Economic Sustainability

Sustainability report is considered as that report which highlights the actions taken by the organizations in context of the economic, environmental, and social impacts resulted from the activities conducted by the organization. This report further states the values and governance models in terms of the chosen organization. It further reflects the connection between the strategy of the organization and commitment of the organization in terms of ensuring the sustainable global economy.

This report is prepared on the basis of the Global Reporting standards (GRI) and reflects all the required disclosures. GRI standards are defined as the first global standards in lieu of the sustainability reporting. The main aim of these standards is to reflect the modular and unrelated structure of the reporting material, and states the best practices accepted at global level (GRI, 2018).

This paper shows the GRI standards reporting, and this reporting is done on the basis of the given case study that is Timber Well Constructions. Timber well is the organization which conducts its business in the construction industry and it mainly performs its functions in the residential development projects. This organization mainly builds the apartments in the district of Stanwell council. There are three sections in this report that are economic sustainability, environmental sustainability, and social sustainability. Further these sections report on the incidents occurred in the Timber Well on the basis of the GRI disclosures. Brief conclusion is stated at the end of the report for concluding this report.

Economic model related to the sustainability of the GRI standards reflect the impact of the business operations conducted by the organization on the economic reliability of its stakeholders and also the economic system at national and international levels. All these standards further shows the movement of capital in the different stakeholders of the organization, and it further reflects the impact of economic aspects of the organization in the complete society (Pravin, & Murali, 2017).

Financial implications and other risks and opportunities due to climate change- This disclosure mainly highlights the risk and opportunities in lieu of the changes occurred in the society, and it further aims to ensure the required changes in the profits and expenditures of operations (GRI, 2016a). Some of the reporting guidelines related to Timber well Constructions are defined below-

1. Changes occurred in the climate directly impose risk on the organizations such as increases in the bushfires and effected operations of the Timber well because of the warming effects of the climate. It must be noted that, this risk is defined as the physical risk because it affects the functions of the project conducted on site.
2. Construction projects cycle of the Timber well face the direct effects of the changes occurred in the climate. However, this cycle face some indirect effects also which mainly includes the delay occurred in site programming, threat to the workers safety, late delivery of the raw material, and increased cost of the raw material.
3. Some new laws are framed by the government for dealing with all the identified climate change risk, and implementation of these standards in the Timber well management cost almost $4 million to the organization (Camilleri, Jaques & Isaacs, 2001).
4. For Responding these identified climate risk, recommendations are made by the Stanwell Council. These recommendations states that, organization need to make changes in the LEP and these changes rezone the particular areas of the bushfire prone in the Stanwell district.

Disclosure 205-3 Confirmed incidents of corruption and actions taken Economic sustainability- This disclosure aim to show the organization actions impact on the society, climate, and local community (GRI, 2016b). Some of the reporting guidelines related to Timber well Constructions are defined below-

1. In Timber well there is one incident of the corruption occurred, in which, five employees of the organization and two business consultants give bribe to the construction project officers of the Stanwell council for getting fast approval related to the development applications of the organization.
2. The incident of corruption in which almost five employees of the organization are terminated is same as defined in first point. As employees of the organization are responsible to give the bribe to the construction project officers of the Stanwell council. After the investigation of this conducted, organization decided to suspend the employees without any pay.
3. In this incident of corruption, two business consultants of the Timber well are also involved, because of which organization cancels their partnership agreement with these consultants.
4. Dennis McCab (former employee) made the complaint against this corruption incident of the organization to the state corruption commission. Later commission decided that all the five employees and one external business consultant is charged in context of this incident.

Environmental Sustainability

Disclosure 206-1 Legal actions for anti-competitive behaviour, anti-trust, and monopoly practices- This part of the report defines the legal actions taken by the organization under the national and international laws in terms of the practices related to the anti-competitive behaviour, anti-trust, or monopoly (GRI, 2016c). Some of the reporting guidelines related to Timber well Constructions are defined below-

1. Proceedings are taken against the Timber well by the Australian Competition and Consumer Commission (ACCC) in the Federal court of Australia in lieu of the anti-competitive behaviour of the organization, and these allegations also includes the misuse of the market power and exclusive dealings. ACCC also states that, group of the local builders were planning to establish the company which is competitive in nature, and for preventing the competitive threat Timber well states to the organization suppliers that in case they supply material to the competitors then organization close or reduced the business with them (Pucio, 2013.
2. Decision of this case is not yet given, as this case is listed in the Federal Court of Australia and it is expected that this case is decided in the coming 4 months.

