The sustainable reporting by organisations in the economy is assessed so that collective and informed decisions are taken. These decisions holds importance because they are the initiatives through which organisations give back to the community it earned from in the first place (Ioannou and Serafeim, 2017 p. 56). In this assignment, a sustainability assessment report would be provided for Tramalway Industries. The report would be following the GRI standards for sustainable reporting. It would be used by Tramalway industries to report about their influence in the economy or community it operates in. It is a structured set, which comprises of interrelated standards that covers all the topics of materials that are used by the organisations in the economy (Globalreporting.org, 2020).
Sustainability report covers three major aspects of business operations - environmental, social and economic (Thijssens et al., 2016 p. 96). It is assessed for the evaluation of its positive and negative effects on the community and society it carries out its business activities. In order to cover all the major touch points, which will highlight these impacts the GRI reporting standard, is followed and accepted worldwide. It is the promotion of practice that shall be adopted by organisations to be transparent about their operational activity with the public (Globalreporting.org, 2020). This maintenance of transparency leads them to procure their raw materials from sustainable resources or run their production activities by prioritising the fact of sustainable development in the economy. Therefore, an organisation has to choose a particular material subject to report on the economic, environmental and social grounds. This report will conclude with the reporting on the requirement, recommendation and guidance of the economic, social and environmental sustainability.
Sustainability reporting is regarded a framework or a tool to inform the stakeholders of Tramalway Industries for the provision of responsible accounting on its social contributions towards the society. It will allow the organisation to display their performance level on the economic, social and environmental aspects and their impact on these grounds. The practice of sustainability reporting will pave the way for new opportunities and will open the gates for existing new markets for Tramalway Industries. The format of a sustainable report starts with its focus on environmental aspects and then gradually covers the information of social and economic performance.
The economy is all about preserving the resources. Economic sustainability is a vital part in the creation of a sustainable environment. It refers to the methods, practices and ideologies that make up the long-term economic growth without any negative impacts on the social, cultural and environmental features of the society (Valenti et al., 2018 p. 407). Therefore, economic sustainability for Tramalway Industries will be ensuring that its business activities to generate profits will not have any adverse effect on the environment it operates and no disruption would be noticed in its long-term performance.
i) Disclosure 201-4 Financial assistance received from the government
This statement will highlight the commitments made by the specific government of an organisation. For example, the reference to negotiation in between the government and company regarding the grants allocated by the former for a specific purpose. The GRI standards for measuring the economic performance 2016 would mark the criteria for Tramalway Industries and its fiscal results. The company would use this framework to state its remarks on its impact crested in the society ranging from industrial sub sectors and various consumer communities.
The Tramalway Industries will report:
a. Total amount provided by the government’s funds will be sated throughout the report, which will also include: i. Relief in duties and tax credits; ii. Support; iii. Grants meant for investment, R&D and other relevant purpose if any; iv. Financial assistance and Export Credit Service; vii. Supplementary financial inducements for any project attained or receivable by any nation.
b. The 201-4-a country element.
c. Some power is in the stockholder scheme, and to what point.
ii) Disclosure 203-1 Infrastructure Investments and services supported
This disclosure states the result of the impact created on the owners of a business in the economy for a funded R&D project and the services of it as its outcome. The framework will also state the penalties of an expenditure done on the development of an infrastructure over a time-period. These expenditures could consist of transport costs, expenditure for social facilities, various amenities and the creation of health, sports and wellness centers. The conclusion of these provided conveniences would extend beyond the grasp and length of company’s operational activities. This includes, substructure, links for travelling, local networks, sport centres, safety and education related services. All of this indicates the allocation of funds apart from the costs of its operational activities.
The Tramalway Industries will report the following information
a. 203-1.A- The range of chief improvements in services and subsidy for amenities.
b. 203-1.B- Deliberate effects, both constructive and undesirable influences, on local inhabitants and bionetworks.
c. 203-1.C- Whether corporate, by forwarding payment or free of charge contributions creates such properties and conveniences.
iii) Disclosure 204-1 Proportion of spending on local suppliers
The construction of standards to monitor the procurement practices develops the deeds of getting approval for a specific purpose. This disclosure form is widely used to measure the impressions created by the applicable material topic for any kind of organization varying from scale and size in the economy. Tramalway Industries plans to engage in building strong relationships with local suppliers and help them financially, which will in return bring profits to the economy as well. Organizations tend to enter into business alliance with local suppliers as it is a great mechanism to maintain a vigorous indigenous environment and to promote the practice of upholding joint alliances.
