Sustainability Reporting: a management toolBusiness advisory Events Social responsibility
At the forefront of sustainability reporting.
Koh Wee Kwang
CA TRUST PAC (Singapore)
What is Sustainability Reporting?
It is all about communication. Communication about the organizations economic, environmental and social impacts. The company will describe its contributions towards the goals of sustainable development, whether positive or negative.
The practice of sustainability reporting is becoming more and more popular around the world and in some areas it is even mandatory. There are multiple benefits for an organization to report on its sustainability
Koh Wee KWANG, TGS member our member firm CA TRUST PAC in Singapore hosted the first TGS Webinar on Sustainable Reporting. He is a specialist in this field and works closely with the United Nations Global Compact.
Internal benefits of sustainability reporting:
- a better vision and strategy
- improved management systems
- higher employee motivation
External benefits of sustainability reporting:
- reputation & trust
- attracting capital
- stakeholder engagement
- a competitive advantage for the company.
An important motivator for commitment towards a more sustainable future is the United Nations Global Compact (UNGC). This program implements 10 universal sustainability principles in order to advance 17 sustainable development goals (SDGs). The UNGC has motivated ten thousand companies, including TGS Global, in over 162 countries to participate.
Over sixty thousand reports have already been submitted.
Many companies who report on their efforts towards sustainability are using GRI Standards. About 90% of the world’s largest 250 corporations report on their sustainability performance. Most of them use this framework for writing their reports.
Why use GRI standards?
These standards provide the users with consistency in their reporting and harmonize reporting frameworks and initiatives. This makes it easier to read for stakeholders and it also makes it easier for investors to compare between offers.
The guidelines and defined disclosures help the reporter achieve a high-quality report and reduce the burden of reporting on sustainability.
If you’re interested in the Global Reporting Initiative
have a look at this short video
Learn more about our participation in the United Nations Global Compact and join the sustainability commitment of TGS network