Survey shows room for improvement with low reporting on supply chain impact
TORONTO—Corporate responsibility (CR) reporting has evolved into a mainstream business practice over the past two decades, and is now undertaken by over three quarters (83 percent) of the top 100 companies in Canada (up from 79 percent in 2011), according to the 8th KPMG Survey of Corporate Responsibility Reporting.
According to KPMG, the survey, which analyzes current global trends across 41 countries with a particular focus on the quality of CR reporting by the world’s top 250 companies, provides insights to help Canadian companies determine their own CR reporting approaches and assess and improve the quality of their reports.
“Corporate Responsibility reporting is now a standard business practice across the country, and companies that do not publish a report may be putting themselves at risk of falling behind their competitors,” said Bill Murphy, KPMG’s partner and national leader, climate change and sustainability services. “The important questions to now ask are ‘what are our most significant environmental and social impacts?’, ‘how are we managing these?’ and ‘how should we report our performance and progress?”
Key implications for Canadian businesses and organizations to consider:
The 2013 survey shows that CR reporting is a standard business practice globally as well as here in Canada – with 71 per cent of companies worldwide publishing a report, compared with 64 per cent in 2011 and 12 per cent in 1993.
The challenge for companies is to use the CR reporting process to identify the most important environmental, social and governance issues, said KPMG. They then must bring these issues into the heart of corporate strategy to manage risks, unlock opportunities and build long-term value.