GRI The Sustainability Reporting standards †MyAssignmenthelp.com

Question: Discuss about the GRI The Sustainability Reporting standards. Answer: Introduction: The sustainability-reporting standard designed by GRI (Global Reporting Initiative) is used by the organizations who intend to prepare sustainability report for evaluating the impact of their operations on environment, economy and society. This particular assignment deals with the preparation of sustainability assessment report of a privatized land development company named Timbermberwell Construction by referring to the consolidated set of GRI reporting standards 2016. Timbermberwell Construction is residential development company that is entitled to construct apartment complexes in Stanwell Complex district. Economic sustainability of organization has been addressed by providing a specific disclosure concerning corruption, climate change and anti competitive behavior. Environmental sustainability is explained in relation to disclosure of bio diversity, energy consumptions and non-compliance with regulations and laws (Aguilera et al. 2015). Furthermore, assessment of social sustaina bility is done in relation to discrimination, attrition and community engagement. Economic sustainability Disclosures under the assessment of economic sustainability are used by organization for reporting the impact of their operations in relation to economy. GRO 201 sets out the reporting requirement in relation to the economic performance for organization of any size, location and operating sector. As per the disclosure of 201-2, reporting organization is required to report the information relating to the opportunities and risk due to climatic changes and leads to substantive change in revenue, operations and expenditures. It incorporates description of opportunities and risks along with their classification and its associated impact (Buhr et al. 2014). Moreover, financial implications of such opportunity and risk and methods used to manage such risks. From the case study, it can be seen that a case was filed by one of the former employee of Timbermberwell concerning their incompliance with environmental standard. Operations of company have hampered flora and fauna attributes and have critically endangered coastal grassland of ecological community. It is required by Construction Company to report and prepare the timeline for developing necessary system to calculate financial implications of risks of climatic change resulting from their activities. Moreover, there should be a classification of opportunities and risks attributable from climatic change. In order to address the challenges arising from climatic conditions, Timbermberwell should make use of method such as venting, flaring and fugitive reduction of emission, carbon capture and storage and renewable energy certificates (McCahery et al. 2016). Disclosure 205-3 deals with confirming of involvement of organization in corruption and taking actions accordingly. Organization complying with the standard is required to disclose the information about total number of confirmed corruption incidents (Junior et al. 2014). Incidents regarding the dismissal of employees for corruption should also be disclosed. Any legal cases filed against the company regarding corruption during the reporting period should be disclosed. It is in the interest of stakeholders to have acquaintance with the number of incidence and response of organization towards such incidences. Analysis of case study depicts that employees of Timbermberwell were involved in corruption scandal of bribing council project officers for pushing the applications through the approval process of council for promoting development of company. All such external consultants and employees involved in the corruption were suspended. The company also terminated the partnership contracts with the external consultants (McAlister et al. 2016). As per this particular disclosure, Timbermberwell is also required to make disclosure of terminated contracts. Disclosure 206-1 sets out reporting requirement for organizations relating to anti competitive behavior, monopoly practices and antitrust. Reporting entities are required to make disclosure of the information concerning total number of legal actions that are pending or have been completed during the reporting period relating to the violation of antitrust, identification of monopoly legislation and anti competitive behavior (Fernandez et al. 2014). As depicted in the case study, Timbermberwell was alleged by ACCC (Australian competition and consumer commission) for engaging in the activities of preventing new entrant in Stanwell district in the development market with the intention of reducing the competition in market. The case has been filed in the court and Timbermberwell construction will be called for hearing after four months. In this particular regard, it is required by the company to report the legal actions that are pending regarding the monopoly legislation. Outcome of such legal actions are also required to be disclosed in the sustainability assessment report. Environmental sustainability Disclosure 3012-1 relates to consumption of energy within organization. Information that reporting organization is required to disclose on their sustainability report involves to the consumption of fuel from renewable and non-renewable sources in relation to types of fuels used and in joules or multiples (Lewellyn et al. 2016). Moreover, information relating to total consumption of energy and sources of conversion factors should also be used. The calculation tools, methodologies, assumptions and standards are also to be reported by the organization. Double counting of fuel consumption should be avoided while compiling of information. Consumption of fuel from both renewable as well as non-renewable sources should be presented separately. Disclosure of data should be consistently deal done in line with the conversion factors application (Du Plessis et al. 2018). Approach of organization when using any particular methodology should also be depicted. Media release by Timbermberwell construction demonstrating it as energy efficient organization attached the energy consumption table. There was a clear depiction of usage of calculation tools that is prescribed by Australian department of Science and Industry. Furthermore, it was also explained that a program has been raised by organization for increasing use of fuel consumption from non-renewable sources of energy (Tricker and Tricker 2015). Therefore, it can be inferred from this discussion that Construction Company is complying with this particular disclosure requirement. Disclosure 304-2 deals with the considerable impact of products, activities and services of organization on biodiversity. The significant impact of activities such as construction, transport, infrastructure and mine and its impact on biodiversity should be reported. Direct and indirect positive and negative impact with reference to extent of areas affected, species affected, reversibility and irreversibility