Think your sustainability report speaks for itself? You may benefit from third-party verification
Companies today are looking beyond financial statements to report on a range of indicators that demonstrate their corporate social responsibility and sustainable development initiatives. To ensure these statements are credible, organizations are increasingly turning to external assurance providers to verify their sustainability reports. By Valerie Chort and Usha Sthankiya
The corporate sustainability report is becoming a valuable tool for companies wanting to tell stakeholders about more than just their financials. Through sustainability reporting, organizations are telling the world about their investments in social responsibility, sustainable development and human capital. The approach is called many things: corporate social responsibility, corporate sustainability reporting, or the "triple bottom line" — because it evaluates performance in environmental, social and economic terms — and it's gaining traction around the world.
In Canada, the number of companies producing sustainability reports is growing steadily. According to the Stratos publication Gaining Momentum — Corporate Sustainability Reporting in Canada 2005, 70 percent of TSX companies include some form of sustainability reporting. Industrial sectors, such as oil and gas, utilities, electronics and automotive are leading the way, along with chemicals, pulp and paper, and forestry companies.
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