Sustainability Assessment Report for Timberwell Constructions
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This report aims to prepare a sustainability assessment report for Timberwell Constructions by referring to the Consolidated Set of GRI Sustainability Reporting Standard which primarily addresses economic, social and environmental sustainability.
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Running head: MANAGEMENT MANAGEMENT Name of the Student: Name of the University: Author note:
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1MANAGEMENT Introduction Sustainability has developed as highly imperative factor for all organizations across all the industries. Reports of Fernandez-Feijoo, Romero and Ruiz (2014) have noted that around 65% of employers have been considering sustainability strategy essential to be competitive in recent times, while 25% perceive it to be essential in the future. Moreover, sustainability has been identified as a business strategy of creating enduring value by considering the way organization tends to function in environmental, social and economic sustainability. Thus, sustainability is embedded on the assumption that developing such sustainability strategies will significantly foster the longevity rate of organizations (Buhr, Gray and Milne 2014). The following report aims to prepare sustainability assessment report for Timberwell Constructions by referring to the Consolidated Set of GRI Sustainability Reporting Standard which primarily addresses economic, social and environmental sustainability. Discussion Economic Sustainability-Financial Implications and Other Risks and Opportunities due to climate change for Timberwell Constructions The impact of climate change tends to prompt significant structural adjustments to the global economy. These forms of structural changes show a propensity to pose impacts to the operations of Timberwell Constructions further leading to risks and opportunities. It is important to note that while, mortgage portfolios in coastal regions tend to be exposed to the physical impact of changes in climatic conditions due to the elevating sea levels and flooding, substantial levels of wealth along with financial products will be essential to offer financial resources for
2MANAGEMENT transitionandeconomicclimateflexibilityandformingrisingdemandsinsupportof construction services. As per reports of De Villiers, Rinaldi and Unerman (2014), construction organizations have been historically approaching towards seeking climate change through CSR initiatives. However, it has been claimed that with elevating monetary risks along with rising external demands and new regulations, authentic CSR approaches often tend to show certain levelof incompetence.Thus, TimberwellConstructionsmust consider climatechange as financial risk for their business operations, and must employ approaches to integrate climate considerations into their financial risk management. Confirmedincidents of corruption and actions taken by Timberwell Constructions In the last few years, Timberwell has received around four severe accusations related to bribery, corruption and financial mishandling. To handle these allegations proficiently, the companyhastakendisciplinaryactionsbutwithoutanyformofemployeedismissals. Timberwell to mitigate any form of corruption cases in the future have adopted and aligned to the Code of Conduct set by company’s Board of Directors with other management teams (Banihashemi et al. 2017). In addition to this, the company established another regulation of Compliance Confirmation. Such a regulation aims to provide 100% response rate and entirety of information offered has suggested utmost compliance. Legalactionsto be taken by Timberwell Constructions for anti-competitive behavior, anti-trust along with monopoly practices Timberwell Constructions has been proficiently supporting justifiable, equitable and vigorous competition. Reports of Siew (2015) have revealed that Timberwell operating as a construction company has been subjected to constant and persistent competition regulation as investigated by the Australian Commission into the timber frame construction and framing
3MANAGEMENT market. For these underlying factors, the organization has been providing assistance to the significant authorities of its business. Furthermore, through the actions taken to mitigate anti- oppressive behaviour, it has been noted that Timberwell do not have all authorities to post statements or provide comments on the details of a continuing investigation. For that reason, there will not be any additional reported official actions intended for anti-competitive behaviour or purposed for antitrust or monopolistic practices (Afzal, Lim and Prasad 2017). Thus, at this juncture, Timberwell must incorporate fundamental legal actions in its Sustainability Report. Environmental Sustainability-Energy consumption within Timberwell Construction Timberwell’s wood chiefly requires energy in the form of electrical energy and natural gases. While, aligning to the guidelines provided in the disclosure of GRI Sustainability Report, TimberwellConstructionsmustevadethedouble-countingoffuelusagewhileshowing inclination towards self-produced energy consumption. It is vital to note that if Timberwell produces electricity from anon-renewable or renewable fuel source and then uses the produced electricity along with the energy consumption which shall be estimated once under fuel consumption. Timberwell has estimated the total energy consumption independently whether it has been internally produced or externally procured. Reports of Hahn and Lülfs (2014) have noted that the primary energy source is natural gas; coal has been used as an energy source in some locations in Australia. Indirect usage primarily generates from the consumption electricity and steam from external sources in lieu of Timberwell energy generation. Timberwell has procured an amalgamation of energy from various sources, with this mix varying greatly from country to country. These effective initiatives can be useful in order to increase the level of power distribution obtained from renewable sources on a continuing basis.