Environmental sustainability model in the GRI standards reflect the impact of the organization actions on the on both living and non-living natural systems of the nation.

Disclosure 302-1 Energy consumption within the organisation- This disclosure of the GRI states the energy consumed by within the organization and this consumption is determined by evaluating different factors (GRI, 2016d). Some of the reporting guidelines related to Timber well Constructions are defined below-

1. Timber well consumed almost 1.0 Gigajoule from the non-renewable energy sources, and 1 Gigajoule is equivalent to the 10⁹
2. Timber well consumed almost 1.0 Gigajoule from the renewable energy sources, and 0.5 Gigajoule is equivalent to the 10⁹
3. Timber well consumed almost 2.0 Gigajoules within their organization.
4. Energy consumption of the organization is calculated on the basis of the tools related to the calculation, and all these tools of calculation are recommended by the Australian Department of Industry and Science.
5. Further, Timber well implement the program in context of raising the consumption of fuel, as this program reduced the consumption of the renewable resources to only 50% of its fuel consumption in next 3 years.

Disclosure 304-2 significant impacts of activities, products, and services on biodiversity- This disclosure state the impact of the organization functions on the biodiversity (GRI, 2016). Some of the reporting guidelines related to Timber well Constructions are defined below-

1. Direct and indirect effects of the organization functions on the biodiversity in lieu of below stated programs-

• Complaint is filed by the former employee of the organization to the Department of the Environment and Energy against the Timber well, and in this he states that 0.45 hectares of critically endangered ecological community coastal grasslands was cleared by the organization for developing their residential project.
• This action of the organization cause both direct and indirect effects on the biodiversity, and further it is reported by the State planning scheme that area cleared by organization contain special Flora and Fauna elements.
• Department also perform the environmental impact assessment, and this assessment is done on the Otford Park development site of the Timber Well. On this site, it is discovered by department that 60% of the site is populated from the rare wallum sedge frogs.

Disclosure 307-1 Non-compliance with environmental laws and regulations- This part of the report defines the penalties imposed by the authorities on the Timber well because of the non-compliance of the laws and regulations deals with the environment (GRI, 2016f). Some of the reporting guidelines related to Timber well Constructions are defined below-

1. In lieu of the action taken by the organization of clearing the grasslands results in severe penalties for the organization. As authorities stated that, organization needs to conduct the external review of its vegetation management plan. Audit programs of the organization are also extended in lieu of its contractors. Implementation of this plan requires the cost of $440000 for ensuring the rehabilitation.
2. Further, this organization worked with the Stanwell council and also the Stanwell groups for the purpose of evaluating the strategy used to manage the proposed development by the council and also the protection of the wallum sedge frogs.

This section of the report ensures the assessment of the impact from the organization functions on the society and local community of the nation.

Disclosure 401-1 new employee hires and employee turnover – Some of the reporting guidelines related to Timber well Constructions are defined below (GRI, 2016g)-

1. Almost 58 male employees are hired by the organization, and all these employees are hired from different areas of the construction related work. During the reporting period Timber well also employed almost 12 apprentices, and these employees are hired because of the increased competition. These employees are aged between the years 30-50, but only single employee is above the age of 50 years.
2. In organization almost 17 employees are resigned, and some of these left because of the own business and some left because of the rival organization offers.

