The major categories of indicators that ANZ reports against are as follows:-
- Fairness and ethical conduct is considered as an important issue regarding both the internal and external stakeholders (Ioannou & Serafeim, 2017),
- The high rating of Corporate Governance, which portrays greater transparency in communication (Gurarda, 2015),
- Responsible lending to business, which involves the skilled management of the social and environmental impacts relating to the lending decisions, and they are treated as the core to the risk management of the organization,
- Emphasis on anti-corruption practices like anti-money laundering and terrorism financing,
- Financial system stability and regulation,
- Emphasis on consumer privacy by looking after data security and preventing fraudulent activities,
- Investing in the local communities,
- Environmental footprint,
- Maintaining a sustainable supply chain.
The ANZ bank determines these indicators by bringing about necessary changes to its ‘Sustainability Framework’ (Hahn & Kühnen, 2013). The framework focuses on the sustainable growth of business and individuals, ensuring social and economic participation at all levels of the society and conducting a fair and responsible banking process. This allows the bank to ensure that proper focus is given to its business strategy as well as its purpose, which is to promote the development of communities and individuals. The bank is also committed to the United Nation’s Sustainable Development Goals and conducts its operations in accordance to them.
The term ‘responsible banking’ in relation to ANZ means to keep up with the changing expectations of its stakeholders and maintaining their trust, ensuring the maintenance of high standards of conduct and being aware of the social and environmental impacts of its various business decisions.
According to the given case study, Alan Mcgill’s statement saying that the environmental costs are not fully included in the price of products means that Puma’s costs regarding the usage of natural resources and the costs that are associated with the impacts on the environment, are not included in the price which is paid for the products.
Puma as well as its parent company PPR home, went to such lengths as to go beyond regulatory requirements with the disclosure of their E P&L account because, it would provide Puma a detailed understanding of the impacts on the environment caused by its business decisions. It would allow the company to adopt various actions that would have a positive impact on its sales and would also help the company in protecting and preserving the natural resources its business relies on (Schaltegger & Burritt, 2017).
Gurarda, S. (2015). Environmental management accounting. Handbook of research on developing sustainable value in economics, finance, and marketing, 278-296.
Hahn, R., & Kühnen, M. (2013). Determinants of sustainability reporting: a review of results, trends, theory, and opportunities in an expanding field of research. Journal of cleaner production, 59, 5-21.
Ioannou, I., & Serafeim, G. (2017). The consequences of mandatory corporate sustainability reporting.
Schaltegger, S., & Burritt, R. (2017). Contemporary environmental accounting: issues, concepts and practice. Routledge.
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