Governance, Ethics, and Sustainability Assignment Help
A. Economic sustainability
i) Disclosure 201-2 Financial implications and other risks and opportunities due to climate change
ii) Disclosure 205-3 Confirmed incidents of corruption and actions taken
iii) Disclosure 206-1 Legal actions for anti-competitive behaviour, anti-trust, and monopoly practices
B. Environmental sustainability
i) Disclosure 302-1 Energy consumption within the organisation
ii) Disclosure 304-2 Significant impacts of activities, products, and services on biodiversity
iii) Disclosure 307-1 Non-compliance with environmental laws and regulations
C. Social sustainability
i) Disclosure 401-1 New employee hires and employee turnover
ii) Disclosure 406-1 Incidents of discrimination and corrective actions taken
iii) Disclosure 413-1 Operations with local community engagement, impact assessments, and development programs
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Every organization operating in the business environment are currently facing issue of sustainability where the organization are required to address the effective utilisation of resources (Battisti and Perry, 2011). There are majorly three pillars which are key and are identified for addressing by every organization so that they are ensure that their ultimate goals can be met. The three pillars are economic, social and environmental sustainability (Amini and Bienstock, 2012). In the given case, the company Timberwell is a company indulge into residential development which come across many issues of sustainability. Thus, a sustainability report has been prepared for the company which highlights the issues encountered and the resolution for the same.
A. ECONOMIC SUSTAINABILITY:
There has been a continuous improvement approach being undertaken by the company Timberwell in managing and maintaining its economic sustainability. The approach for the same which has been undertaken by the company for integration and achieving its economic sustainability is framing strategies that have its major focus on the creation of long term value for its stakeholders. This will help in enhancing the financial performance along with the faith of the shareholders on the company, thereby improving the inflow of capital. The author Costa and Menichini (2013), the fact that becomes utmost importance is the alignment of the business strategy with that of the issues of sustainability so as to attain success in both the aspects by enhancement of the position of the business. There have been conduct of environmental assessment by the company Timberwell so as to align its economic sustainability with that of the business strategies and ensuring the positive impact of its activity and reduction in the negative effects to the environment.
Going forward, it can be analysed that the company is making full utilisation of its policies and procedures so as to continuously develop and improve its business process with the motive of achieving its goal of economic sustainability. Some of the policies being identified are policies on discrimination, policies on environment, policies on ethics and the code of conduct so that the compliance laws are met. As per Bellantuono et al., (2016), the company Timberwell is focusing towards utilisation and implementation of its policies and procedures that are well established so as to have improvement in its process of business and to gain sustainability. There is review process which is being conducted by the company for its policies and procedures so that there is economic sustainability maintenance. The company focuses on planning and implementation of the procedures for the utilisation of its resources effectively.
i) Disclosure 201-2 Financial implications and other risks and opportunities due to climate change:
The company Timberwell faces risks of economic sustainability along with its environmental sustainability and assessment. The company faces implication in terms of its financial since it has to comply with the Stanwell Council in the amendment proposed by the company as per the Local Environmental Plan (LEP). The council have identified areas which have to be identified and assessed in order to meet the warning impacts of change in the climate and the risks of fires in the bush. The Stanwell District have come up with various standards in order to meet the high standards of safety from bushfires. Some of them are having large distance in between the buildings and boundaries of land, usage of materials for fire retardant building. The company have a site which is in the district of Stanwell in an area which is rezoned as a bushfire prone. There has been consultations which is being pursued by the company with the council of Stanwell for complying with the provisions as set up in the LEP. In case the company Timberwell faces the economic fallout, the implementation of the policies will have a cost of $ 4 million. The company for protection of the environment and for ensuring the economic sustainability needs to set aside all the resources including financial for the sake of protecting its environment. The company has planned to incur $50,000 as cost towards external town planning which have its focus on minimising he costs for requirement of LEP.
ii) Disclosure 205-3 Confirmed incidents of corruption and actions taken:
The company Timberwell has observed many incidents which are associated with corruptions. One of it being the case where the employee filed a complaint to the commission of state corruption which involved five of the employees of company along with two of its business partners. The stakeholders that were charged for corruption were seven in number. The company have taken up the cases of corruption with seriousness and thus that resulted in suspension of its five employees without paying them. Moreover, the company terminated the contract with the suppliers and the stakeholders since Timberwell follows a policy wherein the unethical and corrupted people are removed from any kind of relationship. The company have focused on development of ethical relationships with the employees, suppliers and the stakeholders and thus the actions taken by the company against the corrupt people were decisive so as to ensure good practices of business.
iii) Disclosure 206-1 Legal actions for anti-competitive behaviour, anti-trust, and monopoly practices:
The company have faced number of actions which are legal in nature. The company have a case which is currently on going on the anti-competitive conduct being launched by the Australian Competitive and Consumer Commission (ACCC) at the Federal Court. There was a complaint filed to ACCC by an employee against the company towards accusations of conduct of the company because of the misuse of power of the market exclusive of dealings.The company Timberwell was accused by ACCC as because the top management of the company were indulged in unethical practices whereby they were not allowing the suppliers and the contractors to do business with the group of local builders. This was done by the company because of their intention of not allowing the new players to enter the market within the district of Stanwell so that there is reduction of competition within the market. The case against this is still to be heard in four months.
