Sustainability and Integrated Reporting Essay

1849 Words Apr 11th, 2012 8 Pages
EXECUTIVE SUMMARY
The purpose of this report is to identify and analyse what it means to be a sustainable business, how to report for it, and the cost/benefits of integrated reporting.

By using Woolworths as an example of what to expect and the outcomes of their progress I dissect the strategy Woolworths adopted in attempting to implement sustainability into their every day-to-day operations and through doing so have resulted in a conclusion with a recommendation for Coolworths. Sustainability will require heavy investment in the short term, however with the correct approach, attitude, and strategy, investments into sustainability will pay for themselves in the long run and furthermore allow us a solid foundation for further
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Any one of the above theories could be followed; if the sustainability strategy was implemented in accordance to public interest theory all reporting information that stakeholders require would be released and Woolworth’s day-to-day operations would be in the best interest of stakeholders and society. In contrast if the strategy was implemented in accordance to private interest theory, Woolworths would seek the best benefit to cost ratio available and only seek for returns on any investments made.

Woolworths in the adoption of a sustainability approach has attempted to satisfy both the public’s interest with its self-acclaimed ‘customer-centric’ business ethic whilst maintaining vigil for a return on investment.

By satisfying the public’s interest Woolworths have a number of systems in place to satisfy ever-changing consumer needs. In Woolworths Corporate Responsibility Report of 2009, Woolworths welcomed the ACCC to ‘hold a public inquiry into the competitiveness of retail prices for standard groceries’ to reassure consumers that Woolworths offers the lowest prices possible. Other issues addressed in the report include the Global Financial Crisis (GFC) and Woolworths’ Carbon Pollution Reduction Scheme as well as plastic bags. In addition to this, call-centers for shareholders, the customer insights department for consumers and the annual general meeting for

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