Contents INTRODUCTION..............................................................................................................3 A. Economic Sustainability...............................................................................................3 Disclosure 201-2 Financial implications and other risks and opportunities due to climate change..............................................................................................................4 Disclosure 205-3 Confirmed incidents of corruption and actions taken........................4 Disclosure 206-1 Legal actions for anti-competitive behaviour.....................................6 B. Environmental Sustainability........................................................................................7 Disclosure 302-1 Energy consumption within the organisation....................................8 Disclosure304-2Significantimpactsofactivities,products,andserviceson biodiversity....................................................................................................................8 Disclosure 307-1 Non-compliance with environmental laws and regulations.............10 C. Social Sustainability...................................................................................................11 Disclosure 401-1 New employee hires and employee turnover..................................12 Disclosure 406-1 Incidents of discrimination and corrective actions taken.................12 Disclosure 413-1 Operations with local community engagement, impact assessments, and development programs........................................................................................14 CONCLUSION...............................................................................................................15 References.....................................................................................................................16 2
INTRODUCTION This is the sustainability report for ‘Timberwell Constructions, in the current year. It was compiled using the Consolidated Set of GRI sustainability Reporting Standards 2016. The selecteddisclosuresdescribethematerialtopicsimpactingtheeconomicstability, environmental sustainability and social sustainability for the company. Sustainabilityistheprocessthatisusedtomaintainthechangeinabalance environment in which the human being is exploited the resources, direction of the investment and some technological development as well. This is important for the maintaining environment quality so that they have a healthy communities and it also help company to grow as well. A. Economic SustainabilityEconomic sustainability is the practices that mainly support the long term economic growth without creates negative impact upon social, environmentalandculturalaspectofa community. It also affect the economy such that natural resources are an essential inputs for a production in many sector and it also leads to pollution and other pressure on an environment. Poor quality of environment also affect the economic growth and well-being of loweringthequantityaswellasqualityof resources and due to health impact as well. Material TopicDescriptionManagement Approach 3
Disclosure201-2 Financial implicationsand otherrisksand opportunities duetoclimate change InAustralia,theBarloworld,as identifiedthebiggestriskand opportunitythatislinkwiththe climate change and some financial opportunity and this are disclosed in theresponsetoCDPClimate Change 2018. It has been identified that this includes the climate change and some related physical risk and kitisduetochanginginwater pattern,regulatoryriskthatis associated with the greenhouse gas emission, some financial risk that are resulting from carbon tax. Apart from this,ithasbeenidentifiedasa predominant use of fossil fuels which is based upon the its supply chain andoperationsproductsandalso provide solutions as a risk to itself anditsvaluechainaswell(GRI Standards,2018). There are some other risk which is also associated with the financial implications suchasthecompetitor’s actionwillalsoerodethe group’scompetitiveposition and it also have the significant impactonthevaluecreated for the shareholders and due tocontinuallyreducethe controllablecostbyfocusing onimprovingtheoperational efficiency in order to achieve the sustainable and optimised operatingmodelswhichare acrossinabusiness (McDermott,Colbertand Kurucz, 2019). Apart from this, TimberwellConstructions shouldalsoimproveservice levelsandtheprovisionof innovativesolutionstotheir customersthathelpsto differentiatefromthe competition. Disclosure205-3 Confirmed incidentsof corruptionand actions taken It has been identified by GRI standardsthatadoptionand compliance with the code of conduct bythegeneralmanagerandtheir managementteamalsoreviewed again in 2018 and the conformity as perreportingsystemsuggestthat 100percentresponserateand For this, the organization also taleGlobalWhistleBlowing Policythatsetoutthe procedureforreportingthe improprietiesandsome improper conduct so that the right of employees and other are protected which are made 4
