Sustainability Assessment Report of Tramalway Industries

This sustainability assessment report focuses on Tramalway Industries, an Australian organization in the energy sector. It covers economic, environmental, and social sustainability, providing information on the company's performance and measures taken for sustainable development. The report includes disclosures on financial assistance received from the government, infrastructure investments, spending on local suppliers, materials used, recycled input materials, significant spills, incidents of child labor, employee training on human rights, and non-compliance concerning marketing communications. The report concludes with the importance of proper governance, ethics, and sustainable policies for organizations.

Sustainability Assessment

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
A. Economic sustainability.....................................................................................................1
B. Environmental sustainability.............................................................................................2
C. Social sustainability...........................................................................................................3
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Sustainability Assessment is considered as the most vital technique which needs to be put to use
by the business associations with the end goal of taking sound decisions in relation to dynamic
perspectives that incorporate environmental, social and economic. Through the help of
sustainability assessment, the achievement of futuristic goals along with crucial decisions to be
incorporated for accomplishing the equivalent turns out to be clear. Sustainability assessment is
thus regarded to be an effective tool with the use of which new opportunities can easily be
explored for attaining sustainable development as a whole. While giving the ideal degree of
commitment together with showing the intent to accomplish standard as well as objectives, it
becomes crucial for an entity to even take into account the negative consequences for the
economy. The present project consists of a sustainability assessment report of the picked
association that is Tramalway Industries in congruence with GRI Sustainability Reporting
Standards (2016).
MAIN BODY
Tramalway Industries is a well renowned organization based in Australia. It is functioning within
the bounds of energy sector and is mainly engaged in the provision of fuel based offerings. Over
the course of time, it has been identified that the company has been facing some kind of issues
and thus sees to prepare a sustainability assessment report. This report would look upon three
main areas of Tramalway Industries named Economic, Environmental and social. The report is
made to provide information to the stakeholders of the firm about the sustainability performance
of the entity and the measures that the entity takes to stay aligned with its sustainability focus.
The stakeholders of this company are mainly acknowledged to be customers, workers,
management, government, local community, suppliers etc. It is essential for an organization to
act in the interest of its various stakeholders and thus a presentation of sustainability report to
these groups is an initiative taken on the part of corporation to build healthy relations with them.
A. Economic sustainability
Economic sustainability can be defined as the composite of measures that are undertaken by an
organisation for supporting long term economic growth while ensuring least or negligible
negative impact over social, cultural and environmental aspects of the society and local
community.
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Disclosure 201-4 Financial assistance received from the government
It is important for an organisation to clearly disclose the overall monetary value of financial aid
received on the part of company from government within reporting period. The assistance may
be in terms of subsidy, R&D grant, investment grant, tax relief & credit, monetary incentive,
royalty holiday, etc. Also, it is important for the entity to clearly disclose to what extent is
government a shareholding party of the entity, if it is. Tramalway Industries put forth this
information along with the financial statements so that the stakeholders have fair knowledge of
entity’s financial performance.
Disclosure 203-1 Infrastructure Investments and services supported
It is important for a company to report the extent of development of a particular infrastructural
investment along with the services supported. Further, it is also essential to report the present or
foreseen positive and negative impact over local economy as well as community. There is also a
need to disclose if these facilities as well as investment are acknowledged to be in kind,
commercial or pro bono engagement. In accordance with this standard, Tramalway Industries
disclose all of this information amidst the stakeholders.
Disclosure 204-1 Proportion of spending on local suppliers
It is significant for an entity to report the magnitude of %age of procurement budget utilised for
the purpose of locally sourcing the supplies, the definition of ‘local’ for the company in terms of
geography. In this relation, it has been quite evident that Tramalway Industries has always
disclosed the promotion of amount spent by it over the local suppliers.
B. Environmental sustainability
Environmental sustainability can be defined as the extent to which environmental resource pack
can be sustained and preserved by an entity for future generation. It exhibits the degree to which
a company acts in the interest of environment.
