Sustainable development is the direction of development in which the social, economic, and environmental spheres are in harmonious interaction with each other. This concept has 17 goals, which will help humanity create a comfortable environment for current and future generations (Murray, n.d.). A sustainability report is a practice in which a company describes how its activities have affected society’s social, environmental, and economic spheres in its annual report. Reporting on GRI standards can help protect the environment and improve the community while thriving economically.
The CEO should issue a sustainability report because maintaining non-financial reporting has several internal advantages. In particular, the release of the sustainability report will lead to a clearer understanding of the company’s risks and opportunities. It will also have an impact on the long-term strategy, management policy, and business plans. CFO should issue a sustainability report because it allows highlighting the links between financial and non-financial indicators. The process optimization and efficiency improvements achieved with the sustainability report release will result in lower costs. The Audit Committee Chairman should publish the sustainability report, as it helps to optimize processes and improve efficiency. This data allows comparing the results of activities within the company and between organizations and sectors. This data is a vital statistic when deciding to finance a company.
Summing up, it can be noted that the preparation and publication of reports on sustainable development is an excellent contribution of TLC to the formation of sustainable development. Maintaining non-financial reporting by GRI standards helps an organization protect the environment and improve society while thriving economically. Moreover, sustainability reporting brings several benefits to the TLC company: it helps it improve its relationships with stakeholders, enhance its reputation, and build trust.
Reference
Murray, K. (n.d.). TBL technology considers sustainability reporting. Ernst & Young.