of impacts and duration of impacts should be disclosed. Supply chain of company might be impacted by indirect impacts of biodiversity. Organizations complying with this disclosure will have an understanding of strategy for mitigating direct and indirect impact on biodiversity. The operations of Timbermberwell construction has adverse impact on endangered ecological community. For the construction of complexes, organization has cleared area that contained an important attributes of flora and fauna. However, they received an order for the implementation of rehabilitation plan as said in the audit programs for contractors. Disclosure 307-1 deals with non-compliance of organization with the environmental regulations and laws. This particular disclosure requires entities to report the information relating to non-compliance of organization with rules and regulations pertaining to environment and sanction of any non-monetary and significant fines for not complying with the environmental regulations and rules. This disclosure should be done in terms of total number on non-monetary transactions, significant fines monetary value and cases that are brought against the mechanisms of dispute resolution. Organizations are required to make brief statement in case there has not been any identification of non-compliance with the rules and regulation of environment. When organizations fail to comply with the rules and regulations of environment, reporting entity should incorporate judicial and administrative sanctions when the specific information is to be complied. This would incorporate national, regional, local and sub national regulations, conventions, international declarations and treaty. Any voluntary agreements of environments that are developed as substitute of new regulations implementation with regulating authorities should also be considered. Other cases against the organization through national and international dispute mechanisms supervised by authorities of government should also be complied within the disclosed information (Bilbao et al. 218). From the evaluation of the case study, it has been ascertained that Timberwell construction has not complied with the environmental regulations. Their activities of clearing the acre of land for constructing the complexes have led to endangering of ecological community. When an organization does not comply with the environmental rules and regulations, it is indicative of the fact thatmanagement ability ensures the confirmation of operations to parameters of certain parameters (Cuomo et al. 2016). However, in certain circumstances and situations, not complying with such regulations can lead to clean up of environmental liabilities that are costly. Social sustainability: Disclosure 401-1 is about the disclosure of information relating to employee turnover and new employee hire. Information that are required to be reported by organization in relation to this disclosure is total rate and number of employee turnover and total rate and number of newly hired employees by gender, religion and age during the reporting period. For the computation of rate of employee turnover and new employee hires, organization should take into account total number of employees at the end of reporting year. It is depicted in the case study that seventeen employees of Timberwell construction have left either for the establishment of their own business or for working for rival company. It can be regarded as higher employee turnover resulting from dissatisfaction and uncertainty among employees. Higher employee turnover can have considerable impact on the productivity of organization. In relation to hiring of new employees, organization should make the implementation of disclosure of recruitment practices (Kiron and Kruschwitz 2015). Disclosure 406-1 deals with the discrimination incidents and corrective actions that should be taken by organization. Organization is required to disclose the information relating to total number of discriminated incidents along with incidents status and actions taken relating to remediation of plans, reviewed incidents and incidents that are not accountable for actions. One of the employees of Timberwell construction was discriminated by co-workers and he was the target of humiliation. Employee filed a workplace harassment claim in the fair Work commission organization received an order updating anti discrimination policy and accordingly providing training to employees. Therefore, in accordance with this disclosure, Timberwell is required to disclose the reviewing of complain that has been lodged in the fair Work commission. Moreover, the actions taken such as updating of anti discrimination policy, which is remediation plan in the process of internal reviewmanagement should also be disclosed in the reporting standard (Grushina 2017). Disclosure 413-1 deals with the operation of organization by engaging local communities, developing programs and assessing the impacts. Organization adhering to this particular disclosure requirement need to report the assessment of social and environmental impact and ongoing monitoring. Development programs of local community based on needs of local communities along with the grievance process of formal local community should also be disclosed (Grushina 2017). According to this disclosure, Timberwell is required to consider the differentiated nature of local communities and taking specific actions for the identification of vulnerable groups. For ensuring effective participation of vulnerable groups, organization is required to make the implementation of differentiated measures (Schneider and Scherer 2015). An organization can use number of tools for engaging communities including the assessment of human and social rights. A diverse set of approaches for properly identifying community characteristics and stakeholders should be undertaken. Timberwell should take measures for reducing the adverse impact of their operations environment and accordingly managing the impacts and compensating local communities. This incorporates several issues such as socio economic status, gender, age and specific vulnerabilities concerning human health (Crane and Matten 2016). Therefore, Timberwell is required to assess the impact of its activities on communitie s and development and implementation of program. Conclusion: From the analysis of case study, it is ascertained that Timberwell construction has not adhered to the reporting standard that has led to declining its performance and increase attrition rate. In order to prepare the sustainability report of organization, it is required comply with several disclosures of the reporting standards of Global reporting initiative. The ongoing cases against the company concerning corruptions, anti discrimination laws and violation of environmental regulations and the actions that are taken against them should form a part of their sustainability report. This particular assessment has focus on material topics that is affecting the organization. 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