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Corporate Environmental ,Social and Sustainability Reporting
Finance & Accounting
Pages 3 (753 words)
Corporate Environmental, Social and Sustainability Reporting Introduction Environmental and social perspectives have forced organisations to change their ways of thinking and alter their business practices that they have been pursuing. In the UK, corporate social and sustainability reporting was initiated in the late 1980s; however, over 2000 private corporations have been found reporting environmental and sustainability initiatives now in their annual reports.
Defining Sustainability The UN Brundtland Commission (1987) describes, "Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs" (UN Commission, 1987). This definition in itself explains why it has been important and necessary for organizations to implement sustainability reporting whether they are in private or public domain. Private Sector and Sustainability Reporting Corporate social responsibility activity and Sustainability reporting serve the purpose of meeting corporate social obligations along with tracking environmental programmes. The report helps undertake measurement and analysis of the factors such as water, energy, and waste generations to ensure how organization has been progressing towards its objective of achieving sustainable development. In the private sector, sustainability reporting takes into consideration the direct impact of its operations on the society and environment. Currently, the sustainability reporting in the private sector has become a statutory requirement and has become a norm for industries (Sustainability Reporting Matters, 2010). ...
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