...oriented theories, sustainability issues and disclosures made by Orica Limited in their 2013 Sustainability Report (“Orica 2013”). The review is based on the system oriented theories covering Stakeholder Theory, Legitimacy Theory and Institutional Theory. On the basis of this assessment, recommendations are made for future approaches to Orica’s Sustainability Reporting. The 2013 Sustainability Report by Orica provided benefit to stakeholders. Orica’s key sustainability challenges and opportunities focus on: refining the customer value proposition, developing people capability and competence, driving common systems and processes, developing performance metrics and targets, reviewing manufacturing reliability and integrity, extending the mining service offering and securing low cost and capital efficient supply (Orica 2013). These areas are constantly being enhanced and some current initiatives are the Seven Pillar training program to ensure all employees have an understanding of Orica’s vision, value and strategies, development of stakeholder plans at key sites to provide a consistent approach to management, implementing Environmental Management Plans (EMPs) to identify key environmental risks, controls and impacts, and Project Sustain which identifies initiatives under Orica’s Safety, Health, Environment and Community (SHEC) (Orica 2013). The disclosures made by Orica can be assessed using system oriented theories. Deegan (2012, p. 109) defines system oriented theories as “theories...
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...Environmental Reporting & Corporate Social Responsibility Briefly discuss what is difficult about environmental reporting based on the following items Measurement Issues Transparency And Disclosure Issues Accountability Substitutability Title and Content Layout • Add your first bullet point here Corporate Social Responsibility Environmental Reporting Public disclosure by a firm of its environmental performance information, similar to the publication of its financial performance information. Environmental Reporting & withCorporate Social List Responsibility • Addcompany’s sense bullet point here A your second • Add your thirdand environment (bot the community bullet point here of responsibility towards h ecological and social) in which it operates. Companies express this citizenship (1)through their waste and pollution reduction pr ocesses, (2) by contributing educational and social programs, (3) by earning adequate returns on the employed resources. Measurement Issues There are serious concerns on the appropriateness of attempting to monetize nature in this way. No satisfactory method of assessing, basing our decision-making on the wider implications of our activities. Time Horizons Business decisions tend to be made on the basis of what is likely to happen in the next financial year, year up to five years into the future. Unfortunately some of the environmental impacts that result from business activities can continue to have a negative ...
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...Strategic management, corporate responsibility and stakeholder management Integrating corporate responsibility principles and stakeholder approaches into mainstream strategy: a stakeholder-oriented and integrative strategic management framework Takis Katsoulakos and Yannis Katsoulacos Takis Katsoulakos is a Director at INLECOM Ltd, Burgess Hill, West Sussex, UK. Yannis Katsoulacos is a Professor at Athens University of Economics and Business, Athens, Greece. Abstract Purpose – The purpose of this article is to establish a strategic management framework that supports the integration of corporate social responsibility principles and stakeholder approaches into mainstream business strategy. Design/methodology/approach – A top-down and bottom-up approach was used to develop the proposed framework. The top-down approach focused on analyzing the main strategic management theories including social responsibility movements to identify complementary concepts and create a relevant topology. The bottom-up approach was based on empirical research on the views of business companies on corporate social responsibility, a review of best practices and case studies mainly in Greece. Findings – The paper describes a stakeholder-oriented integrative strategic management framework linking the main strategic management theories across value, responsiveness and responsibility dimensions. A mathematical model is presented describing the synergistic development of advantage-creating knowledge and...
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...Implementing a Sustainability Balanced Scorecard „Dashboard‟ Approach to Assess Organisational Legitimacy. Kevin Huang, University of Wollongong, Wollongong, New South Wale Matthew Pepper, University of Wollongong, Wollongong, New South Wale Graham Bowrey, University of Wollongong, Wollongong, New South Wales gbowrey@uow.edu.au Abstract Purpose: The purpose of this paper is to identify and determine the contributing factors which influence the contents of a firm‟s sustainability reporting through combined social and environmental accounting and management perspectives. Design/methodology/approach: This paper analyzes the disclosed sustainability indicators of a major Australian financial institution, Westpac, through the application of the research method content analysis. The theoretical framework will be shaped by the consideration of legitimacy theory and the Balanced Scorecard approach. Findings: The results indicate that the four perspectives of a traditional Balanced Scorecard are related to the main sources of influential inputs to Westpac‟s sustainability reporting – existing frameworks, stakeholder engagement mechanism, employee involvement and traditional shareholders‟ financial information needs. It also reinforced the argument that the focus of organisational legitimacy is a key resource of organisation survival. Originality/value: This research contributes to the literature on social and environmental disclosures including the research of Do, Tilt and Tilling...
