You are required to watch the following YouTube clips from the GRI Secretariat:
- The GRI Sustainability Reporting Standards: The Future of Reporting
- Introducing the GRI Standards
You must also read a fictional case study based on a company that will be provided to you in due course. You must then prepare a sustainability assessment report referring to the Consolidated Set of GRI Sustainability Reporting Standards 2016 that specifically addresses:
- Disclosure 201-2 Financial implications and other risks and opportunities due to climate change
- Disclosure 205-3 Confirmed incidents of corruption and actions taken
- iii) Disclosure 206-1 Legal actions for anti-competitive behaviour, anti-trust,and monopoly practices
- Environmental sustainability
- Disclosure 302-1 Energy consumption within the organisation
- Disclosure 304-2 Significant impacts of activities, products, and services on biodiversity
- Disclosure 307-1 Non-compliance with environmental laws and regulationsC. Social sustainability
- Disclosure 401-1 New employee hires and employee turnover
- Disclosure 406-1 Incidents of discrimination and corrective actions taken
- Disclosure 413-1 Operations with local community engagement, impact assessments,and development programs
GRI Sustainability Reporting Standards 2016
Global reporting standards are prepared and maintained by the GSSB(Global Sustainability Standard Board). It has the sole responsibility for the maintenance of the globally accepted standards for sustainability reporting (Robert G. Eccles 2012). It can be defined as the process promoted by GRI standards by an organisation on their significant aspects such as environment, economic and social impacts. The result of sustainability process reporting can but does not have to be a standalone process report. These standards create a common objective for organisations and investors for communication and understanding the effects made from the team point of view. (MOCK 2007) The GRI standards can be used as a set to create a sustainability report that is in accordance with the standards .
Sustainability reporting access organisations to think their impacts on of the extensive range of maintainability issues, allowing them to be more apparent about the risks and chances they face. The group presents a Sustainability report about the various effects in the different form of its routine activities (Williams 2011). A sustainability report helps in recognising the organisation's standards and control model and communicates the relation concerning its actions and its obligation to a justifiable international economy. (Hahn 2013)
Sustainability reporting can support institutions to measure, comprehend and communicate their economic, environmental and social and then set their targets, and control the variance more efficiently. A sustainability report acts an essential component for communicating sustainability presentation and impacts – whether positive or negative. Sustainability reports are discharged by companies and institutions of all types, sizes, and sectors from every part of the world. Sustainable reporting can be treat as an alternative with another medium of non-financial presentation with the help of corporate social responsibility part. It also acts as an inherent component of integrated reporting a more latest growth that merges with the evaluation of financial and non-financial performance.(Michelon 2011)
Strengths and weaknesses can be categorised as: Physical, regulatory and other:
Climate change offers risks and rewards to organisations, their investors, and their various participants. Risks can comprise from the rising costs or other factors which impact the competitiveness.
The potential effects frequently, about demand for products and services or capital availability and investment opportunities.
Direct and indirect effects are also critical ( whether the results directly affects the organisation or indirectly)
Physical risk and opportunities involve the impact on workers relating to their health issues, including heat-related illness. (Finch 2005)
Certain limits on greenhouse gases also help in creating more and more opportunities for institutions as entering in the path of new technologies and new markets are also created by this.
For investors, there is an attention in an occurrence of events and an institutions' response to the events. Legal cases regarding corruption can involve public investigations as well as prosecutions.
Federal legal matters concerning about the facts of corruption brought in front of the management or its personnel during the writing period and the outcomes of various cases parts.
The number of approved matters in which workers were suspended or terminated on the charges of bribery.
The number of instances passed when dealings with commercial partners were finished or not forwarded due to allegations regarding corruption. (Michelon 2011)
Legal actions for anti-competitive behaviour, anti-trust and monopoly practices
This revelation clarifies about the legal actions initiated under the national and international laws designed specifically with the objective of regulating the monopoly practices or anti-trust in the economy.
Anti-competitive behaviour or monopoly practices can effect various factors of the markets such as consumer’s perception, pricing decision.
Proper laws and regulations are formed in many countries to prevent the monopoly practices and to implement a fair trade policy, with the appropriate assumption that a healthy competition should create between different enterprises to support the efficiency and sustainable growth of the economy.
Proper legal actions make a proper situation in which the market works or a level of an organisation have reached on a sufficient scale to higher the aim of a third party.
Anti- competitive behaviour describes an action on the part of an organisation or its employees that can provide an outcome in consent with potential competitors, with the purpose of reducing the effects market competition. Anti – trust and monopoly practices are decisions of an institution that helps to erect barriers to entry in the business sector or to control the competition level in the market.
Mostly for the organisations, electricity is the most important form of energy they consume. For other institutions, tidal energy and solar energy also plays a significant role in their day to day operations.
Need to record fuel consumption separately in renewable or not- renewable resources.
Calculation of total energy consumption within the premises is also very necessary.
When local conversion factors are not available at that time generic conversions factors are very much helpful.
Energy Consumption (Disclosure 302-1)
Different methods and strategies, policies are most useful in describing the approach to select them. (Guthrie 2010)
Application of Conversion factors is also very useful for data to be produced in a consistent form.
