Companies with tangible and publicly disclosed sustainability goals are four to five times more likely to improve their financial, social and environmental performance compared to those who do not set goals.
While reporting has evolved over the past two decades, it still has further to go and requires many changes in the outside world in order for sustainability disclosure to be understood as equivalent or even greater in importance than financial information.
Through our research, SRA believes that after 20+ years of reporting activity in Canada, we are at a turning point. Early-adopter companies are stepping back to re-assess the value and benefit of producing annual sustainability reports.
After a launch of the Global Compact Network Canada’s inaugural Reporting Peer Review Program this summer, a second cohort of Canadian companies successfully completed the program this October.
Imagine a world where companies build their competitive advantage by creating more overall well-being and inclusive prosperity than their competitors.
Instead of starting where we are, doing small incremental changes trying to make our business and behaviour sustainable, we must start where we need to be when we have a sustainable society and work our way backwards from there.
In 2007, Sweden became the first country in the world to require that state-controlled companies report on their sustainability activities in accordance with the Global Reporting Initiative (GRI). Now it’s going further, requiring these companies to make sustainability a core consideration in their businesses.
Material issues are core for sustainability disclosure but how detailed does a materiality assessment need to be in order to be meaningful?