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Corporate Social Responsibility and Sustainability

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Added on  2020-05-04

Corporate Social Responsibility and Sustainability

   Added on 2020-05-04

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Running head: CORPORATE SOCIAL RESPONSIBILITY AND SUSTAINABILITYCorporate Social Responsibility and SustainabilityName of the StudentName of the UniversityAuthor’s Note
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1CORPORATE SOCIAL RESPONSIBILITY AND SUSTAINABILITYTable of ContentsIntroduction......................................................................................................................................2Purpose of Sustainability Report.....................................................................................................2Woolworths..................................................................................................................................2Wesfarmers..................................................................................................................................3Stakeholders.....................................................................................................................................4Differences between Sustainability Report.....................................................................................5Importance of Sustainability Reporting...........................................................................................6Conclusion.......................................................................................................................................7References........................................................................................................................................9
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2CORPORATE SOCIAL RESPONSIBILITY AND SUSTAINABILITYIntroductionIn the recent era, massive progress can be seen in the businesses all over the world andthe businesses are expanding is a very fast pace. Thus, the companies are able to generate moreamounts of revenues and profitability. However, it has been seen that the business activities ofthese companies have negative effects on the environment, community and the people ofcommunity. For this reason, it is the responsibility of the companies to adopt the strategies ofCorporate Social Responsibility and Sustainability. In this situation, the Global ReportingInitiative (GRI) is considered as a major tool to promote sustainability and corporate socialresponsibility in the companies. The main aim of this repost is to compare and contrast thesustainability reporting style of two Australian companies that use GRI guidelines forsustainability. For this report, two Australia corporations are selected; they are WesfarmersLimited and Woolworths Limited.Purpose of Sustainability ReportIt can be seen that both Woolworths and Wesfarmers use to prepare well-structuredsustainability report according to the guidelines of GRI. In case of both the companies, there aresome major purpose behind the development of sustainability reports. They are discussed below:WoolworthsThe major purposes of sustainability reporting in Woolworths are discussed below:People: Creating diversity in the workplace is a major purpose of sustainability reporting inWoolworths. Women should occupy 40 percent of the position of executives and seniormanager’s posts in Woolworths as per the sustainability strategy of the country. In addition, the
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3CORPORATE SOCIAL RESPONSIBILITY AND SUSTAINABILITYcompany has taken major initiatives to reduce the wage gap between men and women.According to the initiative of Federal Government’s Employment Parity Initiative, includingindigenous people in the workforce is a major purpose of the sustainability reporting ofWoolworths (woolworthsgroup.com.au 2017).Planet: Another major sustainability reporting purpose of Woolworths is to make a healthyAustralia by reducing environmental pollution. There are two sub purpose sunder this initiative.They are to work towards zero food wastage and to reduce carbon emission below 10% level(woolworthsgroup.com.au 2017).Prosperity: Another major purpose of sustainability of Woolworths is to establish a trustedrelation with their stakeholders. In this context, the purpose of Woolworth is to inspire thecustomers to buy their products in the healthy and sustainable way. With the help ofsustainability reporting, Woolworths is determined to get the top quality ranking(woolworthsgroup.com.au 2017).WesfarmersThe sustainability reporting purpose of Woolworths is discussed below:People: Development of people is one prime purpose of sustainability reporting in Wesfarners. Itis the sustainability objective of Wesfarmers to provide safe workplace to the employees of theircompany. The employees of Wesfarmers get better opportunities to enhance their career(wesfarmers.com.au 2017).Sourcing: Another major purpose of sustainability reporting in Wesfarmers is to maintain a goodrelationship with the suppliers of their company. The company is determined to source productsin a responsible way without harming the environment.
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