Sustainability and Corporate Responsibility in Business

Running Head: MANAGEMENT 0
BUSINESS, SOCIETY AND
PLANET

MANAGEMENT 1
Table of Contents
Introduction................................................................................................................................2
Sustainability, the Triple Bottom Line & corporation...............................................................2
The Six types of Capital used by Firms.....................................................................................3
The six stages of firm approach to sustainability.......................................................................4
Cases of Firms Positively undertaking Sustainable Business....................................................5
References..................................................................................................................................6

MANAGEMENT 2
Introduction
The era of corporations integrating sustainable practices with the new dynamics of
market actively transforming the market to several forms of business sustainability. However,
to any organisation, it is important to assess whether their sustainable practice is having any
sort of impact on the community and society (Chiu & Chu, 2012). This report outlines
various sustainable issues in association with the business world based on some specified
themes.
Sustainability, the Triple Bottom Line & corporation
Generally, supervisors in the corporate firm are aware with their core vision or the
financial earnings the firm are gaining. However, in current time, various managers are
undertaking several actions near sustainability. The triple bottom line theory has progressed
to include two performance standards including environment and social influence of their
corporate organisations (Milne & Gray, 2013). This theory includes the 3Ps called as planet,
people and profit.
In relation with “people” aspect. The business is expressed in the rational pays offered
to the staffs and developing the benevolent operational surroundings. It was noticed by me
that triple bottom line organisations are creating various attempt to contribute back to society
in relation with the changing demographics. Considering the planet, the attempt has been
focused to solve the issues associated with environmental harm such as diversifying business
in renewable energy and management of natural resources effectively. While considering an
example of a firm, Apple can be the best consideration. It is also important to consider that
sustainable organisations perceive profit in align with people and planet. In my exploration,
Ikea can be the best example who gain trades of $37 million in 2016 and also, the company
earned revenue with offering its bestselling products by recycling of waste.
The effect of this sustainable approach is well established from earlier time and event
such as climate change, BP oil spill and some severe financial crises reflecting a constant eye
on the corporate ethics and community responsibility. I believe that international corporations
required to modify their operations and need lot financial capital to gain time, money and
employees who comprehend the fundamentals of this theory.