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4MANAGEMENT Significant Impacts of Activities, Products and Services on Biodiversity Although Timberwell do not operate any sites in biological reserves or in regions with an extensive biodiversity value, it facilitates that the nature of the wood and the activity executed. As a result, there cannot be seen any significant impact on the ecological unit. The direct greenhouse gas emissions generating from a large extent from carbon dioxide emissions (CO2) of the burning processes primarily produced by Timberwell has been accounted to be directly proportional to the amount of carbon in the fuels used. However, in order to be highly competent to make similar global statement, Timberwell in its Sustainability Report has integrated mean emission factors. Timberwell has been able to record a substantial reduction of its energy consumption in 2018 (del Mar Alonso-Almeida et al. 2015). Non compliance with the environmental laws and regulations of Timberwell construction Theorganisationhasreportedsubstantialamountsofcompensationaswellas nonmonetarysanctionsinrelatedtononcompliancewiththeenvironmentalpoliciesor regulations in relation to the total monetary value of such compensation. However the time of compiling comprehensive information which has been mentioned in the GRI disclosure of 307.1, Timberwell Construction must integrate governmental and judicial functions and policies in support of the failure to align to the environmental regulations and policies (GlobalReporting.org 2019). Furthermore, the sustainability report of the organisation will primary comprise of global declarations, treaties policies and conventions related to the local, sub-national, national as well as regional regulations. However it has been noted that in the organisation the environment unit has clearly stated that any unexplored region must be identified under the state planning regulation with an intention of preserving and maintaining the vital habitation in the region.
5MANAGEMENT Moreover non-compliance within the organisation can have several occasions whereby, Timberwell can exhibit its competence of environmental management in providing guarantee thatitsbusinessoperationsstrictlyalignedtotheperformanceparametersstatedby the government. However on the other hand considering few cases of noncompliance with the environmental regulation it has been noted that Timberwell constructions can face implications ofcleanupallegationsoraccusationsrelatedtoanyothersignificantenvironmental responsibilities (Banihashemi, et al. 2017). However it is important to note that the strength of the organisation change to have and ability to create an impact on the operations and execution as well as development of the organisation. Social Sustainability New employee hires and employee turnover of Timberwell While focusing on social sustainability it is important for the organisation to successfully guaranteeemployeeretentionaswellasmitigateanyformofemployeeattritionlevel. Furthermore providing opportunities for employment have been recognised as one of the major social responsibilities which any organisation must accomplish especially in support of the communities where it is operating its business. Fonseca, McAllister and Fitzpatrick (2014) have noted that the majority of communities have been looking forward to organisations such as Timberwellconstructionstosuccessfullyestablishtheirbusinessoperationsintheir neighbourhood in order to increase chances to receive employment and improve the financial conditions of the localities. Reports of Grimm, Hofstetter and Sarkis (2016) have revealed that Timberwell construction being operating as a residential development organisation purpose to build apartment, complexes in the Timberwell Council district has successfully recruited around 60 male workers with varied construction-centric business and expertise. Although the local
6MANAGEMENT market for these newly recruits tends to be extremely competitive, Timberwell has implemented around 12 newly developed strategies in the sustainability reporting period as around 15 employees have shown significant disengagement towards the company. Such lack of engagement has lead to employee attrition as the competitors of timber well in the market has been providing greater incentives and better remuneration package to those employees.Furthermore,theHRdepartmentoftheorganisationhasexhibitedutmost commitment towards justifiable and equal treatment of its entire workforce (Mani et al. 2016). In addition to this equal opportunity towards employment is another area of concern which Timberwell construction must take into account while recruiting any new employee. Promotion of diverse employee base can be witnessed in the company to enable Timberwell to provide significant avenues to minority groups who have developed feeling of disfranchisement for repeated failure of not getting any proper occupational security. The sustainability report of Timberwellconstructionhasexplicitlymentionitssupportandpromotiontowardsnon- discrimination amongst employees in order to serve to a diverse customer base. Disclosure discrimination Timberwell in order to deal with any form of discriminatory incidents as well as corrective actions will require revealing the information on the subject of the total number of discriminated or marginalised events taking place in relation to remediation of plans, evaluated events and incidents which are not responsible for actions. Reports of Siew (2015) have revealed that Timberwell recently encountered an allegation for showing discriminatory approach towards one of its employees. For that reason, for Timberwell to show compliance towards non- discrimination of employees must explicitly reveal proper evaluation process of grievance which had been registered in the Australian fair work commission.
