Today’s corporate citizenship reports are more engaging and relevant, and are communicating the positive environmental, social, governance, and business value that companies are creating. A corporate citizenship report was once a nice to have; now approximately 93 percent of the Global 250 issue them.
Once the province of a few unusually green or community-oriented companies, sustainability reporting is now a best practice employed by companies worldwide. A full 95 percent of the Global 250 issue sustainability reports, and by doing so gain a competitive edge in every aspect of the triple bottom line.
According to the Value of Sustainability Reporting study—a joint survey conducted by the Boston College Center for Corporate Citizenship and EY—sustainability reporting offers a number of benefits. The majority of respondents believe that reporting improves reputation; while nearly 40 percent find it to increase employee loyalty.
First, the good news: Today’s corporate citizenship reports are more engaging, relevant, and are communicating the positive environmental, social, governance, and business value that companies are creating. A corporate citizenship report was once a nice to have; now approximately 93 percent of the Global 250 issue them.
On April 16 in Denver, the Boston College Center for Corporate Citizenship will launch a new course titled "Materiality: What Matters to Corporate Citizenship Strategy and Reporting." The author of this article, Lynnette McIntire, will be the instructor. To register, click here.
Sustainability reporting is here to stay. A full 95% of the Global 250 issue sustainability reports.
These are among the findings of the Value of Sustainability Reporting study from the Center for Corporate Citizenship and Ernst & Young LLP. Sustainability reporting provides results that:
- Increase the reputation of the company
- Increase employee loyalty and public company reputation
- Aid in refining corporate vision and strategy
- Provide transparency
- Stimulate dialogue with stakeholders
Based on these stated benefits, sustainability reporting has quickly become a best practice standard performed by many major companies worldwide. The Global Reporting Initiative, the world’s most widely accepted framework, announced the fourth generation (G4) guidelines of on May 24, 2013.
The sustainability community gathered in Amsterdam last week for the GRI global conference and the rollout of the G4 version of the reporting framework. Notable sustainability thinkers from around the world convened. Among those represented, members of ISO, IIRC, CDP, OECD, and many other international NGOs and policy organizations came together to debate the future of sustainable business and to discuss the implications of the latest evolution of reporting. While the debates made clear that we have a lot more work to do to get international agreement on how to
A report released recently by the Global Reporting Initiative’s (GRI) Focal Point USA, “Trends in External Assurance of Sustainability Reports: Spotlight on the USA”, found that while sustainability reporting in the United States continues to grow, corporate reporters in the U.S. are less likely to obtain third party assurance as their global peers. In the United States, 10 percent (26 out of 269 reporters) of GRI framework sustainability reports obtained external assurance in 2011. The international percentage is much higher at 38 percent.