Rationale for Stating Integrated To Corporate Social Reporting

Question: Discuss Rationale for Stating Integrated To Corporate Social Reporting? Answer: Introduction It has been seen that National Australia Bank (NAB) is identified to publish integrated annual review. The review of the stakeholders with the various types of the information is associated with opportunities and challenges in the operating environment of the company. The integrated report is further seen to take into consideration the various aspects of the stakeholders with a bigger picture. The main scope of the stakeholders has been further seen with a chance to get a hearing directly from Chairman and Group CEO. The deeper understanding of the corporate responsibility strategy has been seen to deliver various values to the environment, business customers and the community as a whole. The integrated reporting of National Australia Bank (NAB) began in the year 2010, by combining the various viewpoints of corporate responsibility review and the shareholder review. In 2011, NAB decided to enter into the program International Integrated Reporting Council (IIRC) for Integrated Reporti ng Pilot Programme. This was done by the company to ensure the active participation in influencing the development of the globally integrated standard for reporting (Nab.com.au, 2017). NAB is seen to be one of the five companies in Australia to actively take part in IIRC. The main intention of the bank to integrate the corporate reporting standards has been seen to be done based on knowing the culture and the corporate social responsibilities (Nab.com.au, 2017).This has been further seen in terms of the various types of the articulations of implementing the value to the stakeholders. This is done by providing material information, the operating environment, non-financial performance, business strategy and corporate governance. It has been identified as the single source of the information, which will be able to help the shareholders by bringing together the various types of the source, which will help the shareholders in terms of the knowing about the business model, strategy and th e performance (Nab.com.au, 2017). This is seen to be a good practice in terms of the CSR reporting practices. Integrated report is further seen to be conducive in providing the necessary information associated to reporting of the efficient use of the resources. The report is aimed to assess whether integrated report possesses the potential to be widely accepted as the alternative of the corporate social reporting in future. The various assessments for the study have been seen to be based on the integrated report published in 2014 (Examples.integratedreporting.org, 2017). The other main negotiation of the company has been seen to be associated to newer agreement on enterprise level to cover all the employees of NAB. The employees are seen to be endorsed with new arguments, which have provided them with greater certainty of remuneration and terms and conditions. The various types of amendments are expected to bring higher form of efficiency through part-time employment and rostered days off. Several types of other initiative has been seen in terms of implementation of domestic violent behavior support policy and the commitment for equity in gender pay has focused on improved retention rate and overall reputation of the employer (Pope Wraas, 2016). Successful communication of social performance The communication of the social communication of the company is seen to be based on the publishing of the social impact report for the Measuring Financial Exclusion in Australia. NAB is seen to support the plan for the Ageing Australia paper, which is released by the Per Capita Australia. The communication made in this aspect has been further stated that for every $ 1 invested in the Lifelines Online Crisis Support by the MLC community there is an associated social return of amounting to $ 8.40 (Examples.integratedreporting.org, 2017). The annual materiality review of the company is identified to report the key impacts due to environmental, social and the various types of the impacts associated to the business. The direct contact with the various customers of the company has been seen to improve the social media command in the second year of operation. In addition to this, the community investment program, the company has been seen to address the various social issues like financial exclusion (Mental Health Australia, 2014). NAB has continuously worked to ameliorate the financial addition across several communities. The sixth part of the settlement action plan has included indigenous strategies for Australians through financial inclusion. In addition to this, the indigenous money mentors (IMM) has shown to assist more than 1007 indigenous clients in 2014. A social return on the investment study by a net balance in 2013 has further able to depict that the IMM program is able to create $ 4.20 in terms of social value entire amount it has been invested. As per the present investment level, the expected total value has been seen to be more than $ 1.9 million each year. The research has been further able to depict that the IMM program is able to deliver a significant amount of social value and various types of flow on benefits. Such improved standards have been seen with improved standard of living and family relationships. The various types of other corporate responsibility has been seen in terms of