As demands for more corporate social reponsibility grow, so does the need for accurate and transparent reporting on corporate activities. A great deal of work has been undertaken in this area and Australian corporations are beginning to embrace it.
Background
Corporate sustainability reporting helps not only the community and investors to see how a company is performing but also allows the company to track its impacts and improvement programs. There has been some concern about greenwash, but the increasing use of external audits and adoption of specific targets can assist in providing credibility. There is also the question as to whether the report is helping to change the corporation and the attitudes of its staff or is just seen as an annual 'tick the box' exercise. The Global Reporting Initiative is attempting to harmonise requirements and set a benchmark.
Global Reporting Initiative
Corporations and Markets Advisory Committee Review (Aust Gov)
The Debate
Some companies don't wish to 'tell all' (fearing public attack), while others cite time and cost constraints, as reasons to avoid reporting. On the other hand key Australian companies such as those in the financial and mining sectors are producing substantial reports. NGOs are demanding high quality and externally audited reports that show a company has adopted strong targets to reduce its negative social and environmental impacts.
Review of Sustainability Reporting in Australia (Dept Env and Heritage)
TEC Position
TEC supports effective, independent and target driven reporting. We are working with the corporate sector to improve reporting.
Sustainability Reporting Communique |
