SUSTAINABLITY REPORT

Sustainability Report



Sustainability Report

Sustainability Development

Sustainability has many definitions, but the core concept remains this: As we use the Earth's resources to produce economic goods and services, we must maintain the Earth's capacity to provide natural resources and absorb wastes for the benefit of future generations, and we must meet our social responsibilities to allow and enable poor countries and marginalized groups to share the Earth's bounty. As sustainable development or sustainability became an increasingly popular understanding of the key relationship between development and the environment, the 1987 Report of the World Commission on Development and Environment, also known as the Brundtland Report, adopted a vague definition of sustainable development that remains the most cited definition of sustainable development or sustainability. It articulated the notion of intergenerational equity as “meeting the needs of the present without compromising the ability of future generations to meet their own needs” (Narver, 1990, Pp. 20).

Global Reporting Initiative

The Global Reporting Initiative or the Global Reporting Initiative is an independent institution that created the first global standard guidelines for preparing reports of sustainability for those companies wishing to assess their economic, environmental and social. It is an official collaborating centre of United Nations Program for Environment (UNEP). Since its inception in 1997 until 2002, GRI was a joint project between UNEP and the organization CERES (Coalition for Environmentally Responsible Economies). It was designed to increase the quality of the preparation of sustainability reports, to equate them with the financial reports in terms of comparability, accuracy, reliability, frequency and verifiability. He is currently an independent institution with its own Board of Directors and is based in Amsterdam. The GRI has the active participation of representatives of human rights, labor rights, research, environmental, corporations, investors and financial organizations (McTaggart, 2006, pp.8).

Its mission is to raise the sustainable development practices to a level equivalent to financial reporting, for the sake of comparability, credibility, rigor, and verifiability of periodicity of the information provided. The GRI has tackled this problem with the active participation of businesses, environmental and social NGOs, accounting firms, labor organizations, investors and other stakeholders worldwide. The GRI released a draft of its Guidelines for Sustainable Development in 1999. After an exhaustive period of development, experimentation and further consultations, the first official version of the Guidelines was published in June 2000. This version G3 of 2006 marks the continuation of a cycle of experiments, analysis, consultation and revision of the Guidelines, as well as additional documents. Future review cycles will remain anchored in the fundamental principles of GRI since its inception: openness, balance, transparency and technical excellence (Bedrich, 2007, pp. 12).

Tesco's CSR Approach

Once a year, the board of directors of Tesco Plc considers the company's strategy of corporate social responsibility and review of the overall performance on this subject is discussed after every three months. Members of the board and the executives of the company receive review on corporate social responsibility performance, due to which the company can assess future opportunities and risks (Pitts, 2009, ...