Sustainability Report Analysis

This paper analyzes the sustainability reports of Westfield and Woolworths, discussing the importance of preparing sustainability or IR report. The report evaluates the quality of information, framework and standards consistency, and information fulfilling stakeholder requirements.

Running head: SUSTAINABILITY REPORT ANALYSIS
Sustainability Report Analysis
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Table of Contents
1. Introduction......................................................................................................................2
2. Purpose of GRI Reporting by Companies.......................................................................2
3. Major Stakeholders Interest within the Sustainability Reports.......................................3
4. Similarities and Differences in Sustainability Reports....................................................4
5. Critical Evaluation of Sustainability Reports..................................................................5
5.1. Quality of Information..............................................................................................5
5.2. Important Framework and Standards Consistency...................................................6
5.3. Information Fulfilling Stakeholder Requirements....................................................6
6. Conclusion.......................................................................................................................7
References............................................................................................................................8

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1. Introduction
Sustainability reporting analysis of companies involve analyzing the ways in which these
firms address the information needs of its stakeholders and along with ensuring its quality,
consistency with sustainability standards and contributing towards the community (Braam and
Peeters 2018). The objective of this paper is to analyze the sustainability reports of Westfield and
Woolworths along with discussing the importance of preparing sustainability or IR report.
Moreover, the key stakeholders for these two companies are evaluated in assessing whether the
sustainability reports of Woolworths and Westfield addresses their needs. Global Reporting
Initiative (GRI) has been followed by these organizations in preparing their sustainability
reports.
2. Purpose of GRI Reporting by Companies
There is several major business purposes for which the selected companies, Woolworths
and Westfield focuses on preparing sustainability reports complying by GRI standards.
 Woolworths: Implementation of GRI sustainability standards in the company focuses on
offering assurance regarding developing values of its sustainability report with respect to
trust, values, safety, respect as well as excellence (Calabrese, Costa, Ghiron and
Menichini 2017). Implementing such standards, Woolworths offer important information
to all its internal along with external stakeholders concerning all its sustainability actions
offered by GRI. Moreover, the sustainability report of this company intends to assure
success of its consumers and clients on an international basis. GRI based reporting has

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also supported the company in operating sustainably, safely and responsibly (Calabrese,
Costa, Levialdi and Menichini 2016).
 Westfield: Westfield Company is focused on offering GRI sustainability reports with an
intention to attain most efficient standards in the areas of environment management,
relevance, safety, effectiveness and corporate governance (de Villiers, Rinaldi and
Unerman 2014). In addition to that, the company focuses on offering better GRI based
sustainability reports in offering better positive environmental and community outcome.
For this reason, the company is intended to address several sustainability concerns within
the business in consideration to four important fields. This includes aspect such as
responsible business conducts, economic advancement as well as secured and safety
inbuilt working environment (Ehnert et al. 2016).
3. Major Stakeholders Interest within the Sustainability Reports
The major shareholders of Woolworths and Westfield as well as their interest are
explained below:
 Shareholders- These stakeholder group are the ones those have invested funds within the
companies. This is one of the important stakeholder group as they intend to gather
information on corporate governance, strategy implementation and business performance
of the retail organizations for making investments in them (Braam and Peeters 2018).
 Creditors- This stakeholder group has important interest n attaining information from
sustainability report published by Woolworth and Westfield’s. They require information
regarding costs, business product performance and are consistency. Based on the
sustainability position of the companies, the creditors take vital decision on extending the

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credit terms with the organization as they attain confidence within sustainable business
operations of these firms (Godha and Jain 2015).
 Employees- Contractors as well as employees are anoyher major stakeholder group that
demand for information regarding the management as well as leadership structure of the
company along with attaining information on future growth opportunities (Braam and
Peeters 2018).
 Suppliers- The suppliers are major stakeholders for these two companies and they intend
to attain relevant information on sustainable reporting of the companies (Godha and Jain
2015). It is observed to be easy for this stakeholder group to attain an important insight
on business commitment of these retail organizations ethical business conducts.
 Local community- This stakeholder group is important for the companies as they focus
on attaining information on regarding the measures related with maintaining health and
safety measures as well as concerns related with sustainability and training (Calabrese,
Costa, Ghiron and Menichini 2017).
4. Similarities and Differences in Sustainability Reports
There are certain differences and similarities in sustainability practices followed by
Woolworths and Westfield that are elaborated in details below:
Similarities in Sustainability Reports: Being operating within the retail industry,
Woolworths and Westfield have certain similarities on sustainability reports (Global Reporting
Initiative 2015). These companies sustainability report makes sure that they follow safety
standards followed by its employees. Moreover, these two organizations provide better
information on the frequency of employee accidents or injuries that took place on a yearly basis

