Environmental indicators: ¦ Tonnes of paper recycled per annum. ¦ Percentage reduction in electricity usage. ¦ Litres of fuel per dollar of sales. Required: 1 Explain what is meant by sustainability...

SOLUTION 1:
Sustainability report is a form of organizational report that provides information about economic,
environmental, social and governance performance. There has been continuous increase in the
number of companies and organizations who want to make their operations sustainable.
Sustainable reporting assists organization to set the goals, measure performance and manage
changes in the organization. It is the important platform for communication of positive and
negative sustainability impacts. The company Wealth Wise shall implement this approach
because it is consistent with basic objectives and mission of the company, being responsible in
social and environmental aspects while fulfilling its responsibilities towards shareholders as well
for the financial growth of the company. (Bennett, 2006)
Sustainability Reporting is an important step for management of change towards the sustainable
global economy. It combines the long term profitable position with social justice and
environmental care. Basically sustainability reporting helps companies and business to report
sustainability information in a method that is similar to financial reporting. Proper sustainability
reporting provides data which can be easily compared, with agreed disclosures and metrics.
(Burritt, 2006)
The Wealth wise Insurance Company shall adopt sustainability reporting because there are
negative reports about the company in the media. The employees are also not satisfied. Socially
the company has been doing quite a lot of good work and promoting environment friendly
activities also. The company has been earning good profits also. Therefore, to improve its public
image and clear out the negativity created by the media, the company needs to adopt the
sustainability reporting. The sustainability reporting provides information about the profitability
of the company as well as the social & environmental contribution made by the company.
(Schaltegger, 2006)
SOLUTION 2:
Key Performance Indicators assist the organization in defining and measuring the progress
towards the organizational objectives. Once the company has evaluated its mission, identified all
the stakeholders and its objectives are defined, it just needs a method to measure progress
towards those objectives....