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Report on Sustainability Reporting of Business

Added on - 11 May 2020

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Corporate Social Responsibility1
IntroductionThe business corporations are nowadays largely emphasizing on improving theirsocial, economic and environmental performance for achieving sustainable growth anddevelopment. The businesses in order to achieve sustainable growth are developing theirCorporate Social Responsibility (CSR) reports that provide information regarding the benefitsachieved by all the stakeholders through their measures taken for improving the social,economic and environmental performances. In this context, there has been development ofGRI (Global Reporting Initiative) sustainability reporting guidelines to provide assistance tothe business corporations worldwide for effective sustainable reporting (Schaltegger, Bennett,and Burritt, 2006). In this context, the present report aims to analyze the extent of twoselected business entities complying with the sustainability reporting standards of GRI. Thebusiness entities selected for the purpose are OZ Minerals and Caltex and the report isprepared on the perspective of an analyze working in a consulting firm seeking to developexpertise in corporate sustainability.Analysis of Sustainability Reporting of OZ Minerals and Caltex as per GRI PrinciplesThe GRI reporting framework is developed for providing a generally acceptedframework to disclose the information relating to economic, environmental and socialperformance. The GRI principles contain both specific and general reporting principlesregarding the sustainable performance of a firm that needs to be applied by wide range ofstakeholders. The GRI guidelines consist of two parts that are, reporting principles andimplementation manual (Fisher, 2009). The compliance of OZ Minerals with the GRIreporting principles can be analyzed as follows:OZ MineralsThe OZ Minerals is an Australian mining company listed on ASX and mainlyinvolved in operating copper-gold mine. The company as involved in mining operations has amajor responsibility of taking all the measures for environment protection. In this context, theGRI 304 standards have addressed the importance of protecting biodiversity for promotingsustainable growth of an entity. As per the standard, a reporting entity should provideinformation about the measures adopted for protecting the genetic diversity and naturalecosystems (White, 2009). The sustainability report of OZ minerals indicates that iteffectively complies with the GRI biodiversity standard as it has disclosed adequate2
information regarding the land and biodiversity conservation. The company has developedand implemented a biodiversity management plan for indentifying the potential impacts of itsmining operations on flora and fauna. The emphasis of the plan is to protect the endangeredspecies and develop the procedures for prohibiting the unauthorized haunting or trapping ofnative species by its employees (OZ minerals: Annual Report and Sustainability Report,2016).The GRI 306 principle has addressed the requirements for an entity to provide theinformation in relation to treatment of effluents and waste generated (Fisher, 2009). The OZminerals also complies effectively with this standard as it has disclosed all the necessaryinformation in relation to measures adopted for minimizing waste generation. The companyhas adopted adequate procedures or re-handing waste, promoting post-mining land use andeffective disposal of solid and hazardous waste. It has designed the disposal facilities formanaging the waste materials as per the licensing and statuary obligations. The waste rockproduced is disposed in rock dumps within the mining areas and tailings are disposed offthrough the use of special engineered facilities. In addition to this, the GRI 306 standarddirects the business entities to disclose adequate information in relation to occupational healthand safety (Laasch and Conaway, 2014).The OZ Company is strongly committed to integrated highest standards related topromoting the health and wellbeing of the employees and local community. The company hasimplemented three policies in this regard, that are, health and safety policy, diversity andinclusion policy and ethics and human rights policy. Also, the company has adopted healthand wellbeing performance standards and governance systems for monitoring theeffectiveness of its occupational health policies. As per the GRI 413 standards, the companyhas also adopted adequate measures for promoting the development of local communitiesthrough its land rehabilitation and closure plan. The mine closure plan aims to achieve thedesignated land use after post-mining activities. The land disturbance and rehabilitation plansaims to achieve environmental stability in the area degraded through mining activities forpromoting the development of local communities residing nearby the area (OZ minerals:Annual Report and Sustainability Report, 2016).Thus, it can be said that OZ minerals effectively complies with the GRI 101 standardof including the stakeholders in carrying out all its business activities. As per the standard,the company has effectively identified its stakeholders and disclosed adequately the measures3
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