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Seminar 3 Sustainability Accounting, Lecture notes of Accounting

Seminar 3 notes for sustainability accounting class

Typology: Lecture notes

2023/2024

Uploaded on 10/29/2024

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Seminar III.
22/10/2024
1. Why?
- They wanted to create a balance between stakeholder
expectations and the success of the company
- Agreeing on a common interest
- Aligning vision and goals of the company with expectations
- CSR
- Pressure from other institutions
- Tobacco companies were excluded a lot of times, this was their
way of making others hear their voice
Reference for answer: Page 9 (11 on pdf) for the stages they followed,
Page 5 (7 in pdf), Page 8 (10 on pdf)
2. For whom does it produce the report?
- Stakeholders that took part in the dialogue and according to
their issues brought up
- At first, it was mainly for external stakeholders, it then became
essential for other business stakeholders, such as suppliers,
distributors, tobacco growers and retailers.
- Members of competition were not included. (page14 (16 of pdf))
- Concerns: Employees are not included as much as other
stakeholders. Informal meetings, attachment to company
culture. They say it’s already happening like that, but not formal
dialogue done. (page 13 (15 on pdf))
Reference for answer: Page 2 on pdf
3. What issues should the report address?
- The ones presented by the stakeholders mostly (issues