Defining Transforming Business Culture
Ever since the release of the Brundtland Report in 1987, there has been a growing focus for business to look at the impact on society and the environment in the midst of making profits – hence endorsing the concept of the triple bottom line – people, planets and profits. This movement requires the company to have a focus on developing policies and procedures which are both financial and non-financial. This in many ways has led to a transformational business culture.
It may not have been realized in the late 80’s and the 1990s of the change which would take place through the advances in technology as the power of the various stakeholders for each company lies literally in their fingertips. In today’s age of social media, companies know how interested their stakeholders have become in the impact of both their investments and products – and the importance of being transparent about their processes.
At CERB, we define the concept of transforming business culture as refers to the need of scaling up a company’s efforts in the area of corporate responsibility and sustainable development in order to address systematic environmental and societal risks, challenges and opportunities. The main aim is to channel a discussion on how business can transform their operations to deliver long-term sustainable impacts. We will be soon releasing a survey through which we are identifying how PBC members companies in Pakistan are working towards sustainability. This will enable you to determine where your company stands on a number of indicators. This can also enable you to identify how the environmental, social and governance policies of your company stand with your peer companies.
A best practice for any company is to report on the Integrated Reporting format enables the integration of both financial and non-financial indicators, hence reflecting on the culture of the company. Our upcoming practitioner workshop can help your company in guidance for these steps.
The world today has integrated the measurement of environmental, social and governance indicators in how it rates the performance of the business. Investment funding is increasingly taking this route as investors look to invest in companies which are both financially viable and have both a positive environmental and social impact. The trickle-down effect for many of our local companies as exporters to the larger global conglomerates is that such reporting will bring in more business.