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Governance, Ethics and Sustainability

Table of Contents

Introduction

A Economic Sustainability

Disclosure 201-4 financial assistance received from the government

Disclosure 203-1 Infrastructure Investments based and supported services

Disclosure 204-1 Proportion of spending on local suppliers

B Environmental Sustainability

Disclosure 301-1 substance used through weight or volume

Disclosure 301-2 Recycled input materials used

Disclosure 306-3 Significant spills

C Social Sustainability

Disclosure 408-1 Operations and suppliers at significant risk for incidents of child labour

Disclosure 412-2 Employee training on human rights policies or procedures

Disclosure 417-3 Incidents of non-compliance concerning marketing communications

Conclusion

References

Introduction to Tramalway Industries

Tramalway Industries is a company that had recently not been in good terms due to the circulation of rumours. In this report, some of the sustainability issues faced by the company has been discussed in details. As defined by Bosselmann (2016), sustainability is without hampering the future generation's ability to confer their needs a company or an organization must meet the present-day needs, this refers to as sustainability. In addition to it, sustainability is separated into 3 main pillars that include the Economic, Environmental as well as the social aspects. This study will be conferred to the Global Reporting Initiative or the GRI standards based on sustainability. In terms of sustainability reports, GRI is considered to be a pioneer organization that is instrumental in helping all global companies. It refers to the ways of understanding as well as communicating with the issues like human rights, governance as well as social well-being that are impacting the world. Going further it results in social, economic as well as the environmental benefits either on behalf of the company or to every other person.

A. Economic Sustainability

Economic Sustainability at the same time means that an organization needs to be profitable as well as sustainable (Läpple & Thorne, 2019). It refers to long-term economic growth supporting practices area that does not pose a negative impact on the society in aspects of society, culture as well as the environment. The issues related to economic sustainability refers to the companies that are instrumental in showing good responses in terms of ensuring responsibly sustainable.

Disclosure 201-4 Financial Assistance Received from The Government

The below-mentioned information refers to an organizational report based on Disclosure 201-4 that states:

a) Through the country's 201-4-a information.

b) Governmental Financial Assistance received by an organization in terms of total monetary value in the course of the reporting period includes all the tax credits as well as the tax reliefs; all types of subsidies; granting of investments, R&D, and other types of grants; it considers the awards including the royalty holidays along with ECA’s financial assistance and incentives. Other types of financial benefits that are to be received or granted as receivable refer to a government for a given type of operation.

c) The degree to which any administration are presented in context to the structure in shareholding terms.

The Tramalway Industries has received financial aid in the form of research and development grants from the government. In accordance with the disclosure of 201-4, it can be conferred that the serious issue in this context was a significant fuel spill at the warehouse of the company in Chemora, Queensland. Approximately 8 kilolitres of fuel spilled from a rupture in one of the fuel tanks into the soil around its base. The spill soaked directly into the ground and they have sprayed the affected area with liquid hydrocarbon- eating bacteria to remediate the soil. It has certainly been a challenging year for them but there have been some great wins too. The organization will use the awarded amount of $15 million as research and development grant by the Federal Government to continue for the breakthrough research into biotechnology (Globalreporting.org, 2016).

Disclosure 203-1 Infrastructure Investments and Services Supported

The following information will be reported by the organizations as per the statement of Disclosure 203-1:

The first one is the extent to which there is a considerable amount of development in terms of infrastructural investments as well as supported services. Next comes the impacts on communities along with the local economies based on the Current or expected relevant or positive as well as negative impacts. Lastly, all these commercially investment as well as the services are based on either of the 2 types of engagements be it in-kind, or pro-bono. In accordance with the disclosure 203-1 it can be conferred that the industry had completed $10 million health and welfare centre project in Dolan Bay, SA. This centre will provide much-needed support to families coping with a range of social issues completely free of charge. It is an extremely worthy initiative and demonstrates our clear commitment to the social well-being of those that are less fortunate in our community (Globalreporting.org, 2016).

Disclosure 204-1 Proportion of Spending on Local Suppliers

The below-mentioned information refers to an organizational report based on Disclosure 204-1 that states:

a) The percentage of the budget used for the main operating sites (for example, the percentage of locally purchased goods and services) spent on local suppliers of this activity.

b) b. Defining the locality in terms of organizational geographic conditions.

c) c. The used definitions in favour of significance associated with operational locations.

