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Australian Organizations Adopt Sustainability Reporting - Case Study Example

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The paper "Australian Organizations Adopt Sustainability Reporting" states Veolia Transdev and Westfield Group have reported of environmental and HRM performance: reduction in resource use and employee satisfaction since they have realized their responsibilities to the environment and the team…
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Australian Organizations Adopt Sustainability Reporting
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Download file to see previous pages Most of the organizations consider sustainability reporting as a significant part of their performance evaluation. However, the companies do not need to follow any standard reporting frameworks. Each industry faces varied external issues which are considered as significant to its operations. It can be stated that the companies are pressurized to disclose the non-financial information because of several market mechanism. These market drivers are found in numerous ethical, social as well as environmental investment funds that have given rise to sustainability reporting. The concept of sustainability reporting has been into existence since a long period of time; however, it is since the 1970s and 1980s that this reporting is given more priority.
There are many reasons for companies’ disclosing sustainability reporting. They intend to persuade the non-stakeholders regarding the impacts of the performance of the company and strategies applied by it to stimulate the performance. The objective of sustainability reporting is to inform the shareholders regarding the fact that how well the company is handling with non-financial as well as financial risks. It also permits the company to recognize the areas of potential risks and evaluate its performance. Most of the companies prefer mandatory reporting since it sets up methods and structures for comprehending influences and risks which were not stated previously by the other organizations. It also offers institutional investors with the capability to avail the information on non-financial risks which further permits them to have better knowledge regarding the overall firm. Transparency and accountability to the stakeholders are promoted when companies tend to disclose sustainability reporting.
According to the views of Kolk, the main reasons behind sustainability reporting are to increase a company’s capability to keep track of the developments against particular targets. It tends to help in the proper implementation of the environmental strategy. It is proper sustainability reporting that creates awareness regarding the environmental issues in the organization. ...Download file to see next pagesRead More
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