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Sustainability reports have become popular in the business world for many reasons, such as regulatory compliance, stakeholder relationships, and measuring profitability. Sustainability reporting is a way for companies to communicate their performance and impacts on a wide range of sustainability topics. The report provides more transparency for stakeholders about the risks and opportunities companies face, as well as performance, and can result in many benefits for the company. However, some believe the effort and time to produce reports provides little to no value.
On a positive note, sustainability reporting provides benefits such as enhanced relationships with stakeholders via information shared transparently on the company’s sustainability programs and increases understanding of risks and opportunities. Many businesses feel that expanding transparency proves helpful to a company’s reputation by building more public trust in the business and reporting positive deeds. Sustainability reporting also provides more access to capital, as well as data assurance through demonstrating annual performance.
Some sustainability reports are used as annual handbooks to help provide validated data across the year.. These reports also help an organization’s decision-making process more efficient and enables them to reduce risk across their supply chain. Sustainability reports emphasize the link between financial and non-financial performance and help influence long-term management strategies, policies and business plans.
While the benefits of sustainability reporting may appear great in number, there are still many who are against it. Some businesses feel that the reports are plateauing rather than offering more value each year and are not worth the growing efforts or cost. In addition, some have voiced their confusion on who the report is actually for, with a concern for the dense language and jargon that can be tedious to sift through, especially if meant for the customers. If the report is too word heavy, no one will want to take the time to read it, and if no one ends up reading it what is the point? Others have mentioned the over-abundance of frameworks and confusing standards, which can lead to concerns over choosing the wrong framework.
Whether you are still hesitant to provide a sustainability report, or you’ve made the leap in favor of the beneficial prospects, it’s important to consider every option, and to always keep in mind what you feel is best for your business.
Since 1992, HOBI has consulted our clients on the proper internal and external reporting requirements and on the required legislative compliance and documentation practices. We have the knowledge to provide best practices for asset management and related corporations in the creation and maintenance of all disposition records and the erasure and destruction of customer/corporate data. For more information, contact sales@hobi.com.
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