Opening the Books: Sustainability Reporting as a Best Practice

According to GreenBiz, more companies than ever before filed corporate sustainability reports that meet the Global Reporting Initiative's guidelines in 2008, with 46 percent growth over 2007 numbers. In total, 1,002 companies issued sustainability reports based on the G3 Guidelines. This consistent growth in reporting indicates recognition of value in the activity by the business world.

With the potential implications of pending legislation weighing heavily on many companies, business sustainability is receiving top increasing recognition and attention. Investors and other stakeholders are encouraging companies to report publicly on the financial implications to their business. In addition, organizations are discovering the value in measuring and reporting on their social and environmental performance as well as the usual financial risks.

As a result, the number of companies publishing business sustainability reports is increasing. Guidelines for reporting are provided by the Global Reporting Initiative. The GRI G3 guidelines for Business Sustainability Reporting provide a road map for reporting, which include financial implications and other risks to organizations. These guidelines encourage companies to disclose specific information on:

•    Company Profile and Strategies
•    Management Approach to Sustainability
•    Sustainable Performance Indicators

In our professional consulting experience, Business Sustainability Reporting represents an important step in sustainable development. It reflects executive commitment to transparency and accountability. By disclosing information on its sustainability plan, companies increase credibility and confidence with stakeholders.

Taiga Company promotes the business sustainability concepts of transparency and accountability. As a sustainability consultant, we work with clients to see the value in monitoring and disclosure. While an excellent practice in disclosing risk to stakeholders, sustainability reporting is also a communication to the market of the company’s eco awareness and commitment to a sustainable future.