What the Future Holds

Businesses and economic systems are changing in response to global challenges, shareholder interests, and stakeholder interests. This book offers a guide for organizations to benefit from sustainable approaches. A historical overview of the concept of sustainability is given, specifically focusing on how sustainability applies to performance and reporting. In order to implement sustainability in a business, policies need to be developed that align with stakeholder expectations. When organizations are actively participating in multi-stakeholder initiatives, it is easier to align policies with societal trends. When policies are developed, management systems are vital in making sure the policies are congruent with actual performance. Performance reports should be based on well-recognized standards; regular reporting will help stakeholders evaluate an organization's performance and find out if performance is consistent with their expectations. Assets to developing stakeholder trust in performance and reporting include internal and external assurances. Potential actions for improvement are also discussed. This chapter offers a review of key points in the model for organizational sustainability and explores how to improve performance and reporting in the future. Steps an organization would take on its sustainability journey are described along with considerations for accomplishing each step and an example of implementing each step. When it comes to reporting, companies typically prepare a stand-alone sustainability report or an integrated report, but some put forth specialized, customized requests instead of using the company's sustainability report for needed information. Large proactive multinational companies may also try to predict what information stakeholders will ask for and then put that information on their website.

• Accounting
• Employee performance management
• Sustainable business practices
• Corporate social responsibility
• Environmental sustainability