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7MANAGEMENT Moreover,TimberwellConstructionsCompanyhasrevealedthetotalnumberof inequitable incidents and actions conducted during the process of sustainability reporting. At this juncture, the company offers position in relation to all incidents with several actions undertaken in regards to the commission. One of the cases of discrimination that was encountered by an employeeofTimberwellinvolvedDenisMcCabewholeftthecompanyduetosevere humiliation.Suchhumiliationinvolvedunfairtreatment.Forthatreason,Timberwell Construction has been forced to pay compensation of around $4,500. According to reports of Grimm,HofstetterandSarkis(2016),thecommissionaccountableofdisciplinaryaction demanded Timberwell to refurbish their anti-discriminatory regulations and policies it offers to its workforce. The Sustainability Report mentions that Timberwell will maintain the order of the charge and will proficiently resume company’s duties. Operations of Timberwell Constructions with local community engagement, impact assessment, and development programs Sustainability Report of Timberwell Constructions clearly delineates range of operations performed by the company regarding local participation as well as environmental evaluation. Such assessment has been conducted for developing as socially responsible organization in the Stanwell Council District. The organization comprises of efficient public relations executives for successfully managing unconstructive publicity and further seeks developments which will aid the company and its locality. The report states that Timberwell Construction has efficiently executed an environmental evaluation report which reveals that Otto Park comprises high rate of rare sedge frogs. Considering such a situation, the company has reported that high residential growth show tendency to pose threat to such rare animal breed (Fonseca, McAllister and Fitzpatrick 2014). Thus, Timberwell Constructions primary factors of social sustainability have
8MANAGEMENT been aligned to local communities to partake in the evaluation and planning process to aid the communities understand genuine impacts of causing damage to the developmental site where Timberwell builds its construction. Conclusion Therefore,fromtheabovediscussion,itcanbeconcludedthatthefinancial, environmental and social sustainability report as a whole aligned to the GRI Standards has helpedTimberwelltoprovide equaland justifiablerepresentationin positiveaswellas unconstructive dimensions.Through the comprehensive Sustainability Report, the internal as well as external stakeholders will be able to raise relevant issues and concerns regarding Timberwell’ssustainabilitystrategies.Furthermore,theGROstandardswillfacilitatethe companytoundergogenuinejudgementsrelatedtotheorganization’sinvolvementand contribution towards the objective of attainable sustainable growth and progression.
9MANAGEMENT References Afzal,F.,Lim,B.andPrasad,D.,2017.Aninvestigationofcorporateapproachesto sustainability in the construction industry.Procedia engineering,180, pp.202-210. Banihashemi, S., Hosseini, M.R., Golizadeh, H. and Sankaran, S., 2017. Critical success factors (CSFs) for integration of sustainability into construction project management practices in developing countries.International Journal of Project Management,35(6), pp.1103-1119. Buhr, N., Gray, R. and Milne, M.J., 2014. Histories, rationales, voluntary standards and future prospects for sustainability reporting: CSR, GRI, IIRC and beyond. InSustainability accounting and accountability(pp. 69-89). Routledge. De Villiers, C., Rinaldi, L. and Unerman, J., 2014. Integrated Reporting: Insights, gaps and an agenda for future research.Accounting, Auditing & Accountability Journal,27(7), pp.1042-1067. del Mar Alonso-Almeida, M., Marimon, F., Casani, F. and Rodriguez-Pomeda, J., 2015. Diffusionofsustainabilityreportinginuniversities:currentsituationandfuture perspectives.Journal of cleaner production,106, pp.144-154. Fernandez-Feijoo, B., Romero, S. and Ruiz, S., 2014. Effect of stakeholders’ pressure on transparencyofsustainabilityreportswithintheGRIframework.Journalofbusiness ethics,122(1), pp.53-63. Fonseca, A., McAllister, M.L. and Fitzpatrick, P., 2014. Sustainability reporting among mining corporations: a constructive critique of the GRI approach.Journal of cleaner production,84, pp.70-83.
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10MANAGEMENT GlobalReporting.org2019.GRIStandards.[online]Availableat: https://www.globalreporting.org/standards/[Accessed 11 June. 2019] Grimm, J.H., Hofstetter, J.S. and Sarkis, J., 2016. Exploring sub-suppliers' compliance with corporate sustainability standards.Journal of Cleaner Production,112, pp.1971-1984. Hahn, R. and Lülfs, R., 2014. Legitimizing negative aspects in GRI-oriented sustainability reporting:Aqualitativeanalysisofcorporatedisclosurestrategies.Journalofbusiness ethics,123(3), pp.401-420. Mani, V., Gunasekaran, A., Papadopoulos, T., Hazen, B. and Dubey, R., 2016. Supply chain social sustainability for developing nations: Evidence from India.Resources, Conservation and Recycling,111, pp.42-52. Siew, R.Y., 2015. A review of corporate sustainability reporting tools (SRTs).Journal of environmental management,164, pp.180-195. Strelnik,E.U.,Usanova,D.S. andKhairullin,I.G.,2015. Keyperformanceindicatorsin corporate finance.Asian Social Science,11(11), p.369. Weingaertner,C.andMoberg,Å.,2014.Exploringsocialsustainability:Learningfrom perspectivesonurbandevelopmentandcompaniesandproducts.Sustainable Development,22(2), pp.122-133. Zuo, J. and Zhao, Z.Y., 2014. Green building research–current status and future agenda: A review.Renewable and sustainable energy reviews,30, pp.271-281. Zutshi, A. and Creed, A., 2015. An international review of environmental initiatives in the construction sector.Journal of Cleaner Production,98, pp.92-106.