I choose PricewaterhouseCoopers to research services offered for Sustainability Reporting. PricewaterhouseCoopers (PwC) began with the merger of Price Waterhouse and Coopers & Lybrand in 1998. Both accounting organizations originated from London. PwC focuses on assurance, tax, performance improvement and crisis management type of services.
PwC philosophy is that sustainability is more than just environmental issues. Through sustainability efforts, companies will realize elements like cost containment, ability to proactively address business concerns regarding sustainability to mitigate risk. They believe that sustainable business solution affects the entire scope of strategies for a business. Business strategy, reporting and supply chain assessment are just some of the services PwC offer in their audit and assurance division of the business.
Under the business strategy of services, PwC will assist clients in identifying risks and opportunities with strategic sustainability goals in mind. They also provide guidance when developing strategies for change management, stakeholder engagement and reporting. They support and encourage organization to moving towards Sustainability 2.0 which “process that builds prosperous businesses creating innovative products and services; businesses founded on good financial results, responsible use of resources, and community well-being” (as cited by Albinson, 2011). Sustainability becomes a means for an organization to strategically change business processes, create new innovative products, and implement new updated technologies (steps to sustainability, 2011).
PwC also offers services on sustainability reporting. They will asses any existing process/ procedures and reporting mechanisms of an organization, then give guidance in achieving more effective reporting on internal and external sustainability issues. They believe that effective reporting to stakeholder is crucial. Reports are created to show environmental, social, ethical and economic performances of the organization. PwC also provides a service of independent assurance on the quality of these reports.
Identifying supply chain performance and associated risks are a key piece of each organizations risk management plan. PwC has services that support development of the existing supply and implementation of necessary changes in that chain. PwC also incorporates climate change risks in order to provide a better picture of this element.
The financial area is the final area of service for PwC. They start by determining carbon value which includes emission allowances, credits and assets and then use this information for reporting.
Supplying eco-friendly products has been on the Walmart agenda since the early 1990s. After a failed first attempt and much criticism, the company decided to try again. In a speech made in October of 2005, CEO of Walmart, H. Lee Scott Jr., declared Walmart would devise a “business sustainable strategy” to reduce the environmental impact the company had. Walmart could not pull this off alone. If they only focused on the confines of themselves, rather than all that they were involved with, it was estimated that they’d only reduce their impact by about 10%. To reach that goal of 100%, Walmart had to involve stakeholders to make networks which achieve sustainability. These networks proved to be vital in not only Walmart’s goal in minimizing its environmental impact, but recovering their reputation, avoiding criticism, saving money, raising awareness, improving customer satisfaction, and creating incentive for other businesses to work towards sustainability.
In 2015, Walmart implemented a risk based approach to auditing that allocated their auditing resources based on the risk level of the country where the facility is located. The audits are normally unannounced and conducted at facilities by third-party audit firms. So what does this mean to the Walmart organization. It is saying that they are a transparent company with nothing to hide. The company continues to continually evaluate risks in the supply chain, including the potential risk of forced
PricewaterhouseCoopers is one of the big four accounting firms who’s services include, audit, assurance, consulting, tax services, and risk assurance services. PwC concentrates on 16 key industries and provides precise services that include human resources, deals, forensics, and consulting services. PwC is a firm that is consistently looking to gain an edge for their clients. With its headquarters based in London PwC boasts 776 locations with over 180,000 employees. The empire that is PwC consistently achieves success, recording nearly $31.5 billion in revenues for the fiscal year 2012.
Companies like Astra Zeneca are trying to help those who are uninsured and underinsured to get easy access to medicines. Different companies have different form of sustainable activities and it differs from one sector to another, there is no distinctive footprint of participation in the standards. A majority of pharmaceutical companies invest in sustainability reporting which helps them in managing their sustainable activities and benchmarking. This is extremely useful to the participants even while remaining a process focus. With the advent of CSR in the pharmaceutical companies, there would be comprehensive reporting on the impact on society.
The corporate social responsibility is a commitment by a business to contribute to economic development while improving the quality of life for employees and their families’ as-well as contributing to the society. Walmart is a well-known company that offers customers the items they want and need at a low cost, with nearly 4,000 stores in the United States. According to the Fortune 500, Walmart was ranked number 1 in 2015. Just like any other superstore Walmart needs to continue the use of social responsibility by recreating a relationship between business and the community especially if they want to dominate the competition in 2016. The use of sustainability, strategic philanthropy, causing market, shared values, stakeholders and global perspective will help readers understand the purpose of social responsibilities in the corporate world.
