Economic Sustainability
The sustainability is based on the legal and statuary compliance program which should be adopted by company. This report showcases the key understanding on the GRI standards and its legal standards compliance of the business. Each and every company needs to establish the linkage between the organizational growth and social development. The GRI standards and applicable rules are followed so that company could deliver best outcomes to society what it has taken due to the business operations in the economic environment. The applicability of GRI standards covers all the applicable rules and laws related to anti-corruption bodies, state corruption for the extortion activities against the consumer by the members regarding the social and environmental issues which company needs to follow. This is a report of “TIMBER WELL CONSTRUCTION” on sustainability. This company is basically, a labour-intensive system. Due to this, company is facing issues in the recruitment of labours in unfilled positions as its labour turnover rate is extremely high.. Many companies of Australia are facing theses issues of anti-corruption bodies, state corruption for the extortion activities against the consumer by the members regarding the social and environmental issues. This report is basically framed according to global reporting standards and sustainable reporting standards 2016 that determine all the elements of sustainability like economic, environmental and social. It describes the sustainability of the company regarding all its elements (Parsa, et al. 2018).The GRI standards help the company to analyze their sustainability by using these standards. The analysis of sustainability is been compulsory for the companies (Hahn, and Lülfs, 2014).
The economic sustainability refers to the capability of economy abatement prescribed level of economic production continuously. It directly influenced the budgetary and economic condition of a company. It is the essential for an organization to analysis the production capacity, forecast the availability of resources for present and future use, determine what resources are scare in nature and keep them safe for the future availability. Hence, it is must for every company to determine economic sustainability (Ioannou, and Serafeim, 2017).
This standard is determined to report conceivable changes in the business activities and other activities related to business. It determines the risk and other physical factors that affect risks (Chen, Feldmann, and Tang, 2015). This standard is to determine the risk or alternative options of risks and how to detect and cure the risk and cost of determining the risk. In this, various factors of risks are identified and measures are to be taken to cure them at minimum cost by choosing better alternative (Jenkins, and Yakovleva, 2016). This standards allows company to lower down the use of the hazardous substance and use of the proper handling and care for avoiding the accidents in work process.
Risk Assessment and Management
This disclosure includes all the information regarding the corruption activity detects in the organization. In this, all the information regarding the corruption which happens till date is provided, information about the ex-employees how many are the part of these are fired are disclosed. Describe all the information about the discharged contracts till date due to corruption activities (Michelon, Pilonato, and Ricceri, 2015). This report Disclosure 205-3 the key understanding on the GRI standards and its legal standards compliance on the business which will lower down the complexity and also make the business more employee oriented.
Timber Well Construction Company has also gone through this corruption activity where two partners and five employees of this organization involve in this activity for the enlistment of the organization. This case is registered by Dennis against the organization regarding the corruption done by the partners and employees of Timber well (Parsa, Roper, Muller-Camen, and Szigetvari, 2018). This has shown that company has increased its business outcomes and by adopting the proper GRI standards it will also make its legal compliance and reporting more transparent.
This disclosure refers to the reporting of activities regarding the legal issues on which order is passed is still on hold. This report determines the anti-aggressive and anti- assurance behavior of Timber Well Construction Company regarding the legal actions. Hence, in this it is determined that how many activities like this happened and what steps to be taken to overcome these issues by Timber Well Construction Company (Reimsbach, and Hahn, 2015).
Timber Well Construction is also get into an anti-competitive policy where the case is against the officer to provide bribe and threaten them to stop competition (Reverte, 2016).
Environment sustainability refers to the determination of ecological activities that are in favor of the environment (Brown, de Jong, and Levy, 2009). These include those factors regarding the environment sustainability which affects the environment now or in future It determine the various essentials that effect the environment adversely by damaging flora and fauna, species, humans. It helps to maintain the ecofriendly environment and determine the issues whether they are good for the nature or not. If not, corrective actions are taken to cure these issues (Parsa, et al. 2018).
This disclosure refers to the utilization and availability of resources that are require for the business activity. They may be renewable or non-renewable resources in nature. This must be determined in watt-hours capacity of resources. Resources may include electricity, water, heat, coal, steam, and cooling consumptions. Conversion factors are also determine under this disclosure. It determine the various consumption of natural resources for conducting the business activities (Fornaciari, and Pesci, 2018).
Disclosures on Corruption
Timber well organization will also be penalized because of the harm that they make to the flora and fauna by damaging a hector of ecological land and will be fined under the act of state planning scheme of $ 200000. He uses the ecological land that destroys the soil and also destroys the flora and fauna that effects the environment (Parsa, et al. 2018).
This disclosure determines the factors related to the pollution occur in the environment due to various non-biodegradable activities. It determine the pollution occur by the manufacturing, construction industries that affect the ecological environment. This also effects the flora and fauna, various species, human health etc. As pollution not only affect the present environment but also destroys the future resource (Parsa, et al. 2018).
Timber Well Construction Company is also included in this case as they destroys frog of the ecological land which they are used for their business activity. He uses the ecological land and by their business activity grass of that land start destroying that indirectly affect the generation of frogs and kills them (Fornaciari, and Pesci, 2018). The Disclosure 304-2 is basically framed according to Global Reporting Standards sustainable reporting standards 2016 that determine all the elements of sustainability like economic, environmental and social to make the business more sustainable in long run.
This disclosure determines all the penalties that are framed on the damage of environment. It includes all the penalties that are mentioned regarding the flaws of damaging environment species, flora and fauna. In this all the rules regarding this are described and also the ways to cure if other than these issues are found (Parsa, et al. 2018).