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and have also implemented that are also elaborated within the sustainability reports. The major
concern that is explained within the sustainability report is to decrease the rate of accidents in the
business operations. Best management practices of Woolworth and Westfield are focused on
attaining important corporate disclosure information regarding the related policies (Godha and
Jain 2015). Sustainability committees have been developed by these retail organizations in
making sure that these committees offer regular feedback to the management for taking better
business decisions.
Differences in Sustainability Reports: There are certain differences in the sustainability
reports developed by Woolworths and Westfield. Woolworth’s management has increased focus
on addressing environmental issues that are related with disclosure. Moreover, certain vital
information concerned with maintaining security and safety of workforce, ethical sourcing of all
the raw materials and the product safety (Kiron and Kruschwitz 2015). In opposition to that,
Woolworths Company has offered detailed explanation concerned with fleet in addressing
carbon emissions. Such disclosure within the sustainability report is not observed in Westfield
case (Ogata, Inoue, Ueda and Yagi 2018).
5. Critical Evaluation of Sustainability Reports
5.1. Quality of Information
Both Woolworths and Westfield follow GRI sustainability reporting standards in offering
high quality disclosures for all its shareholders. Both of these retail companies also makes sure
that the sustainability information that is used in preparation of sustainability report must be
gathered, compiled, recorded, evaluated and disclosed in a manner that it maintains materiality
and quality of sustainability information (Espinach 2018). The sustainability report format of

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Woolworth and Westfield is easy to understand that ensures the comparability feature of
sustainability reports. Quality of the sustainability report produced by Woolworths and Westfield
is deemed to be effective as it includes economic, social and environment performance
disclosures in which the company has an obligation to comply with. In maintaining safety
standards and disclosing information on safe workplace environment for employees, the
sustainability report of these two companies establishes veracity of its contents
(Westfield.com.au. 2018). In complying with the GRI sustainability standards, both of these
retail companies has disclosed important information concerning risk management strategies,
measures in dealing with issue of climate change along with offering safe and healthy working
environment.
5.2. Important Framework and Standards Consistency
Materiality concerns associated with the sustainability report of the companies are
explained within the GRI standards that are explained within the G4-17 and G4-23
(Woolworthsgroup.com.au. 2018). In addition, for offering stakeholders with vital governance
based information, Woolworths and Westfield abides by these two guidelines set within the GRI
sustainability standards. In order to disclose important information regarding environmental
factors these two Australian retail organizations follow the sustainability standard of G4-DMA
(Braam and Peeters 2018). In following such sustainability reporting standards, these companies
also ensures understandability of their report through making sure that the sustainability reports
avoid using technical terms and acronyms. This is for the reason that these are observed to be
unfamiliar for the stakeholders despite of adding unnecessary and excessive information details.

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5.3. Information Fulfilling Stakeholder Requirements
The stakeholder group of Woolworths and Westfield Company focuses on obtaining
information regarding the business performances. For such causes, information is demanded by
the companies’ stakeholders regarding the social as well as environmental performance,
corporate governance as well as measures that can ensure safety of all its employees. In
consideration to the evaluation of sustainability information offered to stakeholders, it was
observed that Woolworths and Westfield offer vital information on the selected sustainability
factors through complying with the needs of GRI sustainability standards (Calabrese, Costa,
Ghiron and Menichini 2017). For this reason, it can also been indicated stakeholders of these
companies are can also attain several information on sustainability in a simple and timely manner
that facilitates them in taking important business decisions.
6. Conclusion
The objective of this paper was to analyze the sustainability reports of Westfield and
Woolworths along with discussing the importance of preparing sustainability or IR report. It was
gathered from the paper that implementation of GRI sustainability standards in the company
focuses on offering assurance regarding developing values of its sustainability report with
respect to trust, values, safety, respect as well as excellence. Implementing such standards,
Woolworths offer important information to all its internal along with external stakeholders
concerning all its sustainability actions offered by GRI. Moreover, in complying with the GRI
sustainability standards, both of these retail companies has disclosed important information
concerning risk management strategies, measures in dealing with issue of climate change along
with offering safe and healthy working environment.

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References
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sustainability reports: Diffusion of accounting practices in the realm of sustainable
development. Corporate Social Responsibility and Environmental Management, 25(2), pp.164-
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Calabrese, A., Costa, R., Ghiron, N.L. and Menichini, T., 2017. To be, or not to be, that is the
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Calabrese, A., Costa, R., Levialdi, N. and Menichini, T., 2016. A fuzzy analytic hierarchy
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de Villiers, C., Rinaldi, L. and Unerman, J., 2014. Integrated Reporting: Insights, gaps and an
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