B. ENVIRONMENTAL SUSTAINABILITY:
There is a system approach being undertaken by the company towards the environmental sustainability whereby there is review of the activities by the organization and their impact on the environment at large. There is review for the energy consumption being taken up by the organization wherein the fact that how the same is being used and its effect on the business activities are analysed. The company follows a "system approach" towards the sustainability of the environment wherein the system and process along with the products and activities of the company are being assessed with the motive of analysed them affecting the environment. A system approach helps in ensuring the fact that the spots of the environment that are hot are being identified along with their impacts. With the use of an approach being systematic in nature, the company Timberwell identifies the issues of environment which is faced by it so that an approach can be developed for dealing with these problems.
i) Disclosure 302-1 Energy consumption within the organization:
The company Timberwell consumption of energy as reported is efficient. It takes into utilisation the tools of calculations as per the recommendations sought by the Australian Department of Industry and Science. The reported fuel consumption of the company of non-renewable resources is 1.0 Gigajoule, the consumption through fire is 0.5 Gigajoule and consumption through energy is 2.0 Gigajoule. The consumption through energy is a major issue in the sustainability of the environment and thus there arises a need wherein the organizations should review and report their consumption of energy.
ii) Disclosure 304-2 Significant impacts of activities, products, and services on biodiversity:
There is a site of the company Timberwell at the Otford Part wherein the major portion about 60% is covered with wallum sedge wherein the development will affect the survival of the frogs.The company is working towards the conservation of the frogs by framing course of action and working accordingly so the proposed site can be developed along with the conservation of the frogs. The action have been taken by the company in the management and conservation of land and the resources which are natural in nature by management plans which are biodiversity and plan of conservation. There have been undertaken of the Environmental Impact Assessment by the company Timberwell which reveal its efforts of conservation for the development site. The survival of the frogs is the main objective which is undertaken by the company.
iii) Disclosure 307-1 Non-Compliance with environmental laws and regulations:
The company was fined by $200,000 for the clearance it did of 0.45 hectares of land which had endangered coastal grasslands and was ordered by the court to review the plan of vegetation management it undertook, which required the audit program of the company to get extended, with the planning and implementation of a plan of rehabilitation amounting nearly to $440,000. There have been multiple attempts being undertaken by the company for resolving the issues related to environment and compliance of the same.
C. SOCIAL SUSTAINABILITY:
The social sustainability is an element which is of utmost importance, which ensures the attainment of holistic sustainability of the organization. The company ensures the fact that corporate responsibility management is the main aspect which is required to be addressed for meeting the goals and objectives of the company. As per Reed (2000), the organization's infrastructure and its activities are the ones which are responsible for the economic, social and cultural growth of the company. It is the responsibility of the organization to undertake responsibilities and policies for reducing the negativity that exists with the company and thereby having proper effect on the company helping it to attain the goals and objectives of the stakeholders of the company. The company is vulnerable to many social attacks which needs to be addressed so that the failure of the company can be reduced. The company Timberwell have within itself adoption of the approach of social responsibility for managing the effects of the surrounding environment including people. The company is increasing the employment of females by hiring new employees female so that the strength of female employees is nearly 48%. This is being done with a focus on gender equality and anti-discrimination.
i) Disclosure 401-1 New Employee Hires and employee turnover:
The strength of male staff within the company Timberwell is 58. The company had 12 new employment whereas 17 employees left the company for joining the rival businesses. The employment of new hiring is 20.6% whereas the employees leaving is 29.3%. The age group of employees are majorly in between a range of 30years to 50 years.
ii) Disclosure 406-1 Incidents of discrimination and corrective actions taken:
The employee of the Timberwell Construction company have filed a complaint with the Commission of Fair Work which was based on the discrimination of age along with using humour which was inappropriate in the workplace. The employee was humiliated for his age since he was older than 50 years and thus people cracked age related jokes. The employee was thus given compensation by the company and it was made that the company take active control for the same.
iii) Disclosure 413-1 Operations with local community engagement, impact assessments, and development programs:
There have been a number of programs being hosted by the company on the community engagement. The company have conducted meetings with the local residents for development of programs basis the affordable housing. The company is also working towards the many social issues like global warming and change in climate.
The company have number of sustainability issues which are managed by the company through adoption of various approach of management. Timberwell have adopted improvement approach being continuous in nature so as to continuously review the practices. There have been adoption of systematic approach for the environmental sustainability too. Employee related policies are also taken care by the company through amendments in its hiring policies.
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