building a prosperous communities by investing and lending of business as an organization to help the society to try for a better future. In 2014, NAB supported several investing opportunities for building infrastructure to tie communities together. The company has been further observed to encourage culture of contributing to society and volunteering (Examples.integratedreporting.org, 2017). It is seen to support several types of diverse and inclusive society workforce in Australia. Other activities for the society have been seen in terms of supporting small business. Some of them are benefiting activities of the company has been considered in terms of providing help associated to communities which are impacted by natural disasters (Veltri Nardo, 2013). The company has recognized the value of people, culture and build on reputation based on various advancement program associated to women. It has been observed that in total 30% women are seen to hold executive management roles at NAB. The companys return to work rate has been identified to be 87% of the employees who are on primary carers leave. The employees are further seen to be supported by parental leave in order to enable the employees on building stronger connections with the organization (Lueg et al., 2016). For sharing appropriate knowledge and experience in social media, engagement in the country has been seen to host for more than 530 customer tools at the NABs state of art facility for social media command centre. The company has made sure that it is able to provide a future focus for the emerging challenges and opportunities in the society by making the supply chain more resilient and efficient in nature. In order to ensure this, NAB has invested more than $ 22 million in energy competence initiatives in Australia alone. In 2014, some of the energy efficiency initiatives have been seen to be resulted in cost up to $ 15 million and greenhouse gas emissions of more than 81,000 tonnes (Morsing Roepstorff, 2014). The several types of other social initiatives have been seen in terms of improving the culture and developing a more engaged workforce. In the past five years, the company has been seen to keep a positive reputation among the stakeholders, customers, shareholders, people and community. In an employee engagement survey conducted by the company it has been observed that the company has been observed that NAB is able to provide independent consultants and deliver a more dynamic and intuitive program for reporting of various types of demographic insights and access for global benchmarks(Cho et al., 2014). The leadership program has been able to ensure a strong leadership, which is critical to execute the strategy of social well-being. It strives to improve the effectiveness of leaders by recruiting and management of talent. The bank has been further able to deliver various types of value of diversity and inclusion. This has been seen to be done by prioritizing diversity strategy at every level based on gender equity, providing equal opportunity to Gay bisexual transgender and intersex communities. It has been further seen to underpin two of the most noted leadership and flexibility program, which has included strategy for diversity among the communities and customers (Ayuso et al., 2013). Successful communication of environmental performance The environmental and the social governance (ESG) are seen to be mainly responsible for the framework of integrated years and the risk, which is considered from day-to-day decision-making. In 2014, the company has been seen to be engaging in various types of non-government organizations and expressed concerns for bank investment in terms of several types of environmental concerns and fossil fuels. In 2014, the organization is seen to develop public statement in order to assess the stakeholder for understanding effective understanding of the ESG risk (Veltri Nardo, 2013). The company has been seen to be given more than 922000 hours in order to volunteer the sole goal of providing efficient service for a better society and achieving better energy efficiency. The policy statement associated to ESG risk has been effectively communicated with the stakeholders via policy statement document available in the companys website (Examples.integratedreporting.org, 2017). The company has been recognized to deliver sustainable products and services by setting a goal of achieving 90% of major suppliers perform signatories under the companys sustainability principle by 2016. The delivery of the sustainable products and services has been seen with introducing new environment of products and services. In 2014, the company is seen to fund two environmental upgrade agreements (EAU). At present, NAB has a total of six EAU out of seven which has been privately funded with a total investment amount of $ 12.5 million (Moratis Tatang Widjaja, 2014). The company has made several initiatives to advance in natural worth strategy by gaining of customer insights and willing to serve for several agribusiness-banking personals. NAB is further seen to work on its goal to develop natural capital of which the company was seen to be first signatory for an Australian financial organization. The bank has continuously assisted in terms of providing finance for low carbon infrastructure with countrys largest single agreement geothermal power project (Christensen et al., 2013). It has also able to structure and lead project financing of more than 