- How do we define sustainable development?
- What is the business case?
- Why commit to sustainable development?
- How do we implement sustainable development?
- Does this mean we're sustainable?
How do we define sustainable development?
There are at least a dozen names for it including sustainable development, sustainability, corporate social responsibility, and triple bottom line, to name just a few. We picked sustainable development.
There are just as many definitions for it. Ours is "meeting the needs of our stakeholders today, while preserving choices for future generations to meet their needs".
Most theories on sustainable development refer to economic, environmental and social responsibilities. We've personalized these into governance and management and our four measures of success: a safe, healthy and rewarding workplace; a clean environment; supportive communities; and outstanding financial performance.
What is the business case?
First and foremost, we are fully confident in the business case for sustainable development. As we see it, sustainable development is a management philosophy and process that reconciles short and long-term external pressures with big, smart moves to:
- build trust, credibility and corporate reputation;
- gain and protect our license to operate and grow;
- direct innovation and productivity to build competitive advantage.
Taken together, these moves determine our ultimate success or failure.
Why commit to sustainable development?
We may have good intentions, but the reality is that our preoccupation with sustainable development simply makes a good business case.
Regardless of motive, we have begun to better understand our impact on the world, to think differently, to behave differently, and to come up with innovative courses of action.
So have our competitors and many other companies as well. In fact, we are all learning from each other and pushing each other to new heights in terms of improving approaches to sustainable development and stakeholder engagement.
This critical mass of competition could make a world of difference. The more companies that are engaged in sustainable development, the better the chance that our world will evolve in ways that will continue to offer opportunities to future generations.
How do we implement sustainable development?
Has sustainable development impacted our business strategy and our business goals? Yes, it has.
Companies like never before are under critical scrutiny for the way in which they conduct business. In response, we have seen a significant increase in our stakeholder expectations — employees, long-term contractors, unions, regulators, local communities, suppliers, industry, governments, non-governmental organizations (NGO), customers, shareholders and lenders—are interested in environmentally and socially responsible business practices.
These growing expectations pose several challenges; chief among them is formulating powerful business strategies or big, smart moves that capture maximum value for our stakeholders while driving us toward our vision and mission.
We've looked at our stakeholder expectations and have chosen to focus on 5 business strategies – governance and management and our four measures of success: a safe, healthy and rewarding workplace; a clean environment; supportive communities; and outstanding financial performance. For each of these strategies, we set and evaluate the business goals, plans, tactics, and performance measures to stimulate the change we need to see.
Does this mean we're sustainable?
We have, by no means, mastered the concept of sustainable development or have it fully built in and institutionalized.
We don't believe that it will ever be possible for us to say, "That's it, we are sustainable now."
The needs of our stakeholders will continue to evolve as will our own awareness of them and of the possible strategies for action.