The business of business is not just business. It is much more. It is much wider.
Business is responsible towards its shareholders but it is accountable towards its stakeholders: employees, customers, consumers, trade unions, environmental groups and also future generations. Business must develop a dialogue with this wider stakeholder group. Such a dialogue must be based on trust and, consequently, it must be both transparent and leading to genuine accountability.
It is not just governments that need to be accountable! CSR reporting is a tool that can be of considerable assistance in achieving this purpose.
AD’s Electoral Manifesto proposes putting Corporate Social Responsibility on a sound footing in Malta.
“It is necessary that all companies listed on the Stock Exchange as well as parastatal organisations such as Enemalta and the Water Services Corporation together with all companies employing more than 1000 employees publish such information. It is important to underline that environmental reporting is as important as financial reporting and hence it should also be audited.”
Disclosure and stakeholder engagement are basic elements of CSR. CSR reporting will define the duty of disclosure of the major business and industrial operators. Through this proposal AD in Parliament will ensure that transparency is the order of the day not just in government but also in the private sector.
As profits and principles can co-exist.
published in di-ve.com on February 1, 2013