Disclosure 301-1 Materials used by weight or volume
A corporation is required to report or disclose the overall weight or volume of materials used for
the purpose of producing as well as packing the primary offerings of the entity during the
reporting period by bifurcating them into renewable and non renewable materials utilised. It is
seen that for maintenance of transparency of its operations, Tramalway Industries disclose the
materials put to use by it in terms of volume or weight.
Disclosure 301-2 Recycled input materials used
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As per this standard, it is important for a corporation to report the percentage of recycled input
materials used to manufacture the organization's primary products and services. In this relation, it
has been identified that the entity makes the respective disclosure in public in order to ensure the
maintenance of transparent and fair operations.
Disclosure 306-3 Significant spills
According to the scenario this has been identified that Tramalway Industries faced issue
related to fuel spill at their warehouse in Queensland from one of their fuel tank into soil
however. Company sprayed liquid hydrocarboneating bacteria in order to remediate the soil to
minimize the negative impact of accidental spill. This gesture made company to get $15 million
as a reward from The Federal Government for research and development grant that can be used
by them in biotechnological .According to the disclosure 306-3 entity is required to comply with
the standards as negligence of this can have direct impact on society, economy and environment
along with the severe consequences for organisation. Spill is defined as an accidental release of
any form of hazardous substance which is having significant capability to impact negatively
impact on water bodies, human health, ground water, land and vegetation. In this entity with the
use of effective waste disposal methods can effectively manage significant balance among
disposal options and environmental impacts.
C. Social sustainability
Social responsibility can be referred to as the procedure or framework which tends to promote
well being of representatives functioning within the bounds of a company, while also taking into
due consideration the capability of future generation in association with maintenance of healthy
community.
Disclosure 408-1 Operations and suppliers at significant risk for incidents of child labour
GRI 408 addresses the topic of child labour abolishment of child labour is one of the
main objective and principle of legislation, along with this it is also human right instrument and
key subject of country legislation in almost many countries around the world. Child labour is
defines as a work in which children under the age group of 18 years make to work in harmful
environment which affect their mental and physical development along with interfering their
education. This type of work mainly does not permit by legislation below the certain specified
minimum age group (308: Supplier Environmental Assessment. 2018). This is universally
recognised human right abuse, further it has been identified that child labour falls under abuse
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which is covered under convention ‘Minimum Age Convention’ (ILO Convention 138). In
relation to GRI standard it has been identified that young workers fall under the category of
person who is having minimum age of 18 years. Along with this it also states that organisation is
required to measure, identify, prevent, mitigate and account the manner in which they duly
address potential or actual negative impact of child labour.
In respect to this Tramalway Industries is one of the suppliers engaged in child labour
practices for the production of products that breaches company supplier contact this lead entity to
terminate the contact with Golden Goods Ltd. In this HR professional undertake key essential
responsibility in which they are responsible to ensure that they duly adhered ILO convention
numbers 182 and 138; however it has been identified that entity is not having any form of
awareness related to the supply child labour engagement. Thus, after the investigation
assessment of supplier with program which is based upon sustainability factors that include
respect for human right safety, standards working condition, creditworthiness and compliance
management it was found out that Golden Goods Ltd breaches the supplier contact that provide
Tramalway Industries right to end their business relationship on the basis of standard code of
conduct for suppliers in order to end negative and environmental impact that arises from this
practices upon business activities.
Disclosure 412-2 Employee training on human rights policies or procedures
This disclosure includes the total hour of training of employees on human process and
policy along with percentage of employees trained. This has been evaluated that according to
GRI standards that an organisation is having direct and indirect impact upon employees have
responsibility to consider human rights when undertaking any decisions. This disclosure duly
include organisation to consider the overall hour that should be devoted on training while
considering human right policies along with the percentage of employees. It has been evaluated
that disclosure duly provides organisation within an insight an extent of capacity to implement
human right forces as well as policies. These are defined as International laws and Standards that
required to be duly appreciated by an organisation in their training to employees respected to
human right in the course of their daily basis work. In terms with Tramalway Industries it has
been identified that company launched employee training program on human right that already
completed 100 hours of training, in this entity provide approximately 35% of their workers on
gender equality and human right principles human respect and dignity.
