ACCA strives to encourage better reporting to a range of stakeholder groupings
The Association of Chartered Certified Accountants (ACCA), the world's largest accounting body, is firmly committed to encouraging organisations worldwide, to communicate corporate performance in a manner that has impact across a broad range of stakeholder groupings.
"Sustainability reporting is already firmly entrenched in Europe and the US, so it is very gratifying to see that more and more South African companies are embracing sustainability reporting as best practice," says ACCA SA Head, Nirri Nair.
ACCA will host its annual Sustainability Awards at the Westcliff in Johannesburg on 18 July. Thirty entries were received this year: submissions were received from organisations such as Anglo Platinum, African Bank, British American Tobacco (SA), Delta Environmental Centre, Eskom, Goldfields, Massmart, Impala Platinum, Spier, Telkom, and Woolworths.
When asked why Anglo Platinum enters the ACCA Sustainability Awards every year, CEO, Ralph Havenstein, said these awards were important because they serve as a local benchmark. "One has to make sure that one doesn't live in one's own world. One needs to have an active participation in and understanding of what other people do, because that allows a path of continuous improvement. It is also a motivation to the people that put the Sustainability Report together," he informed.
The retail sector is often criticised for either failing to report, or for very poor reporting. Woolworths, however, bucks this trend: this retailer enjoys an enviable reputation for transparency and for detailed reporting. Woolworths has produced three Sustainability Reports to date. The company has also produced a Sustainability Index, which provides a formal framework for sustainable business practice in every area of the business as well as a core reference for reporting purposes. "Sustainable business practice is core to the Woolworths brand and related brand values. We are committed to working towards more sustainable business practices wherever relevant and believe that all businesses have a responsibility to the communities and environment in which they operate. Whilst awards such as the ACCA awards recognise achievement, they also raise collective awareness of the value of building sustainable businesses - leaving a sustainable legacy for future generations," says CEO, Simon Susman.
Companies such as Anglo Platinum, Sasol, Massmart and African Bank concede that when it comes to writing their Sustainability Reports, they all benchmark against leading South African and international companies.
"Sustainability reporting is not about compliance, so a tick-box approach should never be used. This approach is premised on a business philosophy that advocates transparency, because it believes business has a responsibility towards future generations. This approach recognises that what business does, impacts on the broader social environment," Nair explains.
African Bank: Executive Director, Tami Sokutu firmly believes that sustainability reporting is not simply a matter of compliance: "As South African businesses, we need to move as rapidly as possible to doing things because they are the right things to do. We should do things because they build the nation, not because they are a compliance requirement. We should not do things because they generate the bottom line, but because these are the right things to do."
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Additional information can be obtained from ACCA South Africa. Nirri Nair can be contacted on 011 459 1900.