PepsiCo discloses their stakeholder engagement as a contribution towards sustainability. As part of the company social responsibility and sustainability strategic planning, the company has put in place strict policies to guarantee a long-lasting relationship with all its stakeholders. According to the company website, ‘PepsiCo has established a strong relationship with NGOs and routinely engage them to leverage their areas of expertise or interest to help shape their CSR processes and tracking methods. These relationships have helped to better identify sustainability priorities that supports both the business model and the expectations of the stakeholders’ (PepsiCo 2013). PepsiCo invests mainly in activities linked to their chain of management, they totally applied Kramer and Porter’s ideas. Porter explains that businesses are socially responsible today because they realized that socially responsible activities build and develop credibility, integrity, and give competitive advantage.
Sustainable operation management is a management approach that involves planning, implementation and control of business processes that translate available resources into required product or service. It is the management of business practices, traditions and operations to promote highest level of efficiency, workflow, and increase productivity in an organization. This management strategy mainly ensures that available labor force and materials are changed into products or services in a cost effective way to increase the company’s returns (Corbett, 2009). It also involves production waste management, reducing food waste, creating new opportunities, environment protection, and improving customer health. Sustainable operation management in retail business industry around the world has gained momentum especially in the recent years. They are particularly linked to the concepts of corporate social responsibility and global warming (Tesco and Society, 2013).
Sustainability is a concept with a diverse array of meanings and definitions – a widely used glamorous, ambiguous, ambivalent and vague concept that is used by different stakeholder groups in various ways. Presumably to avoid noodling over a terminology or to avoid the confrontation with a definition, most widely the concept is broken down a planning process (c.f. e.g. Döring & Muraca, 2010). That is why most common sustainability is understood as sustainable development.1
Without doubt the XXI century has changed our priorities, especially when it comes to the way we do business. Popular sustainable business models, as advertised in the media, have evolved into much more than a moral obligation or an external requirement to generate money. Essentially, are forcing companies to reinvent the systems and approaches with which they generate value and profitability to the company.
7). Their definition was as follows: “ It is in the hands of humanity to make development sustainable… to meet the needs and aspirations of the present without compromising the ability of future generations to meet their own. (SHRM, 2011, p. 7).” Sustainability is the organization’s commitment to balance financial performance with contributors to the quality of life of employees, society at large, and environmentally sensitive initiatives (SHRM, 2011, p. 2). Workplace sustainability requires observation of the following: work force diversity, environmental impact, bribery and corruption, community involvement, ethical sourcing of goods, human rights, product safety, and product usefulness (Epstein & Roy, 2001, p. 588). Creation of a stable, sustainability culture can support the company’s efforts to reach its long term goals; however, sustainable practices are more often found in medium and large staff-sized organizations, publicly and for-profit companies and multinational companies (SHRM, 2011, p.
Sustainability may be defined as the process by which companies strategically interlink their financial, social and environmental risks, obligations as well as opportunities. These three may be referred to as profits, people and planet.
PricewaterhouseCoopers (PwC)is the world’s largest accounting firm and ranks as one of the giants in the global professional services arena. PwC employs over 146,000 people with 766 offices in 150 countries. The Firm is led by Samuel A. DiPiazza, CEO, and is headquartered in New York City on Madison Avenue. Its clients include 84 percent of the Fortune Global 500 companies. Price Waterhouse and Coopers & Lybrand merged in 1998, which made the combined firm the top player in public accounting. In the 2007 fiscal year, PwC had gross revenue of over $25 billion. Structured as a limited liability partnership (LLP), the private company would rank in the low 300s on the Fortune 500 companies.
There are many methods and tools available for individuals and organisations for evaluating and developing their operations but several barriers should be considered. I believe that a breakthrough can be expected if the goals and values of sustainability are integrated into the organisational strategy, structure and culture. Next to environmental departments or corporate social responsibility programs it is increasingly important to focus on the processes. A key element is the proper design of operation processes that involves these requirements horizontally instead of forcing the separate specifications. Of course, this needs additional management efforts but it will pay off in a long
The sustainability of the ecosystems on which the global economy depends must be guaranteed. And the economic partners must be satisfied that the basis of exchange is equitable” (World). This quote demonstrates the complexities of sustainability. Another thing corporations should focus on when trying to be sustainable is their environmental impact.
Now-a-days it is considered that CSR is one of the major concerns of organization’s business ethics. Companies increasingly increase their corporate social responsibility (CSR) and ethical management accepting the positive impact on the bottom line. The vast bulk of Standard & Poor’s 500 companies publish sustainability reports unfolding their program challenges and achievements. These pre-emptive efforts can pr...