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Economic Sustainability Assessment

   

Added on  2021-01-01

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Sustainability Assessment

Table of ContentsINTRODUCTION...........................................................................................................................1BACKGROUND.............................................................................................................................1GRI Standards .................................................................................................................................1Economic Sustainability.........................................................................................................1Environmental Sustainability ................................................................................................3Social sustainability................................................................................................................4CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8

INTRODUCTIONSustainability assessment is a tangled appraisal methods. This type of assessment isconducted for supporting decision making as well as policy in a wider environmental, economicand social context (Pintér, L and et.al., 2018). The report of suitability assessment is prepared bycompany in order to understand, evaluate as well as communicate there environment, economic,social performance and set there goals and manage them in more effective manner. The keyingredients of sustainability assessment are the methods to quantify uncertainty. There is anapproach which is names as sustainable impact assessment that explore the combined economic,social and environmental impact of a range of proposed, programmes, policies, strategies andplans of action. In this present report, Timberwell Construction Company is being chosen forassessment. This present report will discuss all the GRI standards. BACKGROUNDTimberwell Constructions is a company of residential development that builds complexesapartments in the Stanwell Council district. Company has 58 staff of males from the area withdifferent construction that re related with trades and profession. GRI Standards Economic Sustainability.Economic Sustainability is the ability of an economy in order to support a defined levelof economic production indefinitely. The decision are taken in the most equitable as well asfiscal sound way possible while considering the other aspects of sustainability. Disclosure 201-2 Financial implications and other risk and opportunities due toclimate change- according to this standard, it is mandatory that organisation should make thereport on risk and opportunities that is posed by change in climate which have potential toobtained substantive change in revenues, operations and expenditure. It is fact that climatechanges risk and opportunities to company's, there investors and their stakeholders. Availabilityof new technologies, products and services are included in other opportunities and risk in orderto address the challenges that are directly related to climate change and changes in the behaviourof consumers (Johnston, 2018). There are various methods that Timberwell company has notusing this standard as they are giving fake report to government which is turn increases the riskof brushfires. Timberwell is making amendment in there policies in order to control carboncapture and storage, fuel switching, using carbon offsets and taking certificates of renewable

energy (Choudhury, 2016). But in order to deal with the negative publicity they had releasemedia and explained that company is closely working with Stan-well Council to comply with thecouncil's proposed amendments to its local environmental plan (LEP) as it is able to meet thehigher standard of safety in bushfire and they using materials which are fire retardants. Management Approach- Management should lowering down the wastage as well as theyshould provide training to employees how to use optimum usage of resources and avoid wastage.Disclosure 205-3 Confirmed incidents of corruption and actions taken- According tothis act, it is mandatory for companies to report total number and nature of confirmed incidentsof corruption, total number if confirmed incidents in which employees were terminated forcorruption and many other's requirement according to this standard (McCormac, 2016). In thestandard of GRI, practices that are included in corruption are bribery, fraud, facilitationpayments, fees, rewards and any other rewards that are inducing someone to do wrong, dishonestthings. It has very bad impact on economy, society, organisation and society. Timberwellcompany is following this standard as they suspended those five employees without pay as wellas they terminated there partnership (Saenz and Brown, 2018). Dennis had filed a case to thestate commission of corruption that resulting in a public corruption scandal involving fiveworkers of company and two business partners. They offer bribe to the officer of council projectin order to push the application of company development. In the sustainability report, companyreported that they have taken serious action on the corruption. Management Approach- Management should close monitor of employees transaction in thecompany as well as they should provide training ti employees of healthy working style. Disclosure 206-1 Legal actions for anti-competitive behaviour, anti-trust, andmonopoly practices- According to this standard it is mandatory for organisations to report totalnumber of legals actions pending or accomplished during the reporting period related to anti-competitive-behaviour as well as violations of anti-trust and monopoly laws that company hasbeen determined. Timberwell company is not following this standard as Dennis had lodged acompliant to numerous authorities of government in the organisation context for alleged anti-competitive conduct which includes abuse of power of market and exclusive dealings (Holdings,2016). In GRI standard it has very bad impact on society, economy as well as on the reputationof company itself. But company had release the media and explained that company is a very

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