Executive Summary
This report focus on the use of ESG guidelines for reporting within Caltex Australia. Past Annual reports as well as other relevant details published on their webpage is taken into consideration when preparing this report.
According to the findings Caltex follows more than half of the guidelines provided in the ESG reporting guidelines. Being a refiner and a retailer of petroleum in it limits their ability to take actions in a way not to damage the environment. But according the details published in the annual reports they have taken great care to promote sustainability.
Since investors are looking for more ‘Green Business’ concept focused organizations to invest it is a vital fact to take measures to follow the ESG
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Intention of this report is to provide information regarding the general ESG guidelines and to elaborate on the gap that exist between the current reporting practices and the guide lines.
1.ESG reporting Guide Lines
ESG reporting guide lines broadly classifies the guidelines under 3 main segments for the ease of reporting and understanding purposes. Even though as per the instructions provided in the guidelines it’s not an expected from every entity to follow all the guideline it is highly recommended to make an effort to disclose all the relevant information for the stakeholders Jiang,(R.J. and Bansal, 2003).
Environmental Management
Environmental
Climate change
Human Capital management (including occupational health and safety)
Social
Other Stake Holder Management
Corporate Governance
1.1 Environment
A) Environmental Management
Managing the business chain activities that can directly or indirectly trigger negative externalities to the environment through products, supply chains or through the direct business activities itself (FSC ,2015).
Reporting
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This stress the importance of paying attention to HCM and labor and human rights (FSC ,2015).
Reporting guidelines;
Qualitative Indicators; Risk Management Processes, Oversight of HCM and OH&S Procedures
Quantitative indicators; Turn over rate, Employee engagement and other related data
B) Other Stake Holder Management
The companies who pays less attention to its other stakeholders are considered as business with risk by majority of the investors. Paying attention to consumers, suppliers and other social groups are vital in this aspect.
Reporting guidelines;
Policies and the code of conduct implemented by the cooperate
Partnerships and other processes which aids in maintaining health relationships with stakeholders
Disclosure of previous related incidents and the cost associated
Surveys, online media and such other stakeholder engagement
...onetary value, but in the end would make them fully sustainable. Third and finally, by continuing to offer financing and capital for new green energy sources and other companies to improve sustainability would not only help them reach their own green goals, but provide others with the ability to be fully sustainable.
This is related to Consumer Stakeholders and External Stakeholder issues. The major overriding issues a...
With annual revenue of US $19.02 billion, Chevron Corporation is the 16th largest integrated oil and gas energy company in the world. Globally they account for a workforce of approximately 62,000 (Forbes 2011). In 2010, the company produced 2.763 million barrels of oil per day (Chevron 2012). Corporations as large as Chevron owe a great amount of responsibility towards the society and environment above and beyond the economic and legal obligations. The industry is strongly linked to environmental scandals and companies make various efforts to address these issues (Farache and Perks 2010, 235). The following thesis will review the Environmental performance of Chevron in terms of fulfilling social needs within society and stakeholders.
Serve as the primary resource in developing Piedmont Healthcare auditing & monitoring program; including conducting research & analysis and effectively communicate findings, conclusions and recommendations to management.
Hence, the stakeholders which are described as those who are affected by the organisation performance ,actions and duties and those actions includes employees, clients, local community and investors as well. The theory of stakeholders also suggests that it is the responsibility of firm to make sure no rights of stakeholders are dishonoured and make decisions in the interest of stakeholders which is also the purpose of stakeholder theory to make more profit and balancing it while considering its stakeholders (Freeman 2008 pp. 162-165). In the other words organisation must also operates in a more socially accountable approach by carrying out corporate social responsibility as (CSR) activities.
...n public health agencies and the medical care systems. As well as the local agencies need to be more effective in educating the public. The report recommends the development of local performance reports. These reports will be used to describe the overuse, underuse, and misuse of these interventions, including preventive and diagnostic tests, procedures, and treatments. These reports then should be made available to the public (IOM report, 2010). The hope is that the reports can better educate the public and the local community health agencies to better target indicators and outcomes specific to their home population. Lastly, the IOM report makes clear that there needs to be accountability from the government to engage communities and policy makers to understand, monitor, and improve the contributions of various partners in the health system (IOM report, 2010).
