Sustainability Flashcards
Meaning of sustainability and examples of unsuitable behaviour
Fufill societies needs while placing an equal emphasis on people plant and profits in the future
Economic - underpayment of tax
Social - rich companies exploiting third world countries for cheap labour
Environmental - damage to environment, big co2 footprint
The risks of not acting sustainable
Economic - need long term growt
Social - widen difference between wealth of the rich and the poor
Environment - increase climate change
Why should businesses act sustainable?
Potential cost savings - lower energy use
Long term gain in sales - enhanced reputation and promotion
Firms commitment to corporate social responsibility (CSR)
Explain TBL and what it attempts to do
Triple bottom line reporting - takes into account environmental, social and economic performances with decision making
3P’s people, planet, profit
People - pay fair, safe working environment, pro,ones the community it works in
Planet - reduce ecological footprint, reduce energy use, limit damage to environment
Profit - balance profit with people and planet
Overall TBL attempts to show the full cost of any plans
The role and responsibilities of finance professionals
Act in the public interest, supporting sustainability and development whilst considering risks to society.
Support sustainability and discourage unethical or illegal behaviour eg.
ML, fraud, theft, bribery
Bullying and short term decision making
