Topic 5 Flashcards
What is the purpose of Integrated Reporting in sustainability?
Helps communicate sustainability performance transparently, covering full cost identification, progress measurement, social impact, and verification of claims.
What challenges are associated with Integrated Reporting?
Lack of awareness among accountants, difficulty in quantifying costs, short-term focus.
What are current trends and strategies in sustainability for businesses?
Embrace Integrated Reporting, increase disclosures, adopt shadow reporting.
What is the role of HR in sustainability?
Embedding sustainability into company culture, promoting sustainable behavior, aligning actions with goals.
What responsibilities does a Chief Sustainability Officer (CSO) have?
Develops and implements sustainability strategies, works with HR to integrate sustainability.
Why is Diversity, Equity, and Inclusion (DEI) important in sustainability?
Enhances recruitment, retention, and performance; critical for sustainable business models.
What challenges are faced in implementing DEI strategies?
Lack of diversity and unconscious bias, especially in tech industries.
What focuses define sustainability in operations management?
Focuses on environmental and social impacts of supply chain and product lifecycle.
What challenges are faced in operations management concerning sustainability?
Gathering transparent information from suppliers, aligning with standards and regulations.
What are some innovative trends in sustainable operations management?
Biomimicry in product design, products that do more good, traceability in supply chains.
What is the role of accountants in sustainability?
Integrating environmental and social costs into reporting, enhancing decision-making.
What are the key trends in sustainable accounting?
Merging economic, environmental, social reporting, increasing disclosure, shadow reporting.
How does Integrated Reporting impact sustainable accounting?
Merges economic, environmental, and social reporting for comprehensive oversight.
Why is increased disclosure important in sustainable accounting?
Essential for transparent sustainability practices.
What is shadow reporting in sustainable accounting?
Offers alternative perspectives on sustainability efforts not covered in standard reports.
How does sustainable behavior influence workforce engagement?
Influences positive engagement and commitment to sustainability within the workforce.
How can businesses align their actions with sustainability goals?
Through strategic alignment of company policies and practices with sustainability objectives.
What are examples of biomimicry in product design?
Pavegen’s energy-generating floors.
What sustainable technologies are essential for operations management?
Eco-design and waste reduction strategies.
What role does traceability play in sustainable supply chains?
Ensures accountability and transparency in the supply chain.
How do accountants help set sustainability targets?
Setting measurable targets and ensuring compliance with reporting standards.
How do sustainable accounting practices enhance decision-making?
By providing accurate financial representations of environmental and social costs.
What are the benefits of adopting shadow reporting?
Provides deeper insights into sustainability efforts, enhancing transparency.
What challenges do accountants face in quantifying environmental/social costs?
Quantifying these costs is complex and often faced with a lack of accurate data.
How do energy-generating floors contribute to sustainability?
By converting foot traffic into usable energy, contributing to sustainable energy solutions.
What benefits do recycled textiles offer in sustainable practices?
Reduced environmental impact, promoting the use of sustainable materials.
How can companies improve their sustainability disclosures?
By providing more comprehensive and detailed reports on sustainability efforts.
What impacts do sustainable practices have on company recruitment and retention?
Sustainable practices attract and retain talent by demonstrating commitment to social and environmental responsibilities.
Why is transparent information from suppliers crucial in sustainability?
Crucial for ensuring all activities are sustainable and compliant with standards.
How does sustainability incorporation into financial statements occur?
Through detailed accounting that includes social and environmental impacts.
