Governance Ethics and Sustainability Report
Added on 2020-12-24
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GOVERNANCE ETHICSAND SUSTAINABILITY
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1(A.) ECONOMIC SUSTAINABILITY...........................................................................................1I) Disclosure 201-2 Financial implications and other risks and opportunities due to climaticchange.........................................................................................................................................1ii) Disclosure 205-3 confirmed incidents of corruption and action taken...................................2Iii) Disclosure 206-1 legal action for anti-competitive behaviour, anti-trust and monopolypractises.......................................................................................................................................2Management approach to issue:..................................................................................................3(B.) ENVIRONMENTAL SUSTAINABILITY..............................................................................4I) Disclosure 302-1 Energy consumption within the organisation..............................................4(ii.) Disclosure 304-2 significant impacts of activities, products and services on biodiversity..4iii.) Disclosure 307-1 Non-compliance with environmental laws and regulations.....................5Management approach to issue:..................................................................................................5SOCIAL SUSTAINABILITY.........................................................................................................6I). Disclosure 401-1 New employee hires and employee turnover.............................................6ii.) Disclosure 406-1 Incidents of discrimination and corrective actions taken..........................7iii.) Disclosure 413-1 Operations with local community engagement, impact assessments anddevelopment programs................................................................................................................7Management approach to case study:.........................................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10.......................................................................................................................................................11
INTRODUCTIONSustainability means to meet the needs to present without compromising futuregenerations abilities (Pérez‐López, Moreno‐Romero and Barkemeyer, 2015). Every type ofbusiness needs to comply with corporate sustainability in order to protect environment in whichits business is established. Generally it has three pillars that is economic, environment and socialwhich formally considered as people, planet and profits. Modern businesses must have toprovide sustainability report for developing brand positioning and to achieve stakeholders trust.Industries must have to decide to prepare such reports for achieving support from customers,government and from shareholders.For developing sustainability report, GRI standards are the first global standards whichintroduced by government for business industries (Diouf and Boiral, 2017). Therefore, in thisreport explanation will be provided on three pillars in context with company. In this reportselected company is Timberwell Construction which deals in building apartment complexes inStanwell Council district. Further, three piller will be elaborated with complaint which filled byone of its employee Dennis McCabe. MAIN BODY(A.) ECONOMIC SUSTAINABILITYEconomic sustainability is the process of increasing economic ability to support definedlevel of economic production in nation. Information which contained in this reporting convincestakeholders about company's potential competitive resources and its low level of risk.I) Disclosure 201-2 Financial implications and other risks and opportunities due to climaticchangeThis is the disclosure through which company have to disclose details relating to risk andopportunities which occurred due to climatic change (GRI 201: Economic Performance, 2016).Reporting organisation will prepare report with following requirements:a.) risk and opportunities which arises with the climatic change and which have potential tochange business operations, revenue and expenditures which are as follows-Description of risk and opportunities with classification of physical and regulatory orother changes.Description of impact which occurred because of risk and opportunities.1
Before taking an action, description of financial implication posted by risk andopportunity.Details of method which used to mitigate risk and opportunities.Cost which required to manage such risk and opportunity.b.) If company did not have effective system to calculate financial implications, costs or to makeprojects related to revenue then company shall have to report its plans to develop such necessarysystem (Epstein, 2018).ii) Disclosure 205-3 confirmed incidents of corruption and action takenDisclosure 205 relates to anti-corruption which means that companies must have todisclose information which relates to operations assessed for risks which comply withcorruption, communication and training for anti-corruption policies and procedures and aboutconfirmed incidents of corruption and action taken (Disclosure 205-3: Confirmed Incidents ofCorruption and Action Taken, 2019).Reporting organisation must have to report the following information:Total number and nature related to confirmed incidents of corruption.Number of incidents in which employee dismissed for bad behaviour and corruption.Total incidents where termination has been handed over for business contract.Any public legal cases has been brought against organisation or its employees duringfinancial year.Iii) Disclosure 206-1 legal action for anti-competitive behaviour, anti-trust and monopolypractisesThis is the disclosure which sets out reporting requirement for entities regarding theiranti-competitive behaviour (GRI 206: Anti-Competitive Behaviour, 2016). Therefore, reportingrequirements for organisations are as follows-Entity must have to disclose legal actions pending or get completed during financial yearwhich regards to anti-competitive behaviour, violation of anti-trust and monopolypractises which identified in organisation business practises.Further, entity also have to disclose main outcomes related to legal actions includingdecisions or judgements.2
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