Corporate Sustainability Reporting is something which most of the big businesses are concerend about. This is something which almost every big company of the world focuses on. There are many other factors of concern like stakeholder relations, coporate social responsibility, sustainability management, etc but corporate sustainability reporting remains the top most area of concern.
Corporate sustainability reporting services is something which not everyone can provide and this is why companies are always in need of agencies or individuals who can provide them with this service.
What Is Corporate Sustainability Reporting?
Corporate sustainability reporting is a way of communicating the social and environmental performance of an organisation to its stakeholders in the form of a report. It is very essential for businesses to have a clear idea about the opportunities and challenges it is facing by the environment. This reporting is necessary for all the stakeholders of the company like employees, partners and customers.
But it is not easy to write and prepare a sustainability report and this is why businesses either contact us or hire Corporate Sustainability Report Writing Services in Singapore to write and prepare the desired sustainability report for their business.
So, it becomes important to understand What Is Sustainability Reporting and Why Is It Important.
What Is Sustainability Reporting?
It is a report which is published by a company or an organization about the economic, environmental and social impacts caused by the companies everyday activities. It also presents data about the organization’s values, governance model and sustainability strategy.
Furthermore, it must showcase a clear link between your long-term strategy and your commitment to sustainable business and to a sustainable global economy.
The Global Reporting Initiative (GRI) sustainability framework is followed by corporates worldwide for reporting. Global reporting initiative gri gives the best and the most organized set of reporting standards known as GRI standards.
Corporate Sustainability Reporting includes numbers, figures and baselines over the years and is shared by businesses on their social media, website and press.
Today, the consumer interest is also quite inclined towards transparency and sustainability, so it is the need of the hour for businesses to keep them updated with the sustainability report and development.
Corporate Sustainability Reporting Services in Singapore has increased a lot in recent years and seems like it is going to become the major factor in determining consumer purchasing behaviour.
Different corporates may have different reasons for maintaining sustainability report such as:
- Highlighting their strong position and standards in the sustainability space.
- Providing an overview of their initiatives related to natural, human and social capital.
- Communicating the details to external stakeholders about the performance of the company in the corporate world.
Corporate Sustainability is used to analyze and measure how your organization manages its approach to critical environmental and social issues while maintaining its standards. It is an excellent reporting tool that delves into the non-financial aspects of your business, which include environmental protection, ethical resource extraction, employee welfare, and corporate social responsibility (CSR).
Importance of Corporate Sustainability Reporting
Corporate Sustainability Report Writing holds immense importance for the businesses as it helps in various aspects related to your business like building the trust among the stakeholders, SWOT analysis, materiality, accountability of development, standards management and much more.
1. Improves Risk Management
When companies makes a detailed analysis of their performance and impact of their activities on society and environment, it gives a fair idea of the risk that they can face. Businesses can plan their strategy to overcome the risks and allocate the resources accordingly for sustainable development and progress of business. The can even plan for solutions for all the related problems.
2. Appealing To Customers
Millennials show a great affinity towards businesses that are transparent with their disclosure of environmental metrics. They are more likely to connect themselves with businesses that promote an environmentally friendly approach while showing increase in their corporate sustainable development. These reporting can be a great method for communicating and engaging clients.
3. Offers A Competitive Advantage
With such cut-throat competition in every industry, it becomes difficult to make a separate place for yourself. By showing transparency in processes like manufacturing and supply chain, you can create a loyal customer and client base for your business and can also create a method of governance for accountability and assessment of each and every work.
4. Provide Accountability
When your company is ready to share the report with the internal and external public shareholders (stakeholder) and investors on open platforms, it becomes important for them to take the right decisions to achieve the goals. Any wrong step can be harmful to reputation.
5. Increases Employee Retention
Employees love it when their company includes them in any initiative. Working in an organisation with a well-planned sustainability strategy keeps them motivated to achieve their goals. When management trusts their employees and appreciates them when the sustainability reporting progresses in the right direction, a positive environment is created.
Any employee would love to see their company’s name in the press for taking great initiatives.
So, this reporting plays a major role in employee retention and validation.
6. Prevents Greenwashing
Greenwashing is a process of creating a false or misleading impression in the minds of clients, investors and customers about the performance and products offered by the company.
Many international businesses and corporates use words like natural or green, but are they following environmental-friendly practices?
By using the global reporting initiative standards i.e GRI standards, Sustainability reporting can be a genuine source of information for clients, stakeholder, shareholders, investors and other group of people to understand the reality based on facts and figures.
7. Progress Can Be Tracked
The data in such reports can be the parameter to judge the progress and approach on various aspects of sustainable development. It shows the progress of both tangible and intangible assets of an organisation.
The companies can set some goals, plan the investments and improve the savings with help of the sustainability reports.
Hence, it helps in streamlining the processes, cutting down the costs and even improving the operational efficiency by analyzing the materiality assessment of company. In this way companies reduce the environmental social waste generated through the manufacturing process and will have increased access to wide range of capital.
Find Risk and Opportunities With Sustainability Reporting
Business sustainability is highly viable to cultivate stronger brand trust and materiality assessment. It is a highly efficient tool in safeguarding value creation with robust risk management. This is because every business decision made by organizations has direct impact on their stakeholders, whom are not solely confined to primary benefactors like investors and financial institutions.
Likewise, stakeholder and clients encompass any parties directly impacted by an organisation’s logistics network, including employees, consumers, and regulatory organizations.
Subsequently, maintaining their trust is fundamental in achieving corporate success since they wield significant power in shaping the public’s perception of a brand.
From a sustainability standpoint, gauging corporate success does not entail financial information alone. In fact, the metrics employed to measure sustainability success is underpinned by an assessment of development and opportunities using information on various immediate and future challenges.
This is why sustainability reporting is highly valuable for your business. It ensures that you always remain cognizant of non-financial areas where risks and opportunities are present, which may not necessarily affect your short-term profitability, but play a larger part in your business longevity in the future.
The problems identified from such reports are useful to help companies bolster their supply chain, governance structure, public favorability, and long-term strategic planning.
Enhancing Your Business Transparency With Corporate Sustainability Reporting
These reports are useful to enhance corporate transparency as it provides stakeholders with all the insights of problems faced by an organization and performance of international companies.
Thus, with a sustainability report, your business can communicate better with relevant stakeholders as well as align your objectives with their expectations to instil stronger trust.
That being said, Sustainability Report Writing in Singapore crafts a sustainability report that covers issues with tangible and immediate impacts on your business (materiality).
Think you are ready to embark on a journey to communicate your sustainability plan to your stakeholders?
If so, then contact us below to learn more about our bespoke Corporate Sustainability Reporting Services in Singapore.
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FAQ – Frequently Asked Questions
Why Sustainability Reporting Is Important?
Sustainability Repoting is quite important for a business because a sustainability report gives a clear view about the risks and opportunities an organization is facing on sustainability issues and what impacts is the organization or the business is considering regarding the same.
Can Sustainability Repoting Be Used For Risk Management?
Yes. It can be used as a risk management tool as it covers all social and environmental risks which in turn helps in taking investment related decisions.