The Tramalway Industries will report:
a. 204-1.A- Fraction of production spending for large functioning areas expended on local merchants (such as percentage of locally acquired goods and services).
b. 204-1.B- Topographical provincial concept of organizations.
c. 204-1.C- The term used by large operative locations.
Environmental sustainability refers to the activities, which will be stating concern to the fact that environmental resources shall be, protected and preserved for the usage of future generations. This concern will be supported by various extensive research studies that will determine what affects the environmental health in an economy (Dong and Hauschild, 2017 p. 700). It is understood that multinational companies will need to sustain its existence in the end for the purpose of continuity. The continuity can only be achieved if the Tramalway Industry will plan to optimise its usage of resources to reduce the adverse effects of its operational activities on the socio cultural, environmental and economic aspects of the economy.
i) Disclosure 301-1 Materials used by weight or volume
The stipulations for creating a report on the procurement of materials will be published in the materials issue. This framework is widely used to measure the extent of the impacts created by the organisation be it of any scale or size in the economy on the relevant topic of importance.
Tramalway Industries will report the following information:
Comprehensive mass used to assemble and distribute the key goods and services of the company throughout the watching or monitoring time, by:
a) Non-renewable products exploited.
b) Renewable products consumed.
The Tramalway Industries would use the above-mentioned categories of resources to measure the entire materials used while accumulating the particulars set out in Disclosure 301-1: raw goods. These particulars are the supplies for its transformation into goods or services, comprising of coal, reserves and lumber, related development materials. It refers to the materials required for expansion but it is not considered a part of manufacturing processes.
ii) Disclosure 301-2 Recycled input materials used
This disclosure form, demands the Tramalway industry to reveal their usage of recycled material in the production process of its primary goods and services to the economy. The company shall concentrated amount of weight as mentioned in the Disclosure 301-1, to pile it up with the information provided in the set of Disclosure 301-2.;
Proportion of recycled input materials used = Total recycled input materials used / Total input materials used x 100
iii) Disclosure 306-3 Significant spills
This disclosure form deals with the matters of effluents and waste, and shall be reported in the Effluents and Waste 2016. Tramalway Industries are required to use this form to showcase their results on this matter particularly. The usage of this form in reporting their sustainability results will prevent the occurring of large accidents. This program is equipped to screen and regularly assess, analyse and evaluate the minor pollutants and carbon impurities. This will result in the improvement and development of a safe and healthy way to initiate the manufacturing process in the economy.
Tramalway Industries will report:
a. Net quantity of major leaks calculated and total quantity.
b. For any spill recorded in the financial records of organization, following information shall be provided: Location of where the spill took place; ii. Wgat was the product that leaked, defined as spills of oil; fuel spills (surface of ground or water); spills of contamination (soil, water), biochemical spills (mostly soil or water).
c. Impacts of big eruptions.
The concept of social sustainability in relevance to the activities of organisations in the economy has proved to be an essential step to uphold corporate responsibility. This revolves around a businesses’ impact either positive or negative on the people or its consumers in the economy (Popovic et al., 2018 p. 758). It also highlights that the commitments made by the company to responsibly carry out its operational activities shall adhere to the standards and quality implied by the government. In general, all organisations have an indirect and direct effect on its stakeholders like suppliers, distributors, investors, employees, directors and customers.
i) Disclosure 408-1 Operations and suppliers at significant risk for incidents of child labour
This form deals with the coloration standards for children labour and it shall be defined in justifiable way. Tramalway Industry is supposed to use this form to disclose information relevant to this topic if any. The words "Reasonable Convention of age" (ITO 138) as well as "Extreme Modes of Rule regarding Child Labour" are suitable for employing a child (ITO Rule 182). The regulations for child labour is designed and defined by ILO conventions. The term of child labour refers to the treatment of employed child as a slave (ILO Rule 138) (ilo.org, 2020). It does not recognises the grounds of any kinds of abuse being inflicted. The minimum working age of children is different from country to country, because of the socio cultural background and shared beliefs. As stated in ILO Convention 138, the minimum age for child labour is 15 years of age or the child has crossed the level of secondary in school (ilo.org, 2020).
