The sustainability strategy of Virgin Group's Corporate
Virgin Group interpreted four main sustainable development challenges in the 21st century in its report: • emit minimal carbon and other greenhouse gases
• learn to use the planet’s finite resources responsibly • strive towards poverty alleviation and the fair treatment of all individuals • offer products and services that enhance emotional and physical wellbeing Based on these four challenges, Virgin advanced reasonable strategies to make its business more environmentally sustainable. The goal of Virgin's Sustainability Strategy is sustainable lifestyles, which sets out plans to increase recycling and reduce the amount of waste going to landfill, cut energy consumption and obtain more of its supplies from sustainable sources. The company is managing its sustainability priorities, including: * Building a low carbon, low waste business
* Creating a more diverse and inclusive workforce
* Working with suppliers to meet its sustainability challenges * Major investment made in steering Virgin Group business towards real sustainability (Virgin Group's sustainability report, 2010)
The evaluation of the Virgin Group's sustainability report
The Virgin Group sustainability report recognizes the web of interrelationships and requires systems thinking. This reorganization is the larger context of systems thinking where organizations exist within larger systems-the global economy, environment and society. It is virtually impossible to identify all of an organization’s potential impacts and the decisions that managers make will be influenced by their own assumptions and views about the world. Within the group and between the members and its external stakeholders, inclusion and consultation are important to ensure alternative view points and values are considered in the organization’s decision making. (Horngren et al, 2011, p 568) Their stakeholders want a better understanding about the sustainable development-environmental, social and economic-ramifications management including the potential for value creation and business risk mitigation, this trend is being driven by a range of...