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...BUSINESS ETHICS AND SUSTAINABILITY Assignment 2 : Reflective Journal Page 1. Overview 2-3 2. Table of Contents a) Business Ethics 4-5 b) Sustainability 6-7 c) Capitalism 8 d) Corporate Social Responsibility 9-11 3. References 12 Overview The three main topics of the course, Ethics & Business Ethics, Sustainable Development and Corporate Social Responsibility (CSR) are very relevant in today’s business world. The phasing and sequencing of readings starting with Ethics, then to Sustainability and ending with CSR provides a good foundation to the business practices of CSR. Without the foundational understanding of Ethics normative theories and Sustainability phenomenon and issues, and the concepts of socialism, capitalism, corporate citizenship, the readings and eventual learning about the subject of CSR would be more superficial and spiritless. The 4 key normative ethical theories of Egoism, Utilitarianism, Kant’s, Rights have very different moral reasoning in judging what is right or wrong, good or bad. Egoism is very individualistic and consequentialist. Utilitarianism is also consequentialist but based upon the aggregated greatest number of well beings. The opposite of these two are non-consequentialist, one theory is based on the motives – Kant’s categorical imperative and second theory is based on Rights, human rights and natural rights. Each ethical theory has its valid points...
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...Essay Corporate social reporting: a tool to discharge corporate accountability or to enhance managerial capture? Introduction In the last two decades there has been an increased awareness by society in general on the societal and environmental consequences of human behavior, especially towards corporations and its effect on its surroundings. Investors these days are becoming ethically and socially aware, and are more drawn towards investing in companies that contribute positively to society and who are actively reducing any negative impacts it might have. Because of this emerging awareness by public in general and investors, companies need to actively show compliance with this trend. Also due to the damaged reputation corporations have these days due to several scandals that took place around 2001, investors want reassurance when investing in companies. A way to show compliance to these aspects is by producing sustainability reports, which are made available to the public. Sustainability reports, which can also be referred to as Corporate Social Reporting, is a report that shows how a corporation is complying to economic, environmental and societal issues in which it is active. World Business Council for Sustainability Development (WBCSD) established the current and mainly adopted definition for CSR, which states ‘CSR is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce...
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...responsibility also embraces the social and environmental reporting practices on the basis of the personal judgement (Deegan and Unerman, 2006, pp. 318). Social and environment reporting can be defined as the process of the communication with particular stakeholder groups within society regarding the social and environmental impacts of the organisation (Gray, Owen and Maunders, 1987, pp. ix). It has been argued that the accounting standards which deal with this social and environmental sector appear to be somewhat meagre although there are some frameworks in terms of sustainability reporting (Gray et al, 1997). Hence, there may be some claims that an accounting standard regarding social and environmental issues needs to be established while others might think that the organisation may feel more comfortable to comply with current guideline from the association 'Global Reporting Initiative (GRI)' for sustainability reporting (Deegan and Unerman, 2011, pp. 389). It is thought that accounting standard should not address the social and environmental part because a number of organisations currently follow frameworks with respect to this area (Gray et al,...