Tramalway Industries will report:
a. Processes as well as sellers are found to be at serious worry for: i. Kid's work; ii. Exposed to dangerous jobs, young employees.
b. Manoeuvres and merchants believed to get a distinguished hazard especially in terms of: i. Operating type and producer (like factory); ii. Countries or geographical areas of apparent threats activities and provisions.
c. Steps applied by the intervention in the checking period for promotion of removal of child labour effectively.
ii) Disclosure 412-2 Employee training on human rights policies or procedures
As Tramalway Industry is a party of a governed economy, it has to adhere to the legislation of hiring employees and their fair treatment at workplace. Therefore, this bounds the company to communicate with its employees and establish a clear understanding of human rights policies at workplace. This is required to maintain transparency in between the employees and the organisation. The result of this would be the identification of Tramalway Industries capacity and capabilities to implement the human rights policies and procedures within its organisational framework. Employees feel a sense of safety at workplace, which is essential for their optimum output, hence this is why the norms of the human rights are approved and accepted internationally. The habit of addressing the fundamentals of human rights shall be practiced in everyday activities.
Tramalway Industries will report:
a. Complete scheming of hours for research on human rights legislation and its issues related to the activities within the monitoring period.
b. Proportion of staff betrothed in human rights policy or practices on human rights issues related to undertakings throughout the monitoring epoch.
iii) Disclosure 417-3 Incidents of non-compliance concerning marketing communications
The Unified Code of Advertisement and Marketing Contact of the International Chamber of Commerce (ICC) is the legal entity that drafts the rules, policies, regulatory codes, laws and regulation for the enactment and protection of marketing communications activities. It is well understood that marketing is an essential medium to establish interaction in between an organization and its potential customers. Tramalway Industries shall use the criteria mentioned in GRI 417: Marketing and labelling, for the reporting of responsible and ethical activities mentioned in the criteria.
Tramalway Industries will report:
a. Total number of events involving marketing communications, with the inclusion of promotion, advertising and sponsorship in relevance to laws and voluntary codes of non-compliance by i. Disappointment to comply with the commandments contributing to a penalty; ii. Occurrences under which an alert is prompted by non-compliance with the Guidelines; Failure to follow informal codes misfortunes.
b. If no violation of laws and/or informal standards has been found by the organisation, it is fitting to make a transitory comment.
Dong, Y. and Hauschild, M.Z., 2017. Indicators for environmental sustainability. Procedia CIRP, 61, pp.697-702.
Globalreporting.org. 2020 GRI 101: FOUNDATION 2016, viewed 5 June 2020, (https://www.globalreporting.org/standards/media/1036/gri-101-foundation-2016.pdf)
ilo.org 2020 ILO Conventions and Recommendations on child labour (IPEC), viewed 5 June 2020, (https://www.ilo.org/ipec/facts/ILOconventionsonchildlabour/lang--en/index.htm)
Ioannou, I. and Serafeim, G., 2017. The consequences of mandatory corporate sustainability reporting. Harvard Business School research working paper, (11-100).
Popovic, T., Barbosa-Póvoa, A., Kraslawski, A. and Carvalho, A., 2018. Quantitative indicators for social sustainability assessment of supply chains. Journal of cleaner production, 180, pp.748-768.
Thijssens, T., Bollen, L. and Hassink, H., 2016. Managing sustainability reporting: many ways to publish exemplary reports. Journal of Cleaner Production, 136, pp.86-101.
Valenti, W.C., Kimpara, J.M., Preto, B.D.L. and Moraes-Valenti, P., 2018. Indicators of sustainability to assess aquaculture systems. Ecological indicators, 88, pp.402-413.
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