What is sustainable development?
Development that meets the needs of the present without compromising the ability of future generations to meet their own needs
What is a sustainable business?
A business that offers products and services that fulfil societies needs while placing an equal emphasis on people planet and profits
Sustainability is more than just looking at environmental concerns… It relates to
The continuity of financial/economic social and environmental aspects of human society
What are the three aspects of sustainable performance?
It is important to note that sustainability is more than just looking at environmental concerns. It relates to environmental social and economic.
What is economic/planet?
Underpayment of taxes not contributing to maintaining the countries infrastructure, e.g. roads and schools
What is social/people?
Which companies exploiting third world labour as cheap manufacturing?
Bribery and corruption
What is environmental/profit?
Long-term damage to the environment from carbon dioxide and other greenhouse gases
What is a key challenge?
To ensure the organisations remain profitable while improving their environmental and social performance
What is the benefit of acting sustainable to workers/local community?
Reduced waste and pollution will lead to more pleasant healthier environment
Guarantee of an inappropriate minimum wage will lead to better standard of living
What is the benefit of customers if they are sustainable?
Many customers prefer dealing with businesses that follow sustainable policies such as looking after the environment as they are seen as more ethical
What is the benefit to supply chain act sustainable?
Integrating sustainability into the supply chain will help suppliers achieve their own sustainability goal
What is the benefit to shareholders for being sustainable?
Shareholders look for an economically sound investment. Reduction of waste and increased efficiency can improve business profits.
What is the benefit to the public for acting sustainable?
Businesses that are economically sound provide a stable job market for workers. Reduce pollution can lead to few environmental problems.
What’s an example of risks of not acting sustainably regarding economic/financial?
The F is a finite system only through sustainable development can a firm help to ensure long-term growth
What is an example of risks of not acting sustainable regarding social?
Worsening social injustice infringement of human rights and widening difference in wealth between the worlds richest and poorest country
What is a risk of not acting sustainably for environment?
Deterioration of the environment the event loss of some resources and increase climate change one of the graces threats mankind is facing
What are the reasons may firms want to consider acting sustainable for?
Potential cost saving
Short-term gain in sales
Long-term gain in sales
Better risk management
Sustainability
Compliance costs
What is CSR?
CSI is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as the local community and society at large
What is triple bottom line reporting?
Accounting expands the traditional company reporting framework taken into account environmental and social performance in addition to finance/economic performance
What does triple bottom line reporting look at?
Reporting performance and decision-making
What is the concept of triple bottom line reporting?
The concept is also explained using the triple P heading of people planet profit
If a business had a TBL perspective, they would attempt to do the following for people
Pay its workers fair wages
Maintain a safe working environment
Not used child labour or use supplies who do
Promote the communities in which operates
If a business had a TBL perspective, they would attempt to do the following for planet
Reduce its ecological footprint
Reduce energy usage
Limit environmental damage
Not being involved in resource depletion
If a business had a TBL perspective, they would attempt to do the following for profit
Try to balance the profit objective with the other two elements of triple bottom line
