The procedure is termed as sustainability report. This feature is developed and used extensively in order for companies to strike a balance between them, the society and the environment (GRI, 2012).
The people, planet, and profit are the three elements which are considered while studying the elements of sustainability report. Emphasis is given to the stakeholders rather than the shareholders as they are the ones who are mostly directly or indirectly influenced by the activities or the action of any company. The sustainability reporting provides a platform for communication between the company and the stakeholders.
This paper presents a detailed analysis of the use, importance, barriers and the economic benefits of using the sustainability report by a company in the daily practice. This allows the society to understand and judge how well an organization or a company is performing. The need of the hour is to make sustainability report a mandate and common practice to benchmark performance.
Sustainability reporting – application within organizations
Sustainability refers to the ability of maintaining an outcome over time without causing an ecological imbalance or exhausting the resources on which the result would depend. There are various theories and models of sustainability which are studied and considered. Some of them are the economic, ecological, political models etc (Jenkins, 2009).
Sustainability reporting enables a company to communicate openly, positively and effectively with its stakeholders. ...