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completeness of the details that is provided by the absolute compliance andinthesameway,Timberwell Constructionalsoconsolidatedan overviewofallcompliancecase whichareaddressedin2018 throughoutanorganization (Caliskan, 2019). Thenumberofcompliance casein2018aretotalof30in number and which is low in number asperconsideringinthesizeof group. For that, employees are the most effective channels that helps to detecttheviolationwhichalso provesthetransparencyandalso states that 90% of dismissals that confirmsazero-open-mindedness cultureandsteadinessin remediation(Tura,Keränenand Patala, 2019). in good faith. Therefore, all the proceduresarealso establishedintheformal documented are accessible to all the employees. 5
Disclosure 206-1 Legal actionsforanti- competitive behaviour This act comes under the action of 206 GRI standards in which it set out the report requirement on the topic of anti- competitive behaviour. This standard also used by the firm of any size who want a report on its impact that is related to this particular topic (JukicandYoung,2019).Further, theAnti-trustandmonopoly practicesaretheactionofan organizationthatcanresultin collusioninordertoerectthe barriers of entry and also prevent the competitionaswell.Inadditionto this,italsoincludestheunfair businesspracticesandabuseof marketposition,anti-competitive mergerandthisconceptisalso coveredtheorganizationfor economicco-operationand development as well. For example, it includes the fixing prices, coordinating bids and creatingmarketandoutput restrictionsandalsoimposingthe geographic quotas and product lines (Orengo, Siu and Bakos, 2019). While on the other side, anti- trust and monopoly practices aretheactionofthat organization which can results incollusiveactionthatalso preventsfromcompetition. Thus, it creates impact in GRI standards and it also refers to aneffectanorganization whichhasanimpacton economy,environmentand societyaswell.Moreover,it alsocreatesapositiveand negative impact as well upon the company’s performance. 6
B. Environmental Sustainability Environmental Sustainability Itistherateofrenewableresourcesharvestandpollution creation and non- renewable resources that can be continually indefinitely. Material TopicDescriptionManagement Approach 7
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Disclosure302-1Energy consumptionwithin the organisation As per the GRI standards, the organizationshouldconsume theenergywithdefined manner such that as per the disclosure of 302- 1, energy is anecessaryinputfora conversionprocessthatis mostly used for stirring, mixing andmeltingheatingandair conditionerofabuilding (Asllani,SpiteriandGrima, 2019).Inthesameway, Timberwell also used energy forsameprocessandthe firm’s production itself is a less energyintensivethana supplier’sindustriesandthe quoted company also believe thatenergyefficiencyand mitigationofemissionare somemajordriversforan overall efficiency effort. Energy is a further a relevant cost for Timberwell construction. Therefore, the GRI standards alsostatesthatan organization should avoid the doublecountingoffuel consumptionwhenreporting self-generatedenergy consumptionandifthe companyalsogeneratethe electricityfromanon- renewable and renewable fuel source (Petty, 2016). Further, the company should also only reporttheenergywhichis consumed by the entitles that is owned or control by a firm itself.Thiswillhelpto consume the energy by a firm itself. Disclosure 304-2 Significant impactsofactivities, products, and services on biodiversity Protectingabiological diversityinanimportantin ordertomakesurethatthe survivalofplantandanimal species, genetic diversity and somenaturalecosystem.In additiontothis,ithasbeen analysedthatnatural ecosystemprovidesaclean Therefore,protecting the biodiversity is an important aspect, the issue is also dealt withalocalleveland accordingtoimmediate environmentofeachagency and that is why several action arealsotaken.Suchthat 8