Stakeholders are those groups or individual in society that have a direct interest in the performance and activities of business. The main stakeholders are employees, shareholders, customers, suppliers, financiers and the local community. Stakeholders may not hold any formal authority over the organization, but theorists such as Professor Charles Handy believe that a firm’s best long-term interests are served by paying close attention to the needs of each of these stakeholders. The modern view is that a firm has responsibilities to all its stakeholders i.e. everyone with a legitimate interest in the company. These include shareholders, competitors, government, employees, directors, distributors, customers, sub-contractors, pressure groups and local community. Although a company’s directors owes a legal duty to the shareholders, they also have moral responsibilities to other stakeholder group’s objectives in their entirely. As a firm can’t meet all stakeholders’ objectives in their entirety, they have to compromise. A company should try to serve the needs of these groups or individuals, but whilst some needs are common, other needs conflict. By the development of this second runway, the public and stakeholders are affected in one or other way and it can be positive and negative.
Regarding to organizational stakeholders, there are three main groups of stakeholders: customers, employees and investors. The company attempts to link stakeholders’ needs and expectations to the company’s goals. For customers, the company must treat them fairly and honestly. For employees, the company needs to treat them fairly, make them a part of the company and respect their needs. For investor, managers should comply with the accounting procedure, do not manip...
...t in becoming more socially responsible corporations. For example, Pos Malaysia through their CSR practices, this corporation had focuses on a dual-pronged approach that is aimed at bringing value to the community and nation at large by the means of enhancing education particularly towards the enhancement of human capital development mainly in underprivileged areas and also Enriching Communities in which Pos Malaysia seeks to promote commerce and entrepreneurship within the communities they serve particularly in rural areas. The above CSR themes are aligned with Pos Malaysia mission to constantly strive to be a caring corporate citizen by supporting nation building and community services. This CSR will focused on the meeting the need and interest stakeholder of an organization by becoming more socially responsible and as well as to improve their image and reputation
They work towards implementing greener business practices outlined in their Environmental Mission Statement, to help ensure a healthy environment for current and future generations. Their environmental statement acts as a shared philosophy that all members of the company anywhere in the world can adhere to as they carry on with their daily activities. By specifically highlighting a commitment to improving the environment, Bridgestone anticipates a heightened awareness to achieve a more sustainable society. The environmental mission statement identifies three areas of environmental progress – products and services, operations, and community activities – and two core strategies for growth – Total Environmental Advanced Management System (TEAMS) and environmental communication. By outlining these areas and strategies, Bridgestone is able to focus on three objectives: to value natural resources, to reduce CO2 emissions, and to be in harmony with
The objectives of operation, reporting, and compliance are represented in the column. Components are represented by the rows regarding the ERM. The third dimension is the entity’s organizational structure. It demonstrates clear how and how counteract low risk tolerance and high risk appetite. Risk reduction is obtained by facilitating effective internal control with a broad scope that reflects changes in the framework to risk management with ERM. The framework requires adaptability which enables flexibility due to a overlap of functions of identify, assessing, and responding to risks within operations, reporting, and compliance. Activities, information, communication should be monitored, evaluated, and identified for response are part of the ERM for effective and efficient risk management. The concept of risk appetite and risk tolerance is introduced because the identification of potential events affecting achievement can be managed. Also, the process requires communication, consultation before and monitoring and review after every decision or action (McNally, 2015). The financial principles to risk management are effective risk management creates value, integration, decision making, address uncertainty, systematic structure, and facilitated continuous improvement. The financial principles form effective and efficient management within a firm. Financial principles help ERM with risk
The improvement of health, enforcing policies, and monitoring comes from interrelationships between governmental and non-governmental entities. Since the 21st century the apparent need for an improved public health infrastructure has been a recurring topic on the state, local, and national level. In 2010 the Affordable Care Act authorized numerous clinical health reforms, a big step towards providers being accountable. {ACOs} Accountable care organizations are conducting health assessments and reporting metrics to payers. According to Magnuson and Fu, Jr., “Public health agencies must, in turn, evolve from being the only entities capable of assessing and monitoring population health to strategic and enabling partners involved in population health practice” (2014). A sense of involvement and shared work load is needed to help shift the challenges public health officials face. Public health officials promote and protect the community. With the involvement of other organizations more polices can be enforced and created to improve population
Although primary objective for managers is to maximise shareholders’ wealth, but many firms are started to focus on other stakeholders’ interests in recent years. Company can prevent transfer the damage of stakeholders’ wealth to shareholders when focus on stakeholders’ interests. In other words, “social responsibility” for the companies is to maintenance stakeholders’ relations in order to provide long-term interests to shareholders. By this way, conflict, turnover and litigation of stakeholders can be minimise. Obviously, company can achieve their primary objective by cooperation with stakeholders instead of conflict with stakeholders (Smart, Megginson, Gitman, 2002).
Important companies like Shell, DuPont, BP has been reorganised to generate profits from this green market of goods and services. In this sense, it may sound altruistic, "the sustainability", the logic of profitability and competition is what will determine the ability of companies of the future to meet the changing needs of consumers.
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