In line with SGX’s Guidelines requiring listed companies to produce sustainability reports, Paia is rolling out a Toolkit to simplify the reporting process specifically for companies who want to write their report in-house. This Toolkit provides the necessary tools to produce a sustainability report in line with SGX’s requirements.
What you will learn
Paia’s toolkit includes a five-stage approach in fulfilling the company’s requirements in sustainability reporting:
|Stage 1||Stage 2||Stage 3||Stage 4||Stage 5|
|Gap Analysis & Sustainability Strategy||Materiality Assessment & Stakeholder Engagement||Data Collection & Compilation||Drafting of first sustainability report||Project Review & Recommendations|
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Benefits from reporting, based on testimonials from over 400 SMEs :
1. Develop vision and strategy on sustainability
During the reporting process, you are able to identify a link between the implementation of the reporting process and your strategic development.
2. Improve management systems, internal processes and set goals
A key benefit of the reporting process is that it allows your company to track progress and highlight areas needing improvement, so that you can manage what you measure and make changes where necessary.
3. Identify strengths & weaknesses
The reporting process provides early warning of trouble spots – and shows up unexpected opportunities. These discoveries can help your company’s management to evaluate potentially damaging developments before they emerge as unwelcome surprises (i.e. risk management), and/or grab opportunities before your competitors. It is also common that your company will identify critical issues which had not been considered before.
4. Attract, motivate and retain employees
Your company’s high performance standards and reputation are “intangibles” that help to attract and motivate employees. This will increase the trust between your company as an employer and its employees and so enhance your reputation. In the end, your workforce will contribute more and stay longer if it is motivated, empowered, and in agreement with strategic objectives.
5. Enhance reputation, achieve trust and respect
Your company’s key stakeholders are influenced by the reputation, respect and trust you have earned. As such, there are always concerns about how much the reputation of your company might be damaged by public disclosure on potential risks or bad news. The natural instinct is for you to avoid such admissions; however, balanced reporting can create trust and respect. This means reporting both on what goes well and also on where there is room for improvement.
6. Attracting funding
Providers of financial capital are asking tough questions of companies these days. Lending institutions and investors increasingly take into consideration performance in different aspects of sustainability issues when evaluating companies, e.g. good governance, ethical values, social priorities and environmental actions. Non-profit organizations are in a similar situation where they are dependent on donors and/or sponsors to fund their project activities. Implementing a GRI reporting process can help your company to improve the general management of sustainability issues and be prepared to talk openly about your performance. This demonstrates high-quality performance management which can provide access to funds.
7. Transparency and dialogue with stakeholders
The sustainability reporting process is an important tool to achieve transparency and disclose sustainability performance to your company’s stakeholders. As an SME, your stakeholders are likely to be clients, suppliers, local community pressure groups, providers of financial capital, employees and owners.
Through the relationships which the reporting process can create between your company and its stakeholders, you can receive feedback on your business operations, which will enable you to review processes and identify business opportunities.
8. Achieve competitive advantage and leadership
Sustainability reporting is still not common practice across all regions and sectors, especially for SMEs. For this reason, your company can be identified as a “leader in sustainability”. This is especially important because an increasing number of larger companies screen potential and current suppliers for their economic, social and environmental performance and the impact this may have on their own supply chain. By being able to show existing and potential clients your company’s commitment to conducting business in a sustainable manner, you increase your chances of being selected as a preferred supplier by larger companies.
 Global Reporting Initiative (GRI) Ready to Report. Introducing sustainability reporting for SMEs