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Disclosure 417-3 Incidents of non-compliance concerning marketing communications
It has been identified that in relation to GRI standards social dimension of sustainability
concern and organisations impact on social system in which they operate their functioning. In
context to GRI 417 this disclosure duly address the topic related to information, labelling and
market communication of services and products. It has been evaluated that consumer is having
accurate and adequate access of information as they consume them. In this entity is required to
have responsible and fair communication and provide specific labelling and information along
their proper use as well as disposal of the services and products to consumers (417: Marketing
and Labeling. 2018). According to the present scenario it has been identified that respective
organisation faced issue in which day found engaged in misleading and false conduct of
marketing policies, in this is essential for entity to make sure that they comply with Australian
consumer law provision. In this company must undertake product safety as their top priority,
along with involving communication directly to their consumers related to features and safety of
product. According to this disclosure Tramalway Industries is required to feature comprehensive
information of product, safe and optimum application, waste disposal and health risk.
CONCLUSION
As per the above mentioned report it has been concluded that it is essential for an
organisation to perform their business operations and improper governance, ethics and
sustainable policies and procedures as to align their functions and compliances with laws and
provisions. There are different type of activities that are prohibited and can further lead entity to
face many legal compliances and penalty. With the adherence of proper sustainable standards
under different aspects like economic, environmental and social company can operate their
functions with great effectiveness. Along with this it is also having capability to provide many
advantages to organisation under different terms. By conducted their operations under proper
sustainable measures and disclosures company can assure financial assistance in terms of tax
benefits, subsidies from government that can aid support their investment and infrastructure
services.
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REFERENCES
Books and Journals
Ekardt, F., 2020. Sustainability. Springer International Publishing.
Rezaee, Z., 2019. Business Sustainability, Corporate Governance, and Organizational Ethics.
John Wiley & Sons.
Bui, S., Costa, I., De Schutter, O., Dedeurwaerdere, T., Hudon, M. and Feyereisen, M., 2019.
Systemic ethics and inclusive governance: two key prerequisites for sustainability
transitions of agri-food systems. Agriculture and human values, 36(2), pp.277-288.
Gilbert, D.U., Rasche, A., Schormair, M.J. and Singer, A., 2019. Call for Submissions Business
Ethics Quarterly Special Issue on: The Challenges and Prospects of Deliberative
Democracy for Corporate Sustainability and Responsibility. Business Ethics
Quarterly, 29(2), pp.285-289.
Singh, S.K. and Gaur, S.S., 2020. Corporate growth, sustainability and business ethics in twenty-
first century. Journal of Management and Governance, p.1.
Tisenkopfs, T., Kilis, E., Grivins, M. and Adamsone-Fiskovica, A., 2019. Whose ethics and for
whom? Dealing with ethical disputes in agri-food governance. Agriculture and human
values, 36(2), pp.353-364.
Ariff, A.I.B.A.M. and Joseph, C., 2019. Enhancing Governance Through Accounting Reform: A
Local Council Evidence. In Ethics and Sustainability in Accounting and Finance, Volume
I (pp. 13-29). Springer, Singapore.
Akkucuk, U. and Seckin-Celik, T., 2019. Governance as a Bridge to Sustainability. In Ethical
and Sustainable Supply Chain Management in a Global Context (pp. 86-98). IGI Global.
Online
308: Supplier Environmental Assessment. 2018. [Online]. Available Through:
<http://reports.clariant.com/2017/gri-report/additional-information/gri-300-
environmental-disclosures/308-supplier-environmental-assessment.html>.
417: Marketing and Labeling. 2018. [Online]. Available Through:
<http://reports.clariant.com/2017/gri-report/additional-information/gri-400-social-
disclosures/417-marketing-and-labeling.html>.
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