Governance, Ethics and Sustainability

Governance, Ethics and Sustainability
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Table of Contents
Introduction.................................................................................................................. 2
Methodology................................................................................................................. 2
Timberwell Constructions GRI sustainability reporting.........................................................3
First: Economic sustainability.......................................................................................... 3
Second: Environmental sustainability................................................................................. 5
Third: Social sustainability.............................................................................................. 8
Conclusions................................................................................................................. 10
References.................................................................................................................. 11

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Introduction
The need for sustainability is increasing in terms of economic, social and environmental
sustainability. The economic sustainability concerns with the scarce resources that represent a
constraint that affects not only business organizations' performance, but the economic system as
a whole. These effects include the changes in energy markets from fossil energy to electric and
nuclear energy (Reddy & Thomson 2015).
In addition to waste management, pollution and land use for economic expansion. The
environmental sustainability due to climate change is the concern of business, governments and
professionals worldwide. Climate change highly affects the social sustainability and it is
expected to have a negative effect due to the increase in the level of pollution in the air and
spread of diseases (Wandahl, Lund & Neve 2019).
The GRI Sustainability Reporting Standards (GRI Standards) are developed to be used by firms
when reporting on their impact on the economy, society and the environment. GRI standards
represent a set of interconnected rules that should be used in implementing organizations'
sustainability report (Stichting Global Reporting Initiative 2016).
Timberwell Constructions GRI sustainability reporting will be discussed in the following section.
It is a company that works in residential development, it develops complexes in the Stanwell
Council district. The company faces strong competition in the housing market, the matter that led
to increased turnover rates and it should implement retention policies to retain its existing staff.
Methodology
This report provides a sustainability assessment of Timberwell Constructions by referring to the
Consolidated Set of GRI Sustainability Reporting Standards 2016. The economic, social and
environmental standards are considered. Accordingly, nine cases of sustainability reporting are
included. The information of Timberwell Constructions is used in matching the company
activities with the GRI standards. This report states the company implemented activities and its
intended activities to be done, but not its future decisions.

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Timberwell Constructions GRI sustainability reporting
First: Economic sustainability
1.1 Definition
The sustainability concept in construction has been developed over the past years. Housing is
known to be a human right that efforts should be devoted to its acceleration. Economic
sustainability of construction enables the industry to design and manage buildings, materials and
energy consumption within larger urban development (Bahauddin, Rahman & Ahmed
2014).
Sustainability reporting represents an important step for achieving a sustainable global economy,
because reporting develops companies’ accountability and increases trust, facilitates values
sharing that builds a more sustainable society (Global Reporting Initiative 2014)
Within the economic frameworks, construction sustainability could be achieved through
maintaining the wellbeing of society over time (Australian Government 2013).
1.2 How the company can confront it
Material topic Description Management approach
Disclosure 201-2
Financial
implications and
other risks and
opportunities due
to climate change
The emerging concept of green
buildings promotes efficiency and
results in cost reduction. Despite
this, the high initial investment
cost and lack of management
awareness about the high-cost
savings during operations,
represent a risk to construction
projects. Therefore, for green
building owners and users
decisions are vital issues to
improve the cost savings.
Consumption of energy in green
buildings is proved to decrease by
 Existing company
documentation:
Timberwell diversifies
its energy sources by
depending on
renewable sources and
electricity.
 Private initiative to the
reported event:
Timberwell plans to
increase its
consumption of
renewable sources of
energy by at least 50%