Electricity energy can be purchased from outside the organisation or provided internally by the team.
Non-renewable fuel sources can include fuel for ignition in boilers, heaters, furnaces and generators which are owned by the group.
Renewable fuel sources can include biofuels, solar when purchased for use directly, and biomass in sources maintained by the business.
The double counting process of fuel should be avoided when reporting self-generated energy consumption.
This disclosure helps in understanding or developing an organisation’s strategy and policy to moderate and take a view on significant direct and indirect part and how it effects on biodiversity.
Presentation of structural part and qualitative information the disclosure enables to compare the size, scale, and nature of outcomes over being in the organisation.
Negative impacts on the environment biodiversity can also lead to negative impacts in the supply chain also. (Gray 2006)
The behaviour of various direct and indirect impacts on biodiversity references with the following points:
- a) The introduction of hostile species and pests.
- b) Reduction of species
- c) Habitat conversion
- d) Pollution
Non-compliance within a business can decide about the capability of management to confirm that the operations conducted by the organisation conform to certain factors.
In various situations, non-compliance can generate to clean up responsibilities or other costly environmental abilities.
When business runs with the proper compliance records, it provides the strength to the business also and can also affect its capacity to expand operations globally and work more efficiently and more.
Reporting organisation should also consider on various matters like significant fines for dealing issues with non-compliance.
In the present disclosure, the recording organisation should contain administrative and legal authorisations for failure to conform with environmental laws or regulations including:
- a) Worldwide Conventions, assertions and meetings.
- B) Regulations at national, international or local level.
- C) Cases came to the organisation with the use of global dispute mechanisms or national dispute mechanism headed by the government authorities.
- D) Deliberately environmental contracts with the appropriate authorities that are considered about as a foundation and performed as a substitute part for the implementation of new regulations.(Buritt 1997)
The factors on which this disclosure is dependent are age, gender, and area of a new recruitment in organisation explains about its strategy and capability to impress several and qualified employees.
The above information is very useful for the institution’s efforts to practice new recruitment policies based on the factors of age and gender. It also presents the results of available labour and qualifications in specified areas.
An increasing rate of employee turnover can show stages of dissatisfaction and uncertainty among different employees. (Frost 2005)
Employee turnover also deals with the direct cost implications both regarding Decreased payroll or greater expenses for the enrolment of employees.
Biodiversity (Disclosure 304-2)
According to this disclosure an incident, discuss the legal action or complaint addressed within the organisation through an official process by adopting an appropriate procedure.
Established procedures perform their duties by the issues relating to the classify instances of non-compliance which include the audit systems of management and formal monitoring programs. An incident is not needed any longer action part if it is resolved, and the conclusion takes place or no, the adjustment is required in part of that.
Discrimination can generate due to many factors such as age, gender, religion, and social aspect.
The existence and efficient presentation of policies or strategies to avoid discrimination are very useful in the manner of socially responsible conduct.
A critical matter regarding the concept of effects on people in local communities is valuation and planning to arrange about the actual and potential effects and strong relationships with the arrangement of local groups to meet with their demands and requirements.
Numerous fundamentals amalgamated into limited community engagement, impact the outcomes and growth packages. (Gray 2001)
This disclosure attains the concept to recognise which elements have been regularly applied- organisation- full.
Organisation have access to some useful tools to involve communities, including social and human right assessments, which includes a varied set of approaches for proper documentation of stakeholders and community characteristics.
Buritt, RL 1997, 'Australian Commonwealth Entities: An Analysis of Their Environmental Disclosures', ABACUS, vol XXXIII, no. 1, pp. 69-87.
Finch, N 2005, 'The Motivations for Adopting Sustainability Disclosure', p. 22.
Frost, G 2005, 'A Survey of Sustainability Reporting Practices of Australian Reporting Entities', Australian Accounting Review, vol XV, no. 35, pp. 89-96.
Gray, R 2001, 'Social and Environmental Disclosure and Corporate Characteristics: A Research Note and Extension', Journal of Business finance & Accounting, vol 28, no. 4, pp. 327-356.
Gray, R 2006, 'Social, environmental and sustainability reporting and organisational value creation?: Whose value? Whose creation?', Accounting, Auditing & Accountability Journal, vol XXIX, no. 6, pp. 793-819.
Guthrie, J 2010, 'GRI Sustainability Reporting by Australian Public Sector Organizations', Public Money and management, vol XXVIII, no. 6, pp. 361-366.
Hahn, R 2013, 'Determinants of sustainability reporting: a review of results, trends, theory, and opportunities in an expanding field of research', Journal of cleaner production, vol VIX, pp. 5-21.
Michelon, G 2011, 'Sustainability Disclosure and Reputation: A Comparative Study', Corporate Reputation Review, vol XIV, no. 2, pp. 79-96.
MOCK, TJ 2007, 'An examination of worldwide assured sustainability reporting ', Australian accounting review, vol 17, no. 41, pp. 67-77.
Robert G. Eccles 2012, 'The need for sector-specific materiality and sustainability reporting standards', Applied Corporate Finance , vol 24, no. 2.
Williams, B 2011, 'Sustainability reporting by local government in Australia: Current and future prospects', Accounting forum, vol 35, no. 3, pp. 176-186.
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