The social sustainability is the key aspect for the business sustainability of the business. It not only focuses on delivering the best outcomes to society but also make the business process less hazardous to society. Social sustainability refers to the situations that harm the social environment of the community. It includes misrepresenting advertisement, false products etc. They may directly or indirectly harm the community. It determines the social environment that effects the mentality of the people. It describes the condition that effect the future generation or misrepresentation that make false promises regarding the product (Fornaciari, and Pesci, 2018). This social sustainability is the major step to align the interest of the society with the organization development. It will not only strengthen the business sustainability of company but also allow company to pay back to society what it has taken back while operating its business in economy.
Disclosures on Legal Issues
In this disclosure, the number of employees are considered who are currently working in the organization regarding the information sustain about them. The information is described under various things like according to their age, qualification, religion, post, gender etc. In an organization the employees plays an essential role in the business activity so it is important for a business unit to gather information about the employees who are working in the organization. As due to change in policy or employee turnover ratio employees are changed so for an organization it is must to keep information on a particular time about the existing employees.
This disclosure refers to the information regarding the plans that are framed by the managers. It determined the plans and advice regarding the particular issue and actions that are taken for the issues by the managers. This determines the issues that are faced by an employee for their age, gender, religion in an organization.
In Timber Well Construction Company a particular employee is accused for his age by other employees, as he is older than all of the employees. Weird comments are passed on him about him age and he is accused to be old between all of them. Timber bell give compensation of $4400 against this accruement under the policy of anti-discriminating policy (Simnett, Vanstraelen, and Chua, 2009).
This disclosure contains assessment activities for the social, environmental and public sustainability. It includes the activities regarding the activities conducted for the awareness of all these issues related to social, environmental and public aspects. It helps the peoples to know their rights and action to be taken regarding the issues arise due to all these factors. This disclosure contains all the acts, rules and regulation regarding their rights and how they take actions against their harm and get compensate. It will also align the interest of the stakeholders with the organization development and will allow managers to lower down the emission of the hazardous substance in market. It helps to describe all the rules and regulation regarding the steps taken for curing the unsustainable activities (Ioannou, and Serafeim, 2017).
Conclusion
After analyzing all the details and applicable laws and rules of the GRI standards, it could be inferred that if Timber Well Construction follow the proper rules then it will keep the busienss of the Organizaiton more transparent towards the stakeholders. The crux of this report is that GRI standards should be followed by Timber Well Construction if it wants to keep its busienss more sustainable in long run. Nonetheless, GRI standards keep the business more transparent. By this report, it is determined that the sustainability analysis of a firm is compulsory as by this many issues can resolve. Sustainability plays an important role to determine the essentials of its various factors that helps to find issues related to them. This report is made to determine the sustainability regarding the various factors like social factor, environment factor, and economical factor. Sustainability is determine to cure present and future issues.. This report describes that there are so many policy framed regarding the social, environmental and economic issues that help employees and also the community to stand by their rights and fight against the crucial activities. GRI standards makes factors of sustainable activities. GRI standards determined how a company is making a sustainable report using these standards up to marks. So that the sustainability of the firm is disclosed and corrective actions are taken for these.
References
Brown, H. S., de Jong, M., and Levy, D. L. (2009). Building institutions based on information disclosure: lessons from GRI’s sustainability reporting. Journal of cleaner production, 17(6), 571-580.
Chen, L., Feldmann, A., and Tang, O. (2015). The relationship between disclosures of corporate social performance and financial performance: Evidences from GRI reports in manufacturing industry. International Journal of Production Economics, 170, 445-456.
Fornaciari, L., and Pesci, C. (2018). Global financial crisis and relevance of GRI disclosure in Italy. Insights from the stakeholder theory and the legitimacy theory. FINANCIAL REPORTING. 17, 45-46.
Hahn, R., and Lülfs, R. (2014). Legitimizing negative aspects in GRI-oriented sustainability reporting: A qualitative analysis of corporate disclosure strategies. Journal of business ethics, 123(3), 401-420.
Ioannou, I., and Serafeim, G. (2017). The consequences of mandatory corporate sustainability reporting, 3rd ed, Australia Pearson.
Jenkins, H., and Yakovleva, N. (2016). Corporate social responsibility in the mining industry: Exploring trends in social and environmental disclosure. Journal of cleaner production, 14(3-4), 271-284.
Michelon, G., Pilonato, S., and Ricceri, F. (2015). CSR reporting practices and the quality of disclosure: An empirical analysis. Critical Perspectives on Accounting, 33(1), 59-78.
Parsa, S., Roper, I., Muller-Camen, M., and Szigetvari, E. (2018, March). Have labour practices and human rights disclosures enhanced corporate accountability? The case of the GRI framework. In Accounting Forum (Vol. 42, No. 1, pp. 47-64). Elsevier.
Reimsbach, D., and Hahn, R. (2015). The Effects of Negative Incidents in Sustainability Reporting on Investors’ Judgments–an Experimental Study of Third?party Versus Self?disclosure in the Realm of Sustainable Development. Business Strategy and the Environment, 24(4), 217-235.
Reverte, C. (2016). Corporate social responsibility disclosure and market valuation: evidence from Spanish listed firms. Review of Managerial Science, 10(2), 411-435.
Simnett, R., Vanstraelen, A., and Chua, W. F. (2009). Assurance on sustainability reports: An international comparison. The accounting review, 84(3), 937-967.
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