Sustainability Reporting and Integrated Reporting: An Overview
Added on -2019-09-23
This article discusses the importance of annual reports in summarizing a company's activities and policies. It also explores the need for sustainability reporting and integrated reporting, and the role of the International Integrated Reporting Council in developing a standardized framework for reporting. The article emphasizes the importance of balancing profits and sustainability in today's business environment.
| 5 pages
| 1598 words
| 408 views
Trusted by 2+ million users, 1000+ happy students everyday
INTRODUCTION:The business world have revolved and evolved with the environment it surrounds itself with, thegrowing trends, movements of the era often culminates into the business practice of themillennium. The inevitable change spread across the corporate organization is a reflection of thesocieties’ view and the factors that have helped in obtaining the same. The passage of timemitigates towards more transparent and true business practice to develop the shape of theeconomy in a manner which is suitable to all. From the age old motive of “profit making” to themodern concept of “sustainable profits”, all reflects the current emotions of the environment andthe need to cater to those emotions in order to prevail in the corporate world.Environment social governance or corporate governance is a concept that embarks theresponsibility of the corporate houses towards the environment, society and transparency ofbusiness practice in general. The builders of the economy are conscious of their surroundingsand are critical of the ways the business households are conducting their business, Each andevery process employed, is under the scrutiny in general and the opinion formulated because ofthat has great impact on the profitability and the market share of the company as a whole.Sustainability reporting and integrated reporting are set of guidelines for business to enable themwith a means of communicating their policies to the public and stakeholders in a moretransparent and vivid way, that is clear to public and helps the corporate to communicate theirideologies, visions and missions in a better manner. Dignam, A., & Lowry, J. (2016). 15. Corporate governance 1: corporate governance and corporate theory
ANNUAL REPORT: AN OVERVIEW INTO COMPANY’S PERFORMANCEAn Annual Report is generated at the end of the financial year, by the company, summarizing itsactivities undertaken and the activities that it will undertake in the future, in a comprehensivemanner. The report is publishes to educate the stakeholders and the public in general regardingthe policies and procedures adopted by the organization, in order to facilitate a mechanizedrelationship between the company and its stakeholders.The need for publishing the annual report was realized after the stakeholders and public ingeneral were diluted of their rights by the dark practices adopted by the corporate to suppresstheir rights and take un due advantage of the oppression demanded. A consumer are now awareof their rights and are aware of the business environment and seeks answers from the corporateof their decisions taken in areas that impact them as the stakeholders of the company.With the evolution of time companies have come to a realization that in order to succeed in thetoday’s business environment, consumers and stakeholders needs to be brought inside theworkings of the industry and their consent with policies and procedures is a must in order tosurvive.Therefore, in order to develop a symmetrical way of reporting for comparison and easy controlover the information available, International Reporting standards have been developed andregularized to facilitate the reporting nuances and easy availability of the information by thestakeholders and the consumers in general.Sustainability reporting and integrated reporting:Environmental, social and governance (ESG) refers to the three central factors in measuring thesustainability and ethical impact of an investment in a company or business. The businessinteraction with the environmental, social and governance factors are the foreplay on which theyare building their profitability, hence its inter –related and needs to be catered to with utmostcare.
Found this document preview useful?
You are reading a preview Upload your documents to download or Become a Desklib member to get accesss