Disclosure 406-1 Incidents of discrimination and corrective actions taken – Some of the reporting guidelines related to Timber well Constructions are defined below (GRI, 2016h)-

1. In the reporting period, only one incident of the discrimination is reported and this report is filed by Mr Dennis McCabe with the Fair Work Commission. He made the allegation that he leaves the workplace because of the harassment.
2. Some of the incidents and process taken by the Timber well are stated below-

• Dennis McCabe files the complaint against the company under the workplace harassment. He stated that, his co-workers make him target of the age related jokes. Timber well review this incident and required actions are taken by the Timber well.
• Timber well is ordered by the Fair Work Commission to pay $4400 in the form of compensation, and Timber well further informed to make updates in the anti-discrimination policy and provide training to all the employees of the organization in this field. Timber well takes actions to compliance with these orders.

Disclosure 413-1 Operations with local community engagement, impact assessments, and development programs- Some of the reporting guidelines related to Timber well Constructions are defined below (GRI, 2016i)-

1. Numbers of actions are taken by the Timber well for the purpose of engaging in the local communities, and they further conduct the performance assessments in terms of their impacts.
2. Timber well states the expenses in context of engaging with the local community and also conducts the impact assessments. They also initiate the social development programs in terms of the developments of the residential areas (Chen, 2016).

Conclusion

This report is prepared on the basis of the Global Reporting standards (GRI) and reflects all the required disclosures. This report further represents the modular and unrelated structure of the reporting material, and states the best practices accepted at global level. Economic model related to the sustainability of the GRI standards reflect the impact of the business operations conducted by the organization on the economic reliability of its stakeholders and also the economic system at national and international levels.

References

Camilleri, M., Jaques, R. & Isaacs, N. (2001). Impacts of climate change on building performance in New Zealand, Building Research & Information, 29(6), 440–450.

CDSB, (2012). Climate Change Reporting Framework. Available at https://www.cdsb.net/sites/cdsbnet/files/cdsb_climate_change_reporting_framework_edition_1.1.pdf. Accessed on 13^th October 2018.

Chen, X. (2016). An Analysis of Climate Impact on Landscape design. Atmospheric and Climate Sciences, 6, 475-481.

GRI, (2016a), GRI 201: Economic Performance. Available at https://www.globalreporting.org/standards/media/1039/gri-201-economic-performance-2016.pdf. Accessed on 13^th October 2018.

GRI, (2016b), GRI 202: Energy. Available at https://www.globalreporting.org/standards/media/1009/gri-302-energy-2016.pdf. Accessed on 13^th October 2018.

GRI, (2016c), GRI 205: Anti-Corruption. Available at https://www.globalreporting.org/standards/media/1006/gri-205-anti-corruption-2016.pdf. Accessed on 13^th October 2018.

GRI, (2016d), GRI 206: Anti-Competitive Behavior. Available at https://www.globalreporting.org/standards/media/1007/gri-206-anti-competitive-behavior-2016.pdf. Accessed on 13^th October 2018.

GRI, (2016e), GRI 304: Biodiversity. Available at https://www.globalreporting.org/standards/media/1011/gri-304-biodiversity-2016.pdf. Accessed on 13^th October 2018.

GRI, (2016f), GRI 307: Environmental Compliance. Available at https://www.globalreporting.org/standards/media/1014/gri-307-environmental-compliance-2016.pdf. Accessed on 13^th October 2018.

GRI, (2016g), GRI 401: Employment. Available at https://www.globalreporting.org/standards/media/1016/gri-401-employment-2016.pdf. Accessed on 13^th October 2018.

GRI, (2016h), GRI 406: Non-Discrimination. Available at https://www.globalreporting.org/standards/media/1021/gri-406-non-discrimination-2016.pdf. Accessed on 13^th October 2018.

GRI, (2016i), GRI 413: Local Communities. Available at https://www.globalreporting.org/standards/media/1028/gri-413-local-communities-2016.pdf. Accessed on 13^th October 2018.

GRI, (2018), GRI Standards. Available at https://www.globalreporting.org/standards/. Accessed on 13^th October 2018.

Pravin, S. & Murali, K. (2017). Review on climate change and its effects on construction industry, International Research Journal of Engineering and Technology (IRJET), 4(11).

Pucio, G. (2013. Economic and private sector professional evidence and applied knowledge services, Oxford Policy Management.