The Global Reporting Initiative (GRI) was established as an independent institution in 2001. Its vision is that reporting on economic, environmental, and social performance by all organisations is as routine and comparable as financial reporting. The GRI network accomplishes this by developing, continuously improving and building capacity around the use of a Sustainability Reporting Framework, the core of which is the Sustainability Reporting Guidelines. These provide guidance for organisations to use as the basis for disclosure about their sustainability performance, and also provide stakeholders a universally-applicable, comparable framework in which to understand disclosed information. GRI is a worldwide, multi-stakeholder network. Business, civil society, labour, investors, accountants and others all collaborate through consensus-seeking approaches to create and continuously improve the Reporting Framework. To date, over 1,000 organisations in over 60 countries have declared their use of the GRI Reporting Framework.³⁵

In an effort to promote consistent reporting across the mining and metals sector, member companies of the International Council on Mining and Metals (ICMM) are committed to reporting in accordance with the GRI 2002 Sustainability Reporting Guidelines. A ‘Mining and Metals Sector Supplement’ has also been developed by GRI in partnership with ICMM.³⁶

Reporting of performance is evolving. Novo Nordisk is leading in integrating the annual report and ‘sustainability’ report into one document.³⁷

In France, a different approach has been taken through the ‘new economic regulations’ law, nouvelles régulations économiques (NRE), which requires companies to disclose social and environmental indicators as well as financial.³⁸

The think-tank SustainAbility reports that although around two-thirds (70%) of companies report some interaction with investors on sustainability matters, many reports still lack the hard targets and forwardlooking information that makes required reading for analysts. It expects to see a progressive hardening of sustainability information requirements; a steady shift towards non-OECD country issues and perspectives; and a growing focus on value creation, business models and scalable, entrepreneurial solutions to sustainability challenges.³⁹
 

 

Traditional processes in Dr Reddy’s served their purpose but gradually became complex, wasting man-hours and energy resources. The company started a crusade against complexity, creating savings in all three aspects of the Triple Bottom Line: economic (through cost control), social (through a reduction in the wear-and-tear on people) and environmental (through reduced energy consumption). When a company is enjoying record growth and is very profitable, it is easy to get more resources and no one feels the need to control costs. People are not forced to innovate as one must when resources are scarce. This is the ‘Curse of Abundance’. To counteract complacency, the company has put in place models which drive excellence from execution and product development capabilities to lean manufacturing and efficient people processes. Making more out of less as a matter of choice and not compulsion is a reinforcement of the company’s commitment to sustainable progress.

At the start of operations Anglo American undertakes a social impact assessment. For mature operations, it wanted to go beyond regulatory requirements and devise a common methodology for optimising direct and indirect socio-economic impacts. Recognising the growing importance of more thorough stakeholder engagement it piloted its Socio Economic Assessment Toolbox (SEAT) in 2004 and has now used it in over 50 operations in 16 countries. SEAT has four stages: internal impact assessment; stakeholder engagement (including with traditionally marginalised groups); a range of initiatives to improve performance; and ongoing key performance indicators (KPIs) and a report to local stakeholders. The company has learned that for the communities concerned, perceptions are realities; independent third parties are important in building trust; it helps to break down procurement tenders to give better access to local suppliers; and that dynamics between stakeholders are as important as each company/stakeholder relationship.