Business Sustainability in Asia

CHAPTER 4Drivers and Sources of Business Sustainability Initiatives in the World Including Asia

1. EXECUTIVE SUMMARY

In the aftermath of the global 2007–2009 Financial Crisis, business organizations have improved their performance in all five economic, governance, social, ethics and environmental (EGSEE) dimensions. Corporations have also begun to effectively communicate their EGSEE sustainability performance to their stakeholders through sustainability reporting. This chapter discusses initiatives and drivers of recent moves toward business sustainability performance and integrated sustainability reporting and assurance with a keen focus on Asia. Integrated EGSEE sustainability performance reporting can be promoted through market forces, mandatory sustainability reporting by listing standards of stock exchanges or a combination of mandatory and voluntary initiatives.

2. INTRODUCTION

Many public companies now voluntarily manage, measure, recognize, and disclose their commitments, events and transactions relevant to all five EGSEE dimensions of sustainability performance. More than 12,000 organizations worldwide are currently disclosing various EGSEE dimensions of their sustainability performance. According to the Global Reporting Initiative (GRI), in 2000, fewer than 50 global companies disclosed sustainability information on a voluntary basis. By 2005 this number had increased to 300 organizations, 1,500 companies in 2009, over 2,000 in 2010, over 5,000 in 2014, over 12,600 ...