waterandaimthatalso contribute to food security and humanhealth.Ontheother hand,biodiversityalso contributes to local livelihoods andmakesitworthyto achieve the poverty reduction andsustainabledevelopment (Joseph and et.al., 2019). Costa Rica, which is a model thatisavolunteerapproach withanactionplanthat involves all the employees for carbon offsetting program that isdesignedtopromotethe localdiversityinorderto protectingthetropicalflora andfaunainaprotected forest. 9
Disclosure307-1Non- compliancewith environmentallaws and regulations AspertheGRI standards,therearesome finesandpenaltyisalso described by the government when a firm is not compliance withtheenvironmentallaws andregulations.Suchthat Timberwellconstruction shouldalsopayfineforthe same. At the time of compiling theinformationitisalso analysedthroughthe disclosureof307-1thatan organizationmustincludeall administrativeandjudicial sanction for failure to comply withanenvironmentallaws andregulation(Hawrysz, 2016). Further, it also consists of international declaration and conventions and some treaties that is also related to national, subnationalandan internationalorlocal regulation.Aftercomplete investigation,itisalso analysed that Timberwell was alsoimposed$200000for clearingthehectaresof criticallyendangered ecologicalcommunitythatis coastal grasslands. Apartfromthis,ithasbeen cleared that department of an environmentalsostatedthat cleared area is also identified underthestate-planning scheme in order to conserve the flora and fauna attributes. Whileontheotherside,for non-compliancewiththe environment laws also reflect the ability of management in ordertoassurethatthe operationsareconfirmfor certainperformance parameters and on the other side, for non-compliance, the Timberwell constructions also resultsinthecleanup obligationandhastopay somecostlyenvironmental liabilitiesaswell(Fotiadis, 2016). But on the other side, the quoted firm’s strength is to offer the best products without damaging the forest and trees and this shows that the firm is nowcomplywithallthe environmentallawsand regulationsaspertheGRI standards and this also leads to expansion as well. 10
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C. Social Sustainability Social SustainabilityIt is the simple process that promotes the well-being in a firm's own members so that they also support the ability of future generations in order to maintain the healthy community. Material TopicDescriptionManagement Approach 11
Disclosure401-1New employeehiresand employee turnover Asperspecifiedin disclosureof–401-1,the Timberwellconstructionmust use of total employee number at the end of reporting period so that it will help to calculates therateofnewemployees hired and the total employee turnover as well. In addition to this, while compiling the data from the GRI standards which arespecifiedin401-1, company also make sure that the data are also used from 102-7 GRI standards that are alsorelatedtogeneral disclosure in order to identify thetotalnumberof employees. Suchthatcurrentlythe companyhas58malestaff from the area of serving with differentconstructionthatis relatedtotradeand profession. Moreover, the local market for these employees is highlycompetitiveand Timberwell also employees 12 newtraineesandthisisso because sometimes employee may leave the job and as per disclosure of 401-1, firm also increases the pay rates of their workers as well (Tran, 2019). But on the other side, due to high demand of wages or high employeeturnover,that directlyreflectthelevelof uncertainty and dissatisfaction and that is why the firm has to hiretheemployeesasper prescribebyGRIstandards disclosure of 401-1. Disclosure406-1Incidents ofdiscriminationand correctiveactions taken An organization should avoid the discrimination against any person on the basis of caste, genderandageand discriminationalsoincludes harassment. It is also defined in the GRI act as per the 406 disclosure that if the person is treatedunequallyandalso Thus,asperthedisclosure, the firm has to pay $4,400 as a compensation and alsoask toupdateitsanti- discrimination policy and also providethetrainingsessions to all employees. In this way, the proper action is also taken againstthediscriminationby 12