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...Singhania University, Udaipur-India Assistant Professor, School of Management, Sir Padampat Singhania University, Bhatewar, Udaipur-India, 313601 c Associate Professor, School of Management, Sir Padampat Singhania University, Bhatewar, Udaipur-India, 313601 b CHRONICLE Article history: Received September 10, 2013 Received in revised format 10 December 2013 Accepted February 25 2014 Available online February 27 2014 Keywords: Cement Industry Sustainability Financial Information Environment Accounting Reporting Sustainable Reporting Practices ABSTRACT Cement is the single most important and profitable product in the building material sector. With the economic boom, in India, Indian cement industry is a market of opportunities waiting to be tapped. However, at the same time cement industry is also experiencing a surge in demand. Production of Cement will always release carbon dioxide and change in the climate of the earth that is why despite its profitability, the cement industry faces many challenges regarding environmental concerns and sustainability issues. In order to minimize the impact of all of the above mentioned issues, it is clear that the cement and construction industry will have to adapt to remain sustainable and in this process a number of innovative and new practices have to be adopted. The objective of this paper is to analyze the gap between the existing reporting practices and level of disclosure desired by stakeholders of cement companies and to identify the areas...
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...ACCOUNTING THEORY (FAR 600) Teaching and Learning Arrangements (SEMESTER: SEPT 2013 – JAN. 2014) COURSE CODE : FAR 600 PROGRAM : BACHELOR OF ACCOUNTING (HONS) CREDIT HOURS : 3 CONTACT HOURS : 3 STATUS : CORE TEACHING LECTURER : Prof Dr Rohana Othman OFFICE & PHONE NO. : Room 419 (Off. Tel: 03-55444987) E-MAIL : rohana799@gmail.com SYNOPSIS This course is designed to further enhance the students’ understanding of the concepts and issues in accounting theory and practices. The course involves the study of the practical and theoretical issues involved in the development, implementation and changes in conceptual framework and regulatory framework. COURSE OUTCOME At the end of the course, students should be able to: 1. Discuss the various theories and paradigms in accounting. 2. Demonstrate an understanding on the concept of Islamic Accounting, the need for it and its differences to conventional accounting. 3. Evaluate the evolution of the conceptual framework and standard setting process, nationally and internationally. 4. Evaluate the relationship between accounting theories and framework to the practice in the real world. 5. Analyze the recognition, measurement and other current issues in financial reporting. COURSE OUTLINE |Week |Topic |Contact Hours |Learning...
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...Responsibility Management 2015 PGPM 2015-17 Section D Group 9 1. Arijit Nayak (15P189) 2. Gaurav Gupta (15P199) 3. Mounica Chilla (15P209) 4. Puneeth Putcha (15P219) 5. Sarin Babu (15P229) 6. Vishal Garga (15P239) Introduction In today’s world of cut throat competition, business thrives on customer satisfaction. Satisfaction of the customer is based on its perception and interpretation of the product and the brand. With world of uber-fast informational age; it has become imperative for all corporate to not only manage quality but to look at collective responsibilities while doing business. This is achieved with Total Responsibility management. Total responsibility management refers to systems and procedures to ensure responsible business practices and management. It is used to describe the codes of practice and systems that organizations are developing to manage their social, environmental, and ethical responsibilities in response to pressures from stakeholders, emerging global standards, general social trends, and institutional expectations. Need of Responsibility Management Companies know that product or service quality affects their customer relationships and the trust customers have in the company’s products and services. So too a company’s management of its responsibilities to other constituencies affects its relationships with those other stakeholders and the natural environment. Never has it been easier for employees, reporters, activists...
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...The majority of European companies consider education as the only reliable way of promoting and determining people and companies to assume a responsible behavior in their private or business life and to be more involved in social, environmental, moral and ethics matters. The majority of European companies consider education as the only reliable way of promoting and determining people and companies to assume a responsible behavior in their private or business life and to be more involved in social, environmental, moral and ethics matters. The awareness towards altruist actions is rising up within company’s management board; they understood the need to take care of the surrounding. Practically speaking, companies are actively participating into funding or sponsoring specific social or environmental projects. They may even create their own foundation in order to take care of underprivileged communities. The awareness towards altruist actions is rising up within company’s management board; they understood the need to take care of the surrounding. Practically speaking, companies are actively participating into funding or sponsoring specific social or environmental projects. They may even create their own foundation in order to take care of underprivileged communities. Charity Charity Promotional Promotional Strategic Strategic Means aligning issues such as water, health and poverty with the core business of the company and mostly through adherence to CSR codes and...