Their percentage of products and services purchased locally has risen to 75% of the total procurement budget in accordance to the disclosure it has been found that they were able to locate a new local supplier which also meant that (Globalreporting.org, 2016).

B. Environmental Sustainability

Environmental sustainability as a condition of concordance grants people/organization to address their issues by restoring and figuring out how to lessen biodiversity or not to go past nature while meeting their needs (Baland, Bardhan & Bowles, 2018).

Disclosure 301-1 Substance Used Through Weight or Volume

Disclosure 301-1 communicates that the organizational report must possess the accompanying information:

Total material's volume or else the weight used to produce as well as package the primary organizational products along with services during the period of reporting, it can be done by using non-renewable as well as of the Renewable materials. In accordance with the aforesaid disclosure, it has been reported by the company that they have benefited from the new local supplier. The materials from a new supplier are both renewable and recyclable which means total weight for non-renewable materials has decreased to 55 tonnes while the total weight for renewable materials has increased to 45 tonnes. The total weight for recycled input materials has increased to 25 tonnes (Globalreporting.org, 2016).

Disclosure 301-2 Recycled Input Materials Used

Disclosure 301-2 communicates that the organizational report must possess the accompanying information:

A certain percentage of the input recycled materials were put into use by the organization to manufacture primary goods as well as the services. In accordance with the aforesaid disclosure, it has been seen that total weight for non-renewable materials has decreased to 55 tonnes while the total weight for renewable materials has increased to 45 tonnes. The total weight for recycled input materials has increased to 25 tonnes (Globalreporting.org, 2016).

Disclosure 306-3 Significant Spills

Disclosure 306-3 communicates that the organizational report must possess the accompanying information that is, the number, as well as the volume in total, was recording a significant amount of spills. Additional information for every one of the following spill was reflected in the financial statements of the organization. It includes the spill’s location, spill quantity along with the spilt material in soil or water surface as categorized by oil, fuel, wastes, chemicals, organization specified additional other types of spills. It also takes into consideration the significant impacts of the spills. In this case, the company reported that 8 kilolitres of fuel spilled from a rupture in one of the fuel tanks into the soil around its base. The location of the spill was at their warehouse in Chemora, Queensland. It was a soil spill. The spill soaked directly into the ground and we have sprayed the affected area with liquid hydrocarbon- eating bacteria to remediate the soil. Biotechnology Research was very low of the company so the Federal Government awarded them research grants (Globalreporting.org, 2016).

C. Social Sustainability

While addressing all the social issues the social sustainability tends to struggle with the facing of risk. Without the existence of a socially-oriented system as agreed by the organization, and due to the prevalence of some gaps lying in between of the practices along with the theory the organizational intention to attain sustainability will be destabilized.

Disclosure 408-1 Operations and Suppliers at Significant Risk for Incidents of Child Labour

Disclosure 408-1 communicates that the organizational report must possess the accompanying data that is, a significant amount of incidental risk associated with child labor or the employment of young workers into highly exposed hazardous working conditions by the operations as well as the considered suppliers. A significant amount of incidental risk associated with the employment of child labor or young workers in terms of operation types in context to working in the manufacturing plant along with the suppliers. Lastly, the countries or the associated geographic areas related to the operations as well as the suppliers are considered at risk (Globalreporting.org, 2016). The contextual measures as undertaken by the company in context to the period of reporting are proposed towards the contribution of the organization concerning the effective elimination of child labor. In this case, it has been reported by the company that Tramalway Industries was the media investigation into the ongoing use of child labour in Bangladeshi manufacturing facilities. The investigation revealed that one of the suppliers, Golden Goods Ltd, engaged manufacturers in Bangladesh that employ child labour to produce their products. This situation was not known to them and was a clear breach of a supply contract with Golden Goods Ltd. They, therefore, terminated their contract with Golden Goods Ltd.

