It is of utmost importance that every business organizations develops sustainability reports to identify and analyse the impact on issues which are considerably sustainable. Especially, the modern business which are inclined towards advancement, reputation, and growth, shall require sustainability report as their greatest advantage to ensure organizational effectiveness (Ajmal, Khan, Hussain and Helo, 2017). In addition, sustainability reports help enabling them to be translucent regarding the critical risks and opportunities that it faces from various factors involved. However, it is essential for the organizations to follow specific GRI standards of sustainability reporting. By following the GRI standard, it assists in making the report more meaningful, precise, and effective at the same time. In this sustainability report, Tramalway Industries have been undertaken to critically identify and assess the economic, environmental, and social sustainability factors to provide a logical conclusion (Gallego-Álvarez, Lozano and Rodríguez-Rosa, 2018). Understanding the different GRI standards and its implications on the business concerning the three sustainability aspects will provide significant insights about its benefits and advantage subsequently. Thus, this report will help identify and assess the sustainability factors of Tramalway Industries in order to present the impacts on business and sustainability within the market and community.
Concerning the three-sustainability report which includes economic, environmental, and social are considered crucial by business organization who seeks quick growth and advancement as compared to other competitors in the market. It is key for modern businesses to adopt the sustainability reporting within their business processes as it assists in creating a positive image and satisfaction among the communities, customers, and stakeholders effectively and efficiently (Gallego-Álvarez, Lozano and Rodríguez-Rosa, 2018). By adhering to GRI standards of reporting, it helps business to make an authentic, valid, and reliable reporting concerning the sustainability factors importantly (Gallego-Álvarez, Lozano and Rodríguez-Rosa, 2018). Hence, relating to such fact, investigating and assessing the sustainability reporting of Tramalway Industries will provide substantial visions and essential perspective towards organizational progress and effectiveness positively.
Methodology plays a key role when it comes to research plan and research execution. It provides significant understanding of how the research will be conducted and reasons of selecting the research approaches. Relating to GRI standards, it is an international framework with an integrated, interconnected structure, and signifies the globally accepted best approach for reporting on a array of economic, environmental, and social impacts of the business organization effectively (Talbot and Boiral, 2018). It has been implemented and used by business organization in order to ensure their commitment towards safeguarding environment and economy of the regions they serve business. By initiating sustainability reporting, it assists organizations to communicate the impacts of business processes on economic, environment, and social grounds to help minimize and create a positive image among the community (Domingues, Lozano, Ceulemans and Ramos, 2017). In addition, it is a risk management tool which helps businesses to assess risk and prevent them occurring in the future (Domingues, Lozano, Ceulemans and Ramos, 2017). This assists them to generate savings and prevent high cash flow (Domingues, Lozano, Ceulemans and Ramos, 2017).
According to Christensen, Hail and Leuz, (2018), the concept of economic sustainability can be explained to the approaches which supports economic growth for long-term without impacting environmental, social and cultural aspects of the society negatively (Christensen, Hail and Leuz, 2018). Besides that, it can be initiated by donating some funds, for example, $100 by businesses towards non-profits organizations in context uplifting the society and environment which can be assumed as strategic move towards economic sustainability (Christensen, Hail and Leuz, 2018). Concerning the economic issues, it can be of various factors which may include, overconsumption, poorly built infrastructure, unmapped options of renewable energy, overuse of non-renewable resources, depletion of energy, and poor supply classifications (Orazalin and Mahmood, 2018). The identified economic issues or challenges are the prime factors that embraces economic sustainability reporting as per the GRI standards of reporting framework which are effective in scrutinizing the impacts of economy of the region or country where the organization operates business (Orazalin and Mahmood, 2018).
Now, concerning to the provided case study of Tramalway Industries, it indicates that several events took place within the organization concerning economic, environmental, and social aspects of business impact. The indicated disclosures are closely related with the events of Tramalway Industries in initiating sustainability reporting as per the organizational requirement to safeguard business from any conflict, legal notices, and lawsuits for that matter.
i. Disclosure 201-4 in context to Financial assistance received from respective governments: According to the provided case study and communication by the CEO of Tramalway Industries, it specifies that the federal government has awarded Tramalway Industries with an financial assistance of $15 million for research and development purposes n in order to advance the use of biotechnology and prevention from any unexpected mishap that has occurred in Chemora, Queensland where fuel had spilled at one of warehouse of Tramalway Industries which has created a massive damage to the soil and environment negatively. In addition, the CEO has also disclosed that they will utilize the fund in continuing their research to innovate in context to biotechnology aspects to generate an efficient idea to prevent such damages in the future. Thus, this specific standard of GRI in terms of disclosure 201-4 indicates the financial assistance an organization receives from the governments.
ii. Disclosure 203-1 Infrastructure investments and services supplied: As stated by the CEO of Tramalway Industries, the company has invested $10 million on health and welfare project to support the needy families to cope with various social issues that are affecting their lives negatively. This service will help uplift the overall community concerning eradicating and minimizing social struggles effectively.
iii. Disclosure 204-1 Proportion of spending on local suppliers: The case study of Tramalway Industries reveals that, the percentage of purchase products and services hae raised to 75% of overall budget of procurement which indicates that the company has large proportion of spending on local suppliers. This consequently signifies that Tramal Industries if help the local business to emerge and able to make profit gradually.
Ajmal, M., Khan, M., Hussain, M. and Helo, P., 2017. Conceptualizing and incorporating social sustainability in the business world. International Journal of Sustainable Development & World Ecology, 25(4), pp.327-339.
Christensen, H., Hail, L. and Leuz, C., 2018. Economic Analysis of Widespread Adoption of CSR and Sustainability Reporting Standards. SSRN Electronic Journal.
Domingues, A., Lozano, R., Ceulemans, K. and Ramos, T., 2017. Sustainability reporting in public sector organisations: Exploring the relation between the reporting process and organisational change management for sustainability. Journal of Environmental Management, 192, pp.292-301.
Gallego-Álvarez, I., Lozano, M. and Rodríguez-Rosa, M., 2018. An analysis of the environmental information in international companies according to the new GRI standards. Journal of Cleaner Production, 182, pp.57-66.
Talbot, D. and Boiral, O., 2018. GHG Reporting and Impression Management: An Assessment of Sustainability Reports from the Energy Sector. Journal of Business Ethics, 147(3), pp.367-383.
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