Analysis of AMP's Sustainability Reporting Practices in Accounting

This report examines AMP's sustainability reporting practices, highlighting the company's commitment to corporate social responsibility (CSR) and environmental sustainability. It discusses AMP's efforts to reduce its environmental impact, particularly concerning carbon emissions, and its plans for future sustainability initiatives. The report analyzes how AMP addresses stakeholder concerns and adheres to international and local standards, such as the GRI and AASB. It also addresses AMP's response to issues raised by the Royal Commission, including measures taken to improve transparency and customer relations. The report concludes with a recommendation for AMP to review its information system to ensure accurate and transparent reporting to regulatory bodies. The report references AMP's official statements and academic sources to support its analysis of AMP's approach to sustainability.

Sustainability Reporting in Accounting by AMP 1
SUSTAINABILITY REPORTING IN ACCOUNTING BY AMP
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Contemporary Issues in Accounting
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Sustainability Reporting in Accounting by AMP
Future Plans for Sustainability Reporting by AMP
Due to the increasing pressure from a number of parties including the government, the
investors and the Australian Securities Exchange (ASX) for companies to report their social and
environmental accounting, AMP aims at undertaking sustainability as one of the pillars to its
Corporate Responsibility (CSR) practices (Schaltegger, Etxeberria and Ortas, 2017, pp 113). The
company has also resolved through its annual general meetings to foster voluntary transparency
to all the stakeholders as a way of showing a good financial reporting culture and an ethical
behaviour. To realize this, AMP has shown a commitment to reducing the environmental impact
that the company creates from its operations. For instance, the issue of carbon emission is being
worked on to ensure that all the operations of the company are carbon neutral (Earth Hour sparks
new sustainability and environment mindset - AMP, 2018, np.). The amount of carbon emission
per year is intended to be at a minimum by 2021.
Ways in Which AMP Plans to Tackle Sustainability Issues it has been Facing
Because of the many issues that AMP has been facing since 2015, the company has
implemented a number of measures to ensure sustainability reporting.
 The company has promised its customers, partners and other stakeholders that they are
going to produce regular sustainability reports that give transparent financial as well as
social, governance and environmental performance of the company in compliance with
all international and local standards such as the Global Reporting Initiative (GRI)
Standards and the Australian Accounting Standards Board (AASB).

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 To the potential shareholders, AMP has shown a commitment to disclose all the relevant
information that is necessary to provide a true and reliable picture about the value of the
company be it the social, intellectual, the human or the financial performance and capital
of the organization.
 In response to the issues that were raised by the Royal Commission, AMP undertook a
number of steps to reassure their customers and the general public about the position of
the company. The issue of licenses in which the company had surcharged some
customer's fees without provision of services was immediately stopped in 2016 and the
affected customers have given compensation and apologise for the mistake (loans,
retirement and education, 2018, np.).
Recommendation
In my opinion, I feel that as for the issues that AMP company was accused of not
providing accurate information to the Australian Securities and Investment Commission
regarding disclosure issues, the company take an immediate review of its information system to
ensure that what is needed is available and can be provided as a way of rebuilding a transparent
relationship with regulators such as ASIC.

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References
Corporate.amp.com.au. 2018. Earth Hour Sparks New Sustainability And Environment Mindset -
AMP. [online] Available at: <https://corporate.amp.com.au/newsroom/2018/march/earth-
hour-sparks-new-sustainability-mindset---amp> [Accessed 11 May 2018].
loans, H., retirement, S. and education, N., 2018. AMP & The Financial Services Royal
Commission | Customer Apology & Actions. [online] Amp.com.au. Available at:
<https://www.amp.com.au/news/2018/may/AMP-and-the-Royal-Commission>
[Accessed 11 May 2018].
Schaltegger, S., Etxeberria, I. and Ortas, E., 2017. Innovating Corporate Accounting and
Reporting for Sustainability - Attributes and Challenges. Sustainable Development, 25(2),
pp.113-122.