By presenting an organization’s values and governance model, well-communicated and inclusive report not only demonstrates the link between core strategy and commitment to a sustainable economy, but helps forward-thinking organizations to set goals and manage change more effectively. Delivering a greater financial and social return on investment. Contact EMG team to talk about your reporting needs.
The number of companies voluntarily producing sustainability reports has significantly increased since the first environmental reports were produced during the beginning of the 1990s. Nowadays, around 95 percent of Fortune Global 250 (G250) companies disclose social and environmental information either in a standalone or in an integrated report, compared to just 35 percent of G250 undertaking sustainability reporting in 1999. With the steadily increasing global awareness of sustainability, businesses in all fields have reacted by increasingly reporting their impacts. Businesses more and more are therefore using sustainability reporting as a powerful tool in not only their decision-making processes but also in their corporate policy and strategy.
The overall aim of sustainability reporting is to increase both accountability and transparency to stakeholders. The benefits of transparency include building trust for stakeholders and creating a positive image. Open and honest reporting on policies, procedures and operations also forces companies to take responsibility for the impact on their business. Sustainability reporting enables the increase in productivity and efficiency through process optimization thereby creating cost savings to a business. The created transparency in business processes also positively influences both employers’ behaviour and awareness.
The Centre for Responsible Business, formed by the Dubai Chamber of Commerce and Industry, is the longest standing centre, promoting Corporate Social Responsibility (CSR) in the UAE. The centre assists with responsible business practices that enhance performance and competitiveness and also offers services designed to build organizational capacity to implement broad CSR programmes including sustainability reporting and corporate governance. Institutions play a key role in the encouragement and distribution of material to highlight the importance of CSR and reporting as a tool.
Education is essential for companies and stakeholders to understand the relevance of sustainability issues to their organization and locality. Institutions such as the Dubai Chamber of Commerce and the Pearl Initiative have key roles to play in the teachings of such issues. The process of reporting is integral to the long-term strategic goals of companies, and it is necessary that awareness of this is raised to organizations.
With numerous economic, social, and environmental challenges on the global horizon, the way businesses communicate their operations to both stakeholders and wider civil society is growing in importance. Therefore, the use of sustainability reporting for such action is great with ever increasing potential.