Creativity, innovation - Essay Example

It can also include the effect on the local community who might have to live in the shadow of their premises, and how they engage with the community, their customers and workforce. Social Accounting helps organizations to investigate its performances in relation to social, environmental and economic objectives ensuring that organizations core objectives are met in doing so. Focusing on the automobile Industry, almost all the large brands ensure that the keep CSR at par which includes Sustainability Reporting along with the Financial Statements.

Most companies in the sector have CSR policies implemented throughout their operations including proper management system for the same. Following is the comparison of two of the industries’ brands; namely Toyota and Honda. Toyota has implemented a CSR policy throughout its operations that is based on the company’s Guiding Values. Furthermore, the company has also implemented a separate policy on Biodiversity, as well as a Code of Conduct, a Global Vision for 2020, and the Toyota Way 2001, which outlines the expectations of how employees should behave.

It also has an environmental plan of action that includes design production and recycling. Toyota has a separate CSR department, as well as a CSR committee that includes members of the executive board. The company is a member of the World Business Council for Sustainable Development (WBCSD), but does not mention any of the relevant international standards in its international CSR report or CSR policy. Several regional divisions also publish their own annual CSR reports in accordance with GRI standards.

Toyota annually produces its sustainability report including environmental aspects, social aspects, and economic aspect. “Its environmental aspect addresses Energy/ Global Warming, Recycling of resources, Substance of concern, Atmospheric Quality, Environmental