Sustainability Reporting can be fun!

Sustainability Reporting can be fun!

Reporting on Corporate Social Responsibility is not only about leadership, people in the community and their lives or transparency. It is also about having fun!

As Elaine Cohen, consultant at Beyond Business, claims at CEE CSR Summit 2016: „Companies nowadays should not be thinking about whether to write a report on CSR, but they should be asking how to write it.” And reporting can be really creative and also attractive for all stakeholders. Why would companies actually write reports? According to Elaine, it is particularly about involving all stakeholders and about building trust. “If you do not engage the stakeholders as part of your process, how should they know what impact do you make and where is your business going? If you have all the necessary information, why do not share it? You might actually help the others (there are even some environmental profit and loss statements issued with the methodology included). It is really about creating the momentum, about inspiring and engaging,” Elaine explains.

Despite the above factors, many companies still do not report on their non-financial indicators. They believe that no one reads those reports, it costs too much and the relevant data are often missing. However, as Elaine argues: „Reporting is not about costs, it is about creating a value. How can you talk about your performance if all relevant information is a secret?” According to this consultant, sustainability reporting is essential for any form of business, because it allows all interested parties the access to capital, to reduce costs, increase employee loyalty as well as build trust. However, according to KPMG's survey, only 45% of Slovak companies report on CSR nowadays. “Slovakia is a country of many opportunities. It is up to companies whether they can make good use of them and gain a competitive advantage,” says Elaine.

More thoughts and insights about social and environmental responsibility and sustainability reporting you can find on Elaine Cohen´s blog here.

Author: Tatiana Čaplová /Pontis Foundation