Wed, 12 Dec 2007 19:30:42 GMT
Latest NewsAccounting for Sustainability Report
The Prince of Wales announced the findings of his Accounting for Sustainability project to an audience including Chancellor Alistair Darling and top business leaders, at St James' Palace on Wednesday 12th December.
The project has focused on developing systems to help organisations take into account, and report, the wider social and environmental costs of their actions.
With contributions from over 150 public and private sector organisations, the Accounting for Sustainability project has come forward with two practical and innovative tools to help organisations meet the challenge of the sustainable revolution.
The first, a website resource providing guidance, systems and examples of good practice, which went live on the 12th December at www.sustainabilityatwork.org.uk The website is a free resource for public and private organisations.
The second, a 'Connected Reporting Framework', proposes a new approach for reporting an organisation's sustainability more clearly, concisely and comparably. This framework, along with a detailed report on both the embedding and reporting of sustainability can be found as a download on the above website.
Sainsbury's are fully committed to using the new sustainability decision-making tool. Aviva, EDF Energy and HSBC have already used the connected reporting framework and BT is committed to using this in their 2008 reporting cycle.
We particularly welcome the broad approach to sustainability: economic, social and environmental, which more realistically reflects the impact that businesses can have on the world. The tool provides a methodology and a structure that will help us to evaluate the way we do business in a practical way - Justin King, Chief Executive of J Sainsbury plc.
By combining related financial and non-financial information, the Accounting for Sustainability Project proposes a practical approach to reporting material sustainability impacts. Its widespread adoption will produce a useful consistency to the presentation of non-financial key performance indicators - Sir Michael Rake, Chairman of BT Group plc.
The recommendations of my Accounting for Sustainability Project are not intended to be an end, but a beginning to be built upon: to provide impetus for the development of corporate reporting and to change the focus of companies from making profits, and in addition trying to be sustainable, to making profits because they are sustainable - His Royal Highness The Prince of Wales.
Further development of the Connected Reporting Framework is to be taken forward by the Consultative Committee of Accountancy Bodies continuing to work as part of The Prince's Accounting for Sustainability Project. The Sustainability At Work website will be further developed, enhanced and updated in 2008.
Click here to view the report.
Source: Accounting for Sustainability