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...increasingly important aspect of a business’ operation integrating traditional economic considerations with environmental and social concerns (Jones 2012). While doing well and doing good are no longer seen to be mutually exclusive, corporations practicing stakeholder management is highly debated to be sustainable to a large extent. With all the benefits that it brings, this approach however also has its fair share of limitations to be discussed later in this essay. Outlining the term ‘sustainability’ Sustainability is the capacity to endure. One of the best known general definitions about sustainable development was expressed as “meeting the needs of the present without compromising the ability of future generations to meet their own needs” (United Nations 1987). Increasing attempts at definition are also recognizing the needs interdependence between economic, environmental and social systems that thus considered them in an integrated way. Soyka (2012) put forward that sustainability encompasses three major elements namely economic propensity, environmental protection and social equity. Corporations have to make...
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...Accounting, Auditing & Accountability Journal Emerald Article: Sustainability accounting and reporting: fad or trend? Roger L. Burritt, Stefan Schaltegger Article information: To cite this document: Roger L. Burritt, Stefan Schaltegger, (2010),"Sustainability accounting and reporting: fad or trend?", Accounting, Auditing & Accountability Journal, Vol. 23 Iss: 7 pp. 829 - 846 Permanent link to this document: http://dx.doi.org/10.1108/09513571011080144 Downloaded on: 04-11-2012 References: This document contains references to 57 other documents Citations: This document has been cited by 12 other documents To copy this document: permissions@emeraldinsight.com This document has been downloaded 5947 times since 2010. * Access to this document was granted through an Emerald subscription provided by UNIVERSITI MALAYSIA TERENGGANU For Authors: If you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service. Information about how to choose which publication to write for and submission guidelines are available for all. Please visit www.emeraldinsight.com/authors for more information. About Emerald www.emeraldinsight.com With over forty years' experience, Emerald Group Publishing is a leading independent publisher of global research with impact in business, society, public policy and education. In total, Emerald publishes over 275 journals and more than 130 book series, as well as an extensive range of online products and services...
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...Contents Executive Summary 1 Introduction 2 Defining Sustainability 2 What Sustainability means to Woolworths 3 Corporate Stakeholders of Woolworths 3 Woolworths Drive for Change 5 Integrated Reporting 6 Why Integrated Reporting? 6 Woolworths Integrated Reporting 7 The Future of Integrated Reporting 7 Conclusion 8 Word Count: 1995 Executive Summary This report examines the new world of sustainability reporting, and the complex web of stakeholders. It focuses particularly on the demands for new kinds of transparency which serve the interests of the environment and society. In this report, Woolworths, one of our major competitors has been analyzed in order to understand how they have evolved the concept of sustainability and how they have applied it to their organizational level. As a result, Woolworths has placed our organization at a competitive disadvantage. The report finds Woolworths future prospects as a positive template in managing our organization. Their engagement on sustainability issues with their stakeholders, customers, suppliers, investors and employees through their Sustainability Strategy have placed them in the lead. This report provides an opportunity on sustainability and integrated reporting for our organization. Introduction Over the years there has been an increase in pressure and concern over the impact that organizations have had on the environment and the society. As a result, organizations are being challenged...
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...Corporate Social Responsibility by Your Name name of the module module number word count =1,519 Tutor/Professor Name University Name Department 16th December 2010 Corporate Social Responsibility Corporate social responsibility (CSR) reports provide stakeholders with valuable information about the relationship between a given corporation and society; additionally these reports may serve as a public relations vehicle. CSR reports improve communication between a corporation and its local constituents as well as the greater society. CSR reports and accounting data combine to offer investors and other stakeholders a larger picture of a corporation’s strategy and financial condition. By merging the two, stakeholders have a better understanding of how a corporation’s social initiatives improve its overall health. For example, when energy conservation programs allow a corporation to cut spending costs and cause the development of a new product while at the same time increasing jobs the CSR report acts as a financial statement and a public image enhancer. CSR reports provide information that is valuable for different reasons to different people. Employees and prospective employees can decide which companies they want to work for based on safety information about the workplace contained in these reports. Corporate managers can use the reports to monitor how successful they are in attaining their stated goals. They can also examine the progress...
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