16 wind farms for the project Cumulus led by Infinis Wind based in UK. It has been further observed that in 2014, the bank has financed an additional 167 megawatts of finance portfolio for renewable energy project. It has been seen to continuously maintain its position for being the Australias leading lender in the energy sector (Kiesslingety et al., 2016). As discussed in the previous section that the company wants to make the supply chain operations more robust and resilient in nature, it has invested in several types of energy-efficient initiatives to reduce the greenhouse emissions of 81,000 tonnes in Australia. It is further seen to account for presence of data centers for around 37% of global building related to greenhouse emissions (Vartiak, 2016). Factors in the environmental performance and social performance ignored by NAB The company has identified some of the important considerations ignored by NAB in terms of the non-disclosure of the financial performance. It has not stated the monetary contributions made by the company in terms of the environmental costs. Hence, the stakeholders are deprived of this information. In the integrated reporting the company has mentioned about conduction of the audit process, however it has not disclosed the various findings, which are seen to be associated to the auditing standards, implemented by the company. Hence, it can be clearly seen that the bank has ignored the key financial indicators and the key performance indicators (KPIs). Rationale for stating integrated report as an alternative to corporate social reporting Based on the various types of discussions of both social and environmental performance it has been observed that the NABs integrated reporting is able to follow certain features, which is directly linked with CSR and sustainability reporting principles. The integrated report of the company has provided several non-financial published data associated to stating the environmental performance and working for the society. The main publishing of the data associated to the social performance has been directly related to provide publications associated to the initiatives taken for building a positive society. This feature has been directly observed as publications, which are given in CSR reports. In addition to this, the various findings of the environmental performance have been able to state the initiatives, which have been taken to reduce the carbon footprint and use of renewable energy. Hence, such disclosures can be directly associated to corporate social reporting in future (Lee et al ., 2013). However, there have been several drawbacks associated to the associated to the integrated reporting as well. It has been seen that the Integrated Reporting Draft Framework has been further seen to avoid the Global Reporting Initiative (GRI) exposures. It has been further seen to be ignoring the various aspects of the draft framework outline (Csr-reporting.blogspot.in, 2013). The main concerns in terms of the integrated reporting have been further identified in terms of the inclusion of various types of the financial and the non-financial information. The different considerations ignored in the integrated reporting have been seen in terms of long-term focus of the communications associated to the environmental performance and social performance of NAB. It has been further discerned that the different type of the considerations made by the company has ignored the various aspects of the GRI initiatives to formulate the various aspects of the GRI. The integrated reporting has been further able to understand the materiality aspect, incorporating the considerations of the multi-stakeholder viewpoints. It is further seen to that the different aspects of the consideration which are seen to be associated to the dealing with the selections of the key financial indicators and the key performance indicators (KPIs). The aforementioned considerations are seen to condu cive in the long-term reporting of the environmental performance and social performance to the stakeholders of the company. It has been further seen that CSR reporting takes into considerations the various types of the sustainability elements with the various types of the voluntary reporting initiatives, however the IR only focuses on the theoretical snippets from the annual report in many instances. Hence based on the aforementioned considerations it can be further said IR may not be the appropriate tool for the reporting of the various types of the non-financial aspects, which may be completely ignored in the report. It can be further observed that the various types of the other considerations in the sustainability report may completely ignore the deeper understanding that is seen to be associated to the disclosure of the information of the key performance objective for the medium term initiatives and the long term initiatives (Integratedreporting.org, 2017). Conclusion The report has been able to provide an argumentative perspective of the integrated report of NAB and able to state whether it can act as an alternative to CSR report in future. Through various types of findings, it has been discerned that NABs integrated reporting is able to follow certain features, which is directly linked with CSR and sustainability reports. The company has been seen to keep a positive reputation among the stakeholders, customers, shareholders, people and community. 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