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WebQuest Topic: Sustainability & ESG

Building Trust: Stakeholder Engagement and Transparency in Sustainability Reporting

Stakeholder Engagement

  • Knowledge

    • Principles and frameworks of sustainability reporting, such as GRI and SASB standards.
    • Key environmental, social, and governance (ESG) issues and their impact on business operations.

  • Skills

    • Ability to analyse sustainability reports and ESG disclosures, assessing their credibility and completeness.
    • Engaging with stakeholders and effectively communicating sustainability performance.
    • Critical thinking skills to evaluate the materiality of sustainability issues for various organizations.

  • Responsibility & Autonomy

    • Demonstrate autonomy in researching and identifying relevant sustainability metrics and indicators for reporting purposes.
    • Show autonomy and responsibility in formulating recommendations for improving sustainability reporting and stakeholder engagement practices.

Welcome to the WebQuest "Building Trust: Stakeholder Engagement and Transparency in Sustainability Reporting.

In today’s business environment, it is important for companies to show that they are accountable to the society, thus the need for transparency and stakeholder engagement. This WebQuest will guide you through the fundamental concepts of sustainability reporting, with emphasis on increasing the level of transparency and managing stakeholders’ communications. You'll explore how companies can build trust and accountability by adopting best practices in sustainability reporting. You will learn how to critically assess and enhance the sustainability communication based on the important and generally accepted guidelines such as GRI and SASB standards.

Your assignment is to investigate how companies convey their sustainability strategies and manage relationships with stakeholders. This involves a comparative analysis of sustainability reports from different organizations and evaluating them based on the level of compliance with the GRI and SASB frameworks. You will examine the clarity, transparency, and stakeholder engagement aspects of these reports. In addition, you will propose improvements based on your research to improve the utility of sustainability reporting and stakeholders’ engagement. It will be useful to present a brief overview of the current state of play and identify primary recommendations for the effective communication of sustainability information that can help companies to enhance the level of trust with various stakeholders.

Follow the steps listed below.

 

  1. Research the key principles of sustainability reporting.
    • Understand the foundational concepts and importance of sustainability reporting in business practices.
    • Learn about key environmental, social, and governance (ESG) issues and their impact on business operations.
  2. Study the GRI and SASB standards to understand their requirements and guidelines.
    • Familiarize yourself with the Global Reporting Initiative (GRI) standard.
    • Familiarize yourself with the Sustainability Accounting Standards Board (SASB) standard.
    • Understand the specific requirements, guidelines, and objectives of each standard.
  3. Identify different types of stakeholders
    • Recognize key stakeholder groups such as investors, employees, customers, and communities.
    • Understand the influence on sustainability reporting of each stakeholder group.
  4. Select three companies from different industries.
    • Get the latest sustainability reports from these companies' corporate websites.
    • Ensure you have comprehensive access to all relevant sections
  5. Interviews with Sustainability Managers.
    • Contact sustainability managers or officers in your selected companies. Prepare and conduct interviews to understand their approach to stakeholder engagement and transparency in reporting.
  6. Analyze each sustainability report using GRI and SASB Frameworks
    • Focus on evaluating the clarity, completeness, and transparency of the reports, as well as the effectiveness of stakeholder engagement.
  7. Develop a rubric to assess the sustainability reports.
    • Consider factors such as clarity, comprehensiveness, stakeholder engagement, and transparency.
    • Use this rubric to systematically score and compare each company’s report.
  8. Based on your analysis, suggest improvements for each company to enhance their sustainability reporting and stakeholder engagement practices.
    • Provide specific recommendations for each company.
    • Focus on improvements in clarity, transparency, stakeholder engagement, and adherence to GRI and SASB standards.

Well-done on completing the WebQuest "Building Trust: Stakeholder Engagement and Transparency in Sustainability Reporting." Through this assignment, you have enhanced your knowledge about the principles and frameworks of sustainability reporting, the relevance of stakeholders’ engagement, and the significance of transparency. These concepts are crucial for assessing and enhancing the sustainable practices, promoting corporate responsibility, and advancing sustainable growth. You have acquired several transferrable skills that will be useful in your further studies and / or career in sustainability and ESG.

Continue to explore and advocate for transparency and stakeholder engagement in all aspects of business and society.

Ben & Jerry's Social and Environmental Mission

Ben & Jerry's, a famous ice cream company, has established a solid and very effective approach to sustainability and stakeholder engagement. Ben & Jerry’s has set ambitious goals in key areas such as climate action and ethical sourcing. They aim to reduce their carbon footprint and achieve 100% renewable energy use in their production facilities. Additionally, they are committed to sourcing Fairtrade-certified ingredients, supporting small-scale farmers, and ensuring ethical supply chains. These goals are clearly outlined in their SEAR, with progress tracked and reported annually.

 

Key Components:

  1. Their efforts are consolidated in the annual Social and Environmental Assessment Report (SEAR), which describes in detail their performance, challenges and achievements according to the Global Reporting Initiative (GRI) standards. (Reporting)
  2. The company promotes its activism and social initiatives, demonstrating its efforts in areas such as climate change, social justice and sustainable sourcing. (Reporting)
  3. It engages with local communities through initiatives like the “Ben & Jerry’s Foundation,” which supports grassroots organizations working for social change. (Engaging Stakeholders)
  4. They actively involve customers in their sustainability mission through campaigns and educational initiatives. (Engaging Stakeholders)
  5. Its sustainability reports undergo third-party verification to ensure accuracy and credibility.

 

Links:

Visit Ben & Jerry’s website to access their latest Social and Environmental Assessment Report: Ben & Jerry's SEAR

Ben & Jerry’s Activism and Mission

Ben & Jerry's Foundation

Peace, Love & Ice Cream | Ben & Jerry's (video)

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Funded by the European Union. Views and opinions expressed are however those of the author(s) only and do not necessarily reflect those of the European Union or the European Education and Culture Executive Agency (EACEA). Neither the European Union nor EACEA can be held responsible for them.

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