Summary Report: Forum on Valuing Business Sustainability
Opportunities for managers to make the case for sustainability to senior management are rare. Prepare for those rare opportunities with this forum report.
Managers trying to advance sustainability rarely have the opportunity to make their case to senior management, unless they are supported by a senior champion. So what can managers do?
On January 25, 2008, sixty-five managers, academics, policy-makers, and experts gathered to discuss how to value sustainability and make a strong case for business sustainability. Discussions identified the importance of building sustainability into standard managerial accounting practices and aligning sustainability with corporate strategy.
The resulting report, Knowledge Forum on Valuing Business Sustainability
, recaps these discussions and outlines research findings, which consistently reveal how good corporate social performance (CSP) is associated with modest financial gains. More importantly, researchers also point out how the risk of sudden damage from failing to uphold social and environment responsibilities can have long-lasting effects on firms.
Robert D. Klassen, Professor, Ivey Business School
- Sustainability is about asking the right questions. Managers should ask ‘why’ more than they ask ‘how much’ to spend on environmental initiatives. Doing so would create a better understanding internally and externally of how the firm is creating business value through sustainability.
- Creating closed-loop supply chains forces firms to forge relationships with suppliers and re-evaluate their processes, which are much higher value-added activities than implementing extensive recycling programs.
Read page 18 of the full report Download the presentation slides