LIGHT HOUSE PLC
SUSTAINABILITY REPORTING PRACTICE
In Sri Lanka Global Reporting Initiative’s (GRI) Guidelines on Sustainability Reporting, is considered as the best practice for corporate sustainability reporting. However very few companies in Sri Lanka follow these (GRI) guidelines and their reports are prepared with the minimum application level of the (GRI) guidelines. On the other hand many of the companies only made disclosures relating to sustainability reporting practices in their annual reports in which their social and environmental impacts are included. These disclosure forms an expectation gap as to the information needs of stakeholders on sustainability reporting and the information disclosed in the annual reports of companies. (S. Senaratne, 2009)
The Lighthouse PLC, rather of presenting an individual sustainability report has shown their sustainability position in the annual report under the head of Management Discussion and Analysis. A kind of disclosure is being used in the annual report as a sustainability reporting practice. However the disclosure is very much in detailed and contains all the information needed by the stakeholders on the sustainability of Lighthouse PLC. (PLC, 2013, pp. 23-33) The disclosure contains the environmental and social impacts on the business, the projects undertaken to improve sustainability, management procedure and controls, conservation practices and methods and other related information. The information is represented in under different headings which has made easy for the users to find out their relevant material on the report. however all the GRI guidelines were not followed by the Lighthouse PLC but the overall reporting document is much detailed and comprehensive.
ACCOUNT...
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...s must be started by the new subsidiary. (PLC, 2013, pp. 23-33) As these factors reflect towards the legitimacy theory therefore public disclosures, social responsibility reports and highlights in the financial statements should be provided in the reporting practice for sustainability.
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Studies done by various researchers and scholars on corporate social responsibility impact on financial performance reveal mixed results with others citing a negative, positive neutral impact of CSR on financial performance of firms. Mwangi (2011) studied the relationship between CSR and financial performance of companies quoted at NSE. The results of the analysis conclude that there was an upward trend in performance of listed firms on the NSE as well as an upward trend in the amount of money investment in corporate social practices. This leaves managers with critical decisions to make especially on how much does a firm need to invest in CSR without compromising the returns of stakeholders more so the shareholders and whether investment in CSR has any impact at all on the financial performance of the firm.(Abagail & Donald ,
In recent years, more people begin to accept the concept of corporate social responsibility. Companies also pay more attention to the activities of CSR and investment. In addition to face the pressure of the environment and the social moral level, the enterprise managers also have the responsibility of the company 's performance and the value of the shareholder 's wealth. Therefore, enterprises need to pay more attention to the relationship between corporate social responsibility and financial performance.
Strengths and Weaknesses of the Sustainability and CSR Reporting According to the information disclosed in Annual Report 2016 of Tabcorp, this letter has discussed the sustainability reporting of Tabcorp by using triple bottom line reporting
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Companies have presented investigations about their motivation towards voluntarily social and environmental as insolvent. This paper argues in agreement with Adam’s view that the goal of CSR reporting is to promote credibility and corporate image of stakeholders operating in a particular industry. Whereas companies must focus their efforts on enhancing their profitability, they should also ensure that the welfare of other stakeholders is protected.
Intention of this report is to provide information regarding the general ESG guidelines and to elaborate on the gap that exist between the current reporting practices and the guide lines. 1.ESG reporting Guide Lines ESG reporting guide lines broadly classifies the guidelines under 3 main segments for the ease of reporting and understanding purposes. Even though as per the instructions provided in the guidelines it’s not an expected from every entity to follow all the guideline it is highly recommended to make an effort to disclose all the relevant information for the stakeholders Jiang,(R.J. and Bansal, 2003). Environmental Management Environmental Climate change Human Capital management (including occupational health and safety) Social Other Stake Holder Management Corporate Governance 1.1 Environment A) Environmental Management Managing the business chain activities that can directly or indirectly trigger negative externalities to the environment through products, supply chains or through the direct business activities itself (FSC ,2015).
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One of their main goals should be that they want to be good corporate citizens. In order for a company to be a good corporate citizen they should be doing a range of different activities within their organisation taking into consideration the 3 pillars of sustainability which are Profit which is part of the economic and financial aspect, People looks at the social part, and Planet which is to do with the environment. As mentioned in (Shah and Ramamoorthly, 2014), that from a company’s perspective of corporate citizenship, it is to make sure that the impact is positive and they try to reduce the negative effect on society and the environment, making sure that they still receive a good enough return from the investors. For a company within the accounting and finance sector, one of the main elements of being a good corporate citizen is to ensure that they comply with the reporting and disclosure requirements. This is very important because when they have to prepare their accounts and financial statements it is vital that they follow the strict guidelines that have been stated by the IFRS. If these guidelines are not followed, then the company will have to face several
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The history of accounting I feel is important in the learning, understanding, and developing of my foundation for my accounting career. In this report you will learn about the development of accounting. You will learn about the people who influenced accounting the most throughout the years. You will learn how accounting came about and how it was used in the ancient times. You will learn about the invention of the double-entry bookkeeping processes. You will learn how things were done before the birth of the double-entry bookkeeping process. You will learn about Luca Pacioli and the Summa. You will also learn about modern accounting and ACAUS.