Download Understanding Sustainability Reporting: Silver Fern Farms & Loblaw Case Study and more Assignments Accounting in PDF only on Docsity! ® RMIT UNIVERSITY Understanding Sustainability Reporting Practice Assignment Detail: The focus of accounting as a practice is changing. It is no longer primarily about financial performance: social and environmental performance is also crucial in attaining organisational success. This assignment is designed for you to examine the trend in accounting reports in the practical world, which allows you to apply the knowledge learnt in the course in practice. 1 Understanding Sustainability Reporting Practice | Team 08 ® RMIT UNIVERSITY Table of Contents I. INTROCTION 3 IL. HOW ARE THEY REPORTING. 3 Ill. WHAT IS BEING REPORT... 4 IV. WHY ARE THEY REPORTING.. .7 V. CONCLUSION. 8 8 vi. REFERENCES... Ww “< LONG TERM SINCERITY T© —-~1t GOAL a as AT RESPONSIBILITY e a Ar ETHICS SUSTAINABILITY 2 Understanding Sustainability Reporting Practice | Team 08 ® RMIT UNIVERSITY According to the sustainability report of Silver Fer Farms (SFF) 2019, SFF has worked effectively in reducing the usage of energy and waste in 2019. For usage of water, SFF reduced 8.9% in water use per kg of product produced by installing sensors in washdown areas (SFF 2019). Moreover, SFF has removed 80.8 tons of plastic from the supply chain permanently by cardboard sleeve which was replaced for outer plastic (SFF 2019). As well as SFF estimated with waste service to measure waste. (SFF 2019). Besides that SFF is the largest participant in Energy Transition Accelerator so that they reduce 7.7% in energy use per kg produced. (SFF 2019). Loblaw | Companies Limited Based on the LCL sustainability report, they focused on reducing carbon, food waste, plastic, and textiles. The result of LCL's effort in reducing carbon was 29.7% of greenhouse gas emissions in their company. Besides that, LCL installed electric refrigeration on their truck, which can reduce fossil fuel. For reducing food waste, they sell food nearing its best before out of date up to 50% off through their partnership named Flashfood. Moreover, in 2019 they used 3.4 million kilograms of bakery food waste to produced animal feed (LCL 2019). 5 Understanding Sustainability Reporting Practice | Team 08 ® RMIT UNIVERSITY Social report Our Sustainable Chain of Care Highlights aslo eh For the social report of SFF, they focused on the health and safety of employees. SFF has a cross-business health and safety leadership group named Runanga, which helps SFF reach wider worker engagement. So that SFF can have better factors for their health and safety strategies. SFF rolled out Good Yarn, which is a mental health session, on their website. Besides that, SFF has trained their facilitators to support their employees (SFF 2019). They also recruit graduates and sponsor for numerous communities’ events. 6 Understanding Sustainability Reporting Practice | Team 08 ® RMIT UNIVERSITY By children's wl charity feeding hungry minds Putting Women's Health Fiest LOVEYOU Gemeente According to the LCL report, in 2019 they provided food and food education to more than 800,000 children in their country. Through the LOVE YOU by Shoppers Drug Mart™ program, more than $9.8million was donated to community and charitable organizations, which benefited women in Canada. (LCL 2019). IV. WHY ARE THEY REPORTING As stakeholders’ engagement has become a vital part of business operations, sustainability reporting functions as a key channel for companies to communicate and help stakeholders to understand their social and environmental performance (Ngu and Amran, 2018). By reporting social and environmental reporting, companies would gain, create, and maintain organizational legitimacy (Deegan, 2002). In other words, it would gain the trust and faith of stakeholders, so they would buy the company’s products, invest in the company, or work for the company. Also, sustainability reports would help firms to increase efficiency, enhance business development opportunities and staff morale (Ans Kolk, Paolo Perego 2015). However, there are differences in the reason why they write these reports because they are two companies from different countries and have stakeholders’ engagements. Silver Fern Farm 7 Understanding Sustainability Reporting Practice | Team 08
