Willow Aliento | 10 July 2018
The glossy sustainability report with its pretty pictures of trees seedlings could become a thing of the past, as leading companies increasingly incorporate environmental, social and governance matters into mainstream annual reporting.
Sustainable Business Australia chief executive Andrew Petersen said this is because it is increasingly recognised that financial risks are “usually a consequence of non-financial risks.”
A recent example is the scandal engulfing the Commonwealth Bank, where “hubris” resulted in clear financial consequences for the bank, Petersen told The Fifth Estate.
Worldwide, in 2017 34 per cent of World Business Council for Sustainable Development members produced integrated reporting in 2017, up from 28 per cent in 2016.
Climate change is seen as something that can have an impact on the financial balance sheet. It is being seen as a material issue, not a political one, and there is an “interconnectivity” being recognised. More>>