Disclosure 412-2 Employee Training on Human Rights Policies or Procedures

The Disclosure associated with 412-2 states shall report some of the information. It refers to the procedures related to the relevant aspects of human rights associated with the operations. It takes into consideration the total number of hours in context to the reporting period that is devoted to training based on the policies associated with human rights. It refers to the total Percentage of trained workers during the period of reporting. It is on par with the contextual human rights policies or the intimidating procedures concerned with the relevant operational human rights aspects. In the context of the Disclosure 412-2, employee training program in regard to the human rights was launched this year and has already completed 100 hours of training on aspects of human rights that are relevant to the company’s operations. This means that 35% of the employees have been trained in human rights principles ranging from gender equality to human dignity and respect (Globalreporting.org, 2016).

Disclosure 417-3 Incidents of Non-Compliance Concerning Marketing Communications

The organizations reporting are in need to report the mentioned information as per the stated guidelines of Disclosure 417-3.

The total amount of non-compliance with the rules relating to marketing communications and volunteer codes includes advertising, promotion, along with sponsorship. It complies with the rules related to fine or penalty and acts as a warning to the organization. An incident of non-compliance with codes found voluntarily with the organization does not detect any type of compliance associated with volunteer rules and codes, a brief fact statement is considered sufficient. In accordance with the Disclosure 417-3, it has been reported that Tramalway Industries this year was subjected to the ACCC investigation into the recent marketing communications. The investigation found that Tramalway Industries had engaged in false and misleading conduct and issued an Infringement Notice with a penalty of $12,600. Tramalway Industries paid the fine and updated their marketing policies to ensure future compliance with all Australian Consumer Law provisions (Globalreporting.org, 2016).

Conclusion on Tramalway Industries

To conclude, it can be subjected that the Tramalway Industries faced a lot of issues including Incidents of non-compliance, incidents of child labor, and a significant amount of spill along with other issues. There had been sustainability issues but the company was able to meet them effectively which is quite evident from the reports. The Tramalway Industries has been instrumental in undertaking actions that are in response to all the related issues as well as it tends to appears that the organization management is trying to subject a bigger and better image of their company. They in the due course of time have been setting goals that are needed by them to become an eco-friendly organization. They are also trying to build up brand images that are to be well-known in context to the society. Including the ways and erection of policies that lead to reduced use of non-recyclable sources is considered as one of its most significant planning of Tramalway Industries.

References for Tramalway Industries

Baland, J. M., Bardhan, P., & Bowles, S. (Eds.). 2018. Inequality, cooperation, and environmental sustainability. Princeton University Press.

Bosselmann, K. 2016. The principle of sustainability: transforming law and governance. Taylor & Francis.

Globalreporting.org (2016), from: https://www.globalreporting.org/standards/media/1039/gri-201-economic-performance-2016.pdf [Retrieved On: 12th May 2020]

Globalreporting.org (2016), from: https://www.globalreporting.org/standards/media/1004/gri-203-indirect-economic-impacts-2016.pdf [Retrieved On: 12th May 2020]

Globalreporting.org (2016), from: https://www.globalreporting.org/standards/media/1005/gri-204-procurement-practices-2016.pdf [Retrieved On: 12th May 2020]

Globalreporting.org (2016), from: https://www.globalreporting.org/standards/media/1008/gri-301-materials-2016.pdf [Retrieved On: 12th May 2020]

Globalreporting.org (2016), from: https://www.globalreporting.org/standards/media/1008/gri-301-materials-2016.pdf [Retrieved On: 12th May 2020]

Globalreporting.org (2016), from: https://www.globalreporting.org/standards/media/1013/gri-306-effluents-and-waste-2016.pdf [Retrieved On: 12th May 2020]

Globalreporting.org (2016), from: https://www.globalreporting.org/standards/media/1023/gri-408-child-labor-2016.pdf [Retrieved On: 12th May 2020]

Globalreporting.org (2016), from: https://www.globalreporting.org/standards/media/1027/gri-412-human-rights-assessment-2016.pdf [Retrieved On: 12th May 2020]

Globalreporting.org (2016), from: https://www.globalreporting.org/standards/media/1032/gri-417-marketing-and-labeling-2016.pdf [Retrieved On: 12th May 2020]

Läpple, D., & Thorne, F. 2019. The role of innovation in farm economic sustainability: Generalised propensity score evidence from Irish dairy farms. Journal of agricultural economics, 70(1), 178-197.

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