imposingunequalburdenor denyanybenefitsthenthey can easily take action against it(Denčić-Mihajlovand Zeranski,2018). In the same way, Timberwell Construction alsoaccusedwitha discrimination with one of their employeesandhealso resigned and filed a workplace harassmentcaseintheFair WorkCommission.Itisso because,hefeelthatheis discriminated by age because he is thee only worker whose age is more than 50 years and everybody are in between 30 to50andthatiswhyhe almosttargetofhumiliating age related to jokes by others. the government. 13
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Disclosure 413-1 Operations withlocalcommunity engagement,impact assessments,and development programs As per the GRI standards, the local community is the group or person who areliving or working in any areas that are economically,sociallyor environmentallyimpactedby theoperationofabusiness. Therefore,theorganization assets should creates positive impactandalsoavoidthe negativeimpactonlocal community (Roca-Puig, 2019). In the same way, Timberwell alsoestablishatimelyand effectivestakeholders identification and also set up thebetterengagement process that is an important to helpafirminorderto understand the vulnerability of some local community and this alsocreatespositiveimpact upontheorganization activities. Therefore,asperthecase study, itis cleared through a media that explained how the TimberwellConstructionis workingcloselywiththe StanwellCouncilInorderto complywithCouncil’s proposed amendments for its environmentalplan (Konarzewska,2018).That showspositive impact upon societyandenvironment, creates a positive impact upon biodiversity as well. 14
CONCLUSION By summing up above report it has been concluded that Timberwell Construction should comply with all the GRI standards that are prescribe specially for an organization. Inthe same way, the present report concluded that risk assessed should be done as per the disclosure of 201-2 and also analysed the opportunities die to climate change. Further, it also concluded that for non- comply with the environmental laws and regulation, firm should have to pay fees and the products which are offered by the product should creates positive impact upon biodiversity as well. Lastly, report concluded that the company should hire new employees and did not discriminate their employees and also takes further correct option as well. 15
References Books and Journals Asllani, G., Spiteri, J. and Grima, S., 2019. Economic Competition in Kosovo: An Empirical Analysis.International Journal of Economics & Business Administration (IJEBA).7(2). pp.39-49. Caliskan, S., 2019. Company Liability and Competition Law: Exposure of Company to Risk of Undesirable Behaviour of Directors.Liverpool Law Review, pp.1-29. Denčić-Mihajlov,K.andZeranski,S.,2018.Developmentofsustainabilityindicators: approaches, challenges and opportunities.Facta Universitatis, Series: Economics and Organization, pp.291-306. Fotiadis, S., 2016. Comparative Studies on CSR Reporting: Assessing Aspects of Occupational Health & Safety Disclosure. Hawrysz, L., 2016. Social aspects of CSR reporting in Polish banks listed on the Warsaw stock exchange.Political Science, Law, Finance, Economics & Turism, Proceedings of the SGEM. Joseph, J. and et.al., 2019. Can business‐oriented managers be effective leaders for corporate sustainability? A study of integrative and instrumental logics.Business Strategy and the Environment.28(2).pp.339-352. Jukic,E.andYoung,M.A.,2019.AustraliaandInternationalEnvironmentalLawin 2018.Forthcoming, Yearbook of International Environmental Law.29. Konarzewska, U., 2018. The use of GRI standards in reporting on actions being taken by companies for sustainable development. McDermott, K., Colbert, B. and Kurucz, E., 2019.Sustainability colab: Scaling local impact. SAGE Publications: SAGE Business Cases Originals. Orengo, D., Siu, M. and Bakos, J., 2019. Drivers & Barriers to Sustainability in SMEs. Petty,R.D.,2016.USantitrustlawandthepracticeofmarketing.inJones,DGBand Tadajewski, M.(Eds), The Routledge Companion to Marketing History, Routledge, New York, NY, pp.255-276. Roca-Puig, V., 2019. The circular path of social sustainability: An empirical analysis.Journal of Cleaner Production.212. pp.916-924. Tran, B., 2019. Corporate social responsibility. InAdvanced Methodologies and Technologies in Business Operations and Management(pp. 270-281). IGI Global. Tura, N., Keränen, J. and Patala, S., 2019. The darker side of sustainability: Tensions from sustainablebusinesspracticesinbusinessnetworks.IndustrialMarketing Management.77. pp.221-231. Online GRIStandards.2018.[Online].Availablethrough: <https://rse2017.publicisgroupe.com/en/assets/pdf/DDR2017-VE.pdf#page=43>. 16