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Business awareness > Sustainability > Flashcards

Sustainability Flashcards

1
Q

What is sustainability ? P81

A
  • ‘the ability to last’
  • long term management of resources
  • envrionemntal impact of decisions
  • economic and social issues
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2
Q

Where did the Bruntland report derive from and what is its purpose ? P81

A
  • 1983 - World Commission on Environment and Development (WCED)
  • International community - identify sustainability problams ,raise awareness, implementing solutions
  • problem non restrictive business operations = envrionemntal damage
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3
Q

What does the WCED’s (Bruntland Commission) report in 1987 define sustainable development as ? P81

A
  • development meeting needs of the present
  • Not compromising - future generation needs
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4
Q

According to the bruntland report, what are the three key components of sustainable development ? P81

A
  • Economic growth
  • environmental protection
  • social equality
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5
Q

What are the three elements of sustainable development identified by the Bruntland Committee ? P82

The triple bottom line

A
  • Economic growth
  • Environmental protection
  • Social equality
  • OR
  • Profit,planet,people
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6
Q

What is economic growth ? P82

Triple bottom line

A
  • Available resources for sustainable development
  • economic growth provides resources
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7
Q

How does economic growth relate to indvidual countries ? P82

A
  • Increase in wealth
  • benefits whole population
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8
Q

How does economic growth relate to individuaal organisations ? P82

A
  • Organisational profit = owner and employees wealth
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9
Q

What to remember about achieving triple bottom line ? P82

A
  • Focus on all 3 - not one
  • e.g. cost cutting- lower costs counties - production of products and services - economic growth
  • hidden social and envrionemtnal costs
  • cheap labour and poor working conditions
  • use of hydrocarbons
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10
Q

What is envrionemtnal protection in relation to the triple bottom line ? P82

A
  • key to conserving world’s resources - highlight green credentials
  • reduce, re-use , recycle
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11
Q

What are examples of envrionementally friendly policies ? P82

A
  • Supermarkerts - plastic shopping bags
  • Promiting car sharing, cyle to work , low -emission/ electric company vehicles
  • certain paper, metal , and plastic reduction
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12
Q

What is the relationship social equality and sustainability ? P83

A
  • social wellbeing of people focus
  • beyond emmployee wellbeing - social equality of local community/ society as a whole
  • e.g. extreme poverty
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13
Q

What are examples of organisations promoting social responsbility , regarding equality and sustainablity ? p83

A
  • Charitable donatuons
  • trading with overseas suppliers - reasonable pay & devent working conditions
  • supporting local intiatives - back into work
  • sponsoring local sport events - give something back
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14
Q

What are corporate social responsibility ? 83

A
  • large organisations increasingly puslih CSR
  • Takes responsbility - sustainability development - policies and procedures
  • extent objective is acheived
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15
Q

What are the CSR initiatives that a business may adopt ? P84

A
  • Reducing CO2 emissions
  • organisation trade - good staff & working conditions
  • charitable fundraising activities
  • regular charity donations
  • setting recycling targets
  • car sharing promotion
  • local supplies use
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16
Q

What should a business do when reporting on sustainability? P84

CSR reports

A
  • Right balance - positive and negative information
  • negative effect - organisation’s reputation - ‘warts and all’
  • too positive = overplaying green credentials
17
Q

What are the 7 main responsibilities of a finance professional to uphold sustainability ? P84

A
  • Public interests duty
  • promoting an ethics - based culture
  • promoting sustainability
  • reputational risk
  • consider triple bottom line
  • promoting sustainable practices
  • raising awareness of social responsbility
18
Q

How does the public interests duty of a finance professional uphold sustainability ? P84

A
  • accountants - interests protect society
  • their work (economic, social , environmental) - sustainability & sustainable development:
19
Q

What do public interests duties of an accountant include ? P84

A
  • organisation - ensure responsible long term resources management
  • contribution - running of organisation sustainably
  • assessing & minimising risk - not acting sustainably - organisation & society
20
Q

How does the financial professional promoting an ethics- based cultrue support sustainability ? P85

A
  • Operate sustainably & promoting sustainable development = acting ethically
  • ethical professional accountants - all aspects working life
  • promote an ethical based culture - no unethical / illegal practices
21
Q

What are 8 examples of unethical / illegal practices that an ethic based culture should discourage ? P85

A
  • Money laundering
  • terrorist financing
  • fraud
  • theft
  • bribery
  • applicable regulation - non compilance
  • bullying
  • decision making - long term inconsideration
22
Q

How does an accountant promote sustainability , and how does this affect decision making ? P85

A
  • within organisation / encourage clients (practice)
  • objective decision making all factors
  • objective & sustainability important
  • NO intiatives selected = meeting CSR objectives
  • Intiatives picked = CSR objective & other affects on operations
23
Q

What are the reputational risks of not acting sustainably ? P86

A
  • Attitude to sustainability - risk to reputation with stakeholders
  • stakeholders- investors , employees, customers, suppliers
  • sustainable development - positive reputational effect - ethical and sustainably aware reputation
24
Q

How must accountants consider the triple bottom line ? P86

7 ways financial professionals promote sustainability

A
  • Historically - info for profit and growth - recent years sustainability initiatives
  • triple bottom line in performance reports
  • sustainable development encourage
25
Q

How can accountants incorporate the triple bottom line into reporting ? P86

A
  • Cost reduction info - raw materials overseas:
  • report on responsbile production overseas , good pay , working conditions
26
Q

How must accountants promote sustainable practice ? P86

A
  • Products and services
  • customers
  • employees
  • the workplace
  • the supply chain
  • business functions and processes
27
Q

How does an accountant promote sustainable practice through product and services ? P86

A
  • sustainably resourced materials
  • suppliers- fair and decent working conditions
28
Q

How does an accountant promote sustainble practices through customers ? P86

A
  • supply sustainable manner
  • efficient delivery methods
  • fair long-term pricing strategies
29
Q

How does an accountant promote sustainable practices througgh employees ? P87

A
  • encourgaing qualifications - good working conditions
30
Q

How do accountants promote sustainable practices through the workplace ? P87

A
  • Green policy implementation - recycling and conservation of enerfy
  • success measured
31
Q

How do accountants promote sustainable practices through the supply chain ? P87

A
  • Encourage organisation/ clients :
  • supplies - suppliers - ethical approach 2 sustainability
32
Q

How do accountants promote sustainable practices through business functions and processes ? P87

A
  • constantly review operations - sustainability & sustainable development support

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