The business community has been made subject to greater accountability now than in the past. In the current economic conditions, as capital becomes scarce, providers of finance, whether they are financial institutions, donors or investors, can be very selective. Transparency and openness are essential for effective communication with a company's key stakeholders.
Companies today are under increasing pressure from a variety of sources to be more transparent about the extent of their compliance with environmental and social responsibility laws and regulations, and about their environmental and social impacts and performance. Environmental, social and sustainability reporting provide a framework for reporting on all this, as well as for enhancing corporate reputation and ensuring transparency in reporting.
The government is committed to good corporate behaviour and transparency. To embed the culture of sustainability reporting, regulators have taken steps to mandate disclosure, on top of providing best-practice guides. Initiatives such as ACCA-WWF Business Earth Talk provide an excellent framework for organisations not only to discuss and deliberate on sustainable business practices but also to report environmental, social and sustainability information, either in their annual reports or in stand-alone reports. The Ministry of Environment commends this initiative and is willing to work with ACCA and WWF to encourage greater involvement among the business community. High-impact Sectors: the Challenge of Reporting on Climate Change A report by ACCA and the Global Reporting Initiative (GRI).
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