MBA402 Governance, Sustainability and Ethics Assignment Sample

• Subject Code : MBA402
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• Subject Name : Governance, Ethics and Sustainability

Sustainability Report

Introduction

The annual sustainability report outlines these sustainable strategies, performance, and programs during the calendar year 2019 of Tramalway industries. The report is aimed at various stakeholders who wanted to learn about the commitment of Tramalway towards the approach of sustainability of various factors like environmental sustainability, social sustainability as well as economic sustainability. It is important to know that the Tramalway industry is abiding by all the consolidated guidelines set up by the GRI standards of sustainability.

The report will reflect the light upon adhering with the disclosure of 201-4, 203-1, 204-1 which deals with economic sustainability. Apart from this disclosure 301-1, 301-2, and 306-3 are also avoided by the industry which deals with environmental sustainability (Belkhir 2015). The report will also focus upon maintaining the social sustainability in the society which is very important and thereby Tramalway industry had also dealt with disclosure 408-1, 412-2, and 417-3. Unless otherwise agreed under this report, all the relevant data and information regarding all the activities done by Tramalway industries have been incorporated under this report.

Economic sustainability

It is important to know that the report has been prepared according to the standard set by GRI and hereby label to disclose all the standards lay down by the GRI. The commitment of sustainability of Tramalway had worked after analyzing the long term business success. The sustainable economic policies have been formulated to improve the overall financial performance of the organization by decreasing the risk (Abdelgadir 2017). The sustainable economic policies have been addressed to support the repetition of all the stakeholders attached to the industry. It has been contended after the media investigation that Tramalway industries are working with Golden Goods limited which are the Bangladeshi manufacturers who were using child labor for the manufacturing of the products.

It must be noted that the entire situation of breach of child labor laws was unknown to Tramalway industries and after knowing about the entire situation, Tramalway had put an end upon the contract with Golden Goods limited. After the entire incident the industry and found a relatively local supplier on the replacement of golden goods (Boiral 2017). It is important to know that all the goods and services purchased from the new supplier are locally manufactured and its head held to increase the budget of the company by 75%. All the materials supplied by the new supplier are completely recyclable and renewable which is cutting down the cost of non- renewable materials by 55 tons.

Due to this 45 tons of already used materials can be recycled and can be reused by the industry which will increase the output of the materials by 25 tonnes. Later the Australian competition consumer commission and investigated the issue of marketing communication of Tramalway industries and apparently, they found that the industry had engaged in all the misleading conduct and false representations for which the industry was penalized by $12,600. It must be noted that Tramalway industries' had paid the fine and had ensured that in the coming future all the Australian consumer law provisions will be abided by the industry in its whole essence (Boiral 2017).

Apart from this, the Tramalway industries will abide by the disclosure 201-4 which talks about the entire value of financial assistance which has been received by the industry from any source of government in the form of tax relief or credits, subsidies, investment grants or any other financial benefit which the industry had received by the government. Accordingly, financial assistance has been received by the industry from the government regarding any operational activities of the industry. According to 201-4, there was no government presents in the shareholding structure of the company (Boiral 2017).

Apart from this Tramalway industries had been supported by the government for any development or infrastructure investments under disclosure 203-1. It is important to note that the industry had been awarded by the Federal Government and amount of $15million for the research and development regarding working in the field of liquid hydrocarbon for remediating the soil. This was granted when there was a significant fuel spill at the warehouse of Tramalway and 8-kilo liters of fuel had been spilled from the tank into the soil.

The Federal government had rewarded the industry for working for rebuilding the original form of the soil. According to 203-1, which talks about the impact upon the local economy or community, the industry had trained the employees for developing human rights regarding providing equality of human dignity. Also, show the industry hand completed the $10 million regarding the health and welfare center project initiated for supporting the families who are coping up with a wide range of social issues. Therefore it can be said that the industry is working to contribute to the economically sustainable goals of the industry.

Environmental Sustainability

By abiding by the disclosure 301-1 and 301- 2, it was contended by the media reports that the industry had been engaged with the manufacturer that was not using appropriate products but was also engaged under child labor (Corazza 2017). So this is to inform that the supplier was replaced with the local manufacturer in the metropolitan area who was supplying renewable and recyclables products. Due to which the total pay procurement budget of the industry has been raised by 75% and the waste of non-renewable items and products was decreased by 55 tons as per the total weight of all the renewable materials that are now used by the industry.

Due to disclosure 306-3 of the GRI guidelines, this is to inform that a serious issue of significant fuel spill has been addressed by the industry which had occurred at the warehouse in the Chemora (Queensland) (Diouf 2017). It must be noticed that approximately 8-kilo liters of fuel had means built from one of the ruptured fuel tanks of the industry and had been spilled into the soil around the base. This is to inform all the stakeholders that these people had been so directly into the soil but to rectify the same, the Tramalway industries had taken significant steps to ensure the compensation of the spill by spring liquid hydrocarbon eating bacteria into the entire affected place. So these are the grounds that suggest that Tramalway industries have also been working for environmental sustainability as it is taking all the measures for protecting and rejuvenating the harm done by the industry to nature.

Social Sustainability

Tramway industries had always abided by the disclosure obligations provided under the GRI standards and therefore under disclosure 408-1, this is to inform all the stakeholders and all the relevant personnel that previous years the industry had been bombarded with the media investigation regarding the child labor in the facilities of Bangladeshi manufacturing companies (Figge 2018). It was alleged that Tramalway industries had been working with one of the suppliers named Golden Goods Limited, who were engaged in the employment of child labor for manufacturing their products. However this fact was completely unknown to Tramalway industries and after getting knowledge about the entire scenario, the industry had terminated every contract it had with Golden Goods Limited.

It is to inform that Tramalway industries had not been engaged in any child labor practices in the course of the business in whatsoever manner. It must be noted that under disclosure 412-2 of GRI standards, Tramalway industries had been engaged in training the employees for the policies related to human rights which need to be incorporated in the operations of the business (Guedhami 2016). In this year the Tramalway industries had launched various training programs related to the development and protection of human rights. Moreover Tramalway industries have been engaged in the program and had completed 100 hours of training related to every aspect dealing with the provisions of human rights that are either directly or indirectly related to the operations of the business.

Also according to the requirement for disclosure 417-3 of the related GRI standards, that in this year the Australian competition and consumer commission and also investigated upon the marketing communications adopted by the Tramalway industries (Isaksson 2019). The investigation report had found that the industry had been engaged under various misleading and false conduct and therefore they had imposed a penalty of $12,600 upon Tramalway industries. Therefore the industry has to pay the fine and had made various changes in the existing policies of the industry and had also formulated new procedures to comply with the future provisions of the Australian consumer law.

Apart from this, it is important to know that Tramalway industries I also completed its $10 million upon various welfare and health center project in Dolan Bay, SA. The project has been targeted to provide support to the families who are facing social vulnerabilities in the society. It is important to note that the major commitment of the industry was to provide decent and basic wellbeing to all the less fortunate sectors of the society.

Overall Sustainability Program

The overall provisions and responsibilities for sustainability in the operations of the business solely lie within the internal department of the industry in such a way that the industry is trying to deploy various corporate programs (Willis 2016). Tramway industries have come up with a corporate sustainability department which comprises 12 members who are working to develop the strategies and various programs related to sustainability of various factors like ensuring economic sustainability, social sustainability as well as the environmental sustainability.

This is the reason why Tramalway industries have come up with allying with various other responsible industries to work together to meet the ultimate goal of reaching the optimum level of sustainability. Apart from this industry is also working to manage the sustainability risk which is integrated into the newly formulated program of the industry as it is the bottom-up process (Wagner 2015). It is important to know that all the members of the organization are equally responsible for identifying the risk associated with the sustainable management of the organization. This is the reason why the industry had come up with identifying the overall risk and opportunities associated with the sustainability operations in the business.

The industry has covered every topic related to the sustainability strategy of the industry and after that; the analysis has to be done where various programs are deployed according to the risk identified with the issue of sustainability. Various certified management systems are thereby been deployed like ISO 14001 and various other industry standards like code of conduct, responsible business alliance, and many others. It is important to know that Tramalway industries had strictly been following all the GRI standards regulations and all the disclosure obligations on the part of the industry to ensure the proper management of sustainability and other compliances (Willis 2016).

Conclusion

All the sustainable development goals formulated by the United Nations regarding sustainable development and its aspiration had been held high by Tramalway industries. The industry understands the important aspects of maintaining the social, environment and economic sustainability to maintain a balance between all the levels of the society without compromising any one of them. Therefore it can be concluded that Tramalway industries are working for maintaining good health and well-being of all the customers as well as employees of the industry. apart from this proper training related to the provisions and policies of human rights are also being deployed internally within the industry.

Also, the Tramalway industries had been working by shifting its supplier to purchase more products that can be recycled and renewed to protect the environment. The industry is also working to provide decent work and economic growth bi formulating various policies related to the zero-tolerance upon the forced labor as well as the child labor to mitigate the social risk which can be extended to any supply chain of the industry. Also, it is important to know that the Tramalway industry is working to research various other chemicals that can be used to rejuvenate the exploited and deteriorated soil by eliminating the use of hazardous substances and by researching the liquid hydrocarbon eating bacteria.

References

Abdelgadir, S 2017. “Does GRI reporting impact environmental sustainability? A cross-industry analysis of CO2 emissions performance between GRI-reporting and non-reporting companies. Management of Environmental Quality” An International Journal, vol. 28, pp. 138-155.

Belkhir, L 2015. “Does GRI reporting impact environmental sustainability? An industry-specific analysis of CO2 emissions performance between reporting and non-reporting companies”. Journal of Sustainable Development, vol. 8, pp. 190-205.

Boiral, O 2017. “Is sustainability performance comparable? A study of GRI reports of mining organizations”. Business & Society, vol. 56, pp. 283-317.

Corazza, L 2017. “Simulacra and sustainability disclosure: Analysis of the interpretative models of creating shared value”. Corporate Social Responsibility and Environmental Management. Vol. 24, pp. 414-434.

Diouf, D 2017. “The quality of sustainability reports and impression management: A stakeholder perspective”. Accounting Auditing & Accountability Journal, vol. 30, pp. 643-667.

Figge, F 2018. “The sustainability balanced scorecard” Linking sustainability management to business strategy. Vol. 11, no. 5, pp. 269–284.

Guedhami, O 2016. “Firm internationalization and corporate social responsibility”. Journal of Business Ethics, vol. 134, no. 1, pp. 71-197.

Isaksson, R 2019, "What does GRI‐reporting tell us about corporate sustainability?", The TQM Journal, Vol. 21 No. 2, pp. 168-181.

Wagner, J. (2015). Global Reporting Initiative (GRI) and its Reflections in the Literature. European Financial and Accounting Journal. Vol. 1, no. 3, pp. 32- 60.

Willis, A 2016. “The Role of the Global Reporting Initiative's Sustainability Reporting Guidelines in the Social Screening of Investments”. Journal of Business Ethics, vol. 43, pp. 233–237 (2003).

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