Question

A number of companies now produce Corporate Social Responsibility reports. They are sometime also referred to as Sustainability reports.

Briefly comment on the three main sections covered in the report

Answer 1

The 3 Pillars of Corporate Sustainability;

1.The Environmental Pillar

Companies are focusing on reducing their carbon footprints, packaging waste, water usage and their overall effect on the environment. Companies have found that have a beneficial impact on the planet can also have a positive financial impact. REDUCING the amount of material used in packaging usually reduces the COST.

2.The Social Pillar

A sustainable business should have the support and approval of its employees, stakeholders and the community it operates in. The approaches to securing and maintaining this support are various, but it comes down to treating employees fairly and being a good neighbor and community member, both locally and globally.

3.The Economic Pillar

The economic pillar of sustainability is where most businesses feel they are on firm ground. To be sustainable, a business must be profitable. That said, profit cannot trump the other two pillars. In fact, profit at any cost is not at all what the economic pillar is about. Activities that fit under the economic pillar include compliance, proper governance and risk management. While these are already table stakes for most North American companies, they are not globally.