Individual Management Report
Question 1: Corporate Sustainability
1. Define and describe what is meant by the term ‘Corporate Sustainability’. In your answer, address both the environmental and social dimensions.
Corporate sustainability can be defined as a new and evolving management theory encompassing modern strategies and activities aimed towards satisfying requirements of stakeholders while seeking to protect, support and enhance the human and natural resources needed for the future. This concept recognises the inextricable link between the corporate worlds desire for economic profit and growth, while simultaneously satisfying societies ethical dimensions and maximising sustainable use of environmental resources. Corporate sustainability, in essence, requires motivating business decisions to achieve both a prospering environment and financial success together, “that the environment and economy are intertwined, partners in the global pursuit of an enhanced quality of life” (Schmidheiny 1992, p.83). While corporate sustainability recognises that expansion and financial success are important, It also requires the corporation to “pursue social goals…social justice, equity, and economic development” (Wilson 2003 p.2)
There is no doubt that in the modern and increasingly consumeristic world we inhabit today, large multinational corporations have done much in the way of providing material benefits; satisfying societies almost every want and need. While such benefits have increased the immediate quality and expectancy of life, little consideration has been given to the thought of sustainable development for future generations, eventually leading to concerns such as global warming, mass pollution, environmental degradation and exploitation ...