Westpac's Sustainability Strategy Analysis
Added on 2020-02-24
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Running head: SUSTAINABLE BUSINESS PLANNING AND STRATEGYSustainable Business Planning and StrategyName of the Student:Name of the University:Author’s Note:Course ID:
1SUSTAINABLE BUSINESS PLANNING AND STRATEGYTable of Contents1. Introduction:................................................................................................................................22. Most significant current or expected developments in sustainability reporting:.........................23. Sustainability strategies at Westpac:...........................................................................................44. Recommended Sustainability Strategies at Westpac:..................................................................75. Conclusion:..................................................................................................................................8References:......................................................................................................................................9
2SUSTAINABLE BUSINESS PLANNING AND STRATEGY1. Introduction:Sustainability planning takes into account the actions that an organisation undertakes inmaximising its chances to survive and thrive in the market irrespective of the futureuncertainties. Thus, it is a complete process, which an organisation undertakes on in a span ofover several months (Baumgartner 2014). The current assignment aims to identify as well asevaluate the most considerable recent or expected developments in sustainability reporting inAustralia. After such evaluation, the sustainability strategies at Westpac have been assessed tofind out whether the bank has adopted such identified developments to improve its overallsustainability reporting. The final segment of the assignment sheds light on suggesting somesustainability strategies for the bank that would help in improving its overall businessperformance in the eyes of its stakeholders in future (Neugebauer, Figge and Hahn 2016). 2. Most significant current or expected developments in sustainability reporting:There are numerous existing or expected developments in the global including Australiansustainability reporting strategy, out of which two of the most significant strategies are discussedas follows:Sustainability data exchange:The “Global Reporting Initiative (GRI)” has published the upcoming era of corporatedisclosure in the form of responsible, interactive and digital disclosures through a digitalpublication. This depicts an overview of the future sustainability reporting and disclosure(Iasplus.com 2017). As per GRI, the future would take into account new formats with the firms,as they are needed to shift from annual reports to sustainability data exchange. The concentration
3SUSTAINABLE BUSINESS PLANNING AND STRATEGYwould be to focus on the primary challenges like human rights and climate change. It has beenobserved that GRI is involved in producing articles, videos and analysis papers throughout 2015by interviewing with the business executives and other professionals belonging to different fieldsand industries and this reporting format is expected to be initiated by the end of 2025 (Lozano2015). During this period, the organisations and the investors would include the criticalsustainability information into the utmost core of their processes of decision-making anddefinition of strategy. Moreover, the organisations are needed to make additional disclosuresabout the impact on society and the global natural resources. The stakeholders would find theaccess to the information about business performance from diverse sources (Benn, Dunphy andGriffiths 2014). Thus, this existing development would be of immense value for the stakeholders,as they could dissect the value creation of the organisations in a more effective and broadermanner. Advancement of corporate reporting on sustainable development goals:The collaboration of the GRI and the United Nations Global Compact has initiated “SDGLeadership through Reporting”. This has been a new initiative in advancing and promoting thecorporate reporting on sustainable development goals. The two organisations would work inpartnership for creating a list of disclosures in order to track business contributions to the SDGsand a publication would be released on the reporting pertaining to SDG (Orsato et al. 2015). Both the organisations would penetrate into their respective networks for developingmulti-stakeholder working groups that take into account leading businesses, reporting expertsand data users that would work to modify corporate reporting on SDGs. In addition, these
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