Essay on Sustainability and Integrated Reporting - 1869 Words

EXECUTIVE SUMMARY The purpose of this report is to identify and analyse what it means to be a sustainable business, how to report for it, and the cost/benefits of integrated reporting. By using Woolworths as an example of what to expect and the outcomes of their progress I dissect the strategy Woolworths adopted in attempting to implement sustainability into their every day-to-day operations and through doing so have resulted in a conclusion with a recommendation for Coolworths. Sustainability will require heavy investment in the short term, however with the correct approach, attitude, and strategy, investments into sustainability will pay for themselves in the long run and furthermore allow us a solid foundation for further†¦show more content†¦There are four main stakeholders in Woolworths, customers, employees, shareholders and suppliers. Woolworths has established a customer insights department that plays a key role in identifying customer needs and then taking action in attempt to greater satisfy the ever changing needs of their customers. Customer immersion programs also allow management to view the company from a customer’s point of view to further feedback on the company’s performance. Employees are given incentives and benefits to perform to their very best. Woolworths employs a retention strategy that conducts engagement surveys to identify and evaluate employee difficulties or issues. For shareholders, engagement is governed by the Corporations Act 2011; financial statements and other reporting information is released to the general public and shareholders in accordance to the law. Furthermore an annual general meeting takes place for shareholders to voice opinions and ask any questions they may have. Finally, suppliers are also given an annual general meeting situated in each capital city to discuss and relay Woolworths’ business strategy. A quarterly newsletter is issued to suppliers, ‘Trading Partner News’. Furthermore, Woolworths already offers a $100,000 grant to a supplier for their sustainable product, process, or packaging. STRATEGY IMPLEMENTATION In implementing the strategy itself, a number of issues arise, in particular the public and privateShow MoreRelatedSustainability And Integrated Financial Reporting Of Australian List Firms2376 Words   |  10 PagesContemporary Issues in Accounting M ACCT 5015 Major Assignment Sustainability and Integrated Financial Reporting of Australian List Firms (In Energy Sector: Santos, AGL and Origin) 7th October 2014 SP 5 Yue Wang 110130421 Executive Summary This report provides an analysis and evaluation of Sustainability Report for financial year (FY) 2013 of three Australian leading list energy companies: Santos, AGL and Origin. 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