Sustainability Flashcards
What is the definition of sustainability?
The ability to last
The government has pushed what in recent year?
These encourage household to recycle and businesses to lower their carbon emissions.
Green policies
Define sustainable development as stated by the Brundtland report
Development that meets the needs of the present without compromising the ability of the future generation to meet their needs.
What three key areas did the Brundtland report highlight?
Economic growth
Environmental protection
Social Equality
What is the triple bottom line?
This is the three elements of sustainable development.
Profit, planet and people
What does economic growth cover in relation to sustainability?
Increasing the wealth of individual countries
Profit generated by individual organisations
Can economic growth be pursued at the expense of the other two factors?
No
The protection of what is key to sustainability?
The environment
What are the three R’s related to protecting the environment?
Reduce, reuse, recycle
Simply how can businesses help the environment?
Use less energy and consumable products
How can organisations promote social equality?
Charitable donations
Using overseas clients where it can be assured there is reasonable pay and good working conditions
Supporting local incentives
Sponsoring local sports events that ‘give something back’
Does an organisation only have to worry about social equality within the workplace?
No they should consider social equality in the local community to
What does CSR stand for?
Corporate Social Responsibility
Is there a legal requirement to produce a CSR?
No
What does CSR report detail?
How the organisation takes responsibility in supporting sustainable development.
What CSR initiatives can a business adopt?
Reducing emissions
Trading with organisations with a proven track record
Supporting charitable fundraising activities
Making donations to charity
Setting recycling targets for the organisation
Promoting car-share and cycle to work schemes
Using local suppliers where possible
Should business show a balance on positive and negative information relating to CSR?
Yes they are expected to show the good and the bad if they choose to give detail
Define public interest
The welfare of the general public in which the whole of society has a stake
Do accountants have public interest duty and what does this include?
Yes they do and this includes
1) Ensuring the long term responsible management of resources used by their organisation
2) Contributing to the running of their organisation in a sustainable manner
3) Assessing and minimising the risks to the organisation, and to society as a whole, of not acting sustainably
Should accountants promote sustainability to clients?
Yes but they must maintain objective
What is reputational risk?
A risk of loss resulting from damage to an organisation’s reputation which could be as a result fo a poor attitude to sustainable development
Accountants must promote sustainable practices in relation to what 6 things?
Products and services - sustainably sourced
Customers - supply sustainably
Employees - Good working conditions
The workplace - Green policies
The supply chain - Source sustainable suppliers
Business functions and processes - Review ongoings to ensure operations are responsible to sustainability
Does sustainability rely on ethics?
Yes if you behave in an ethical manner you are most of the way to being sustainable
What was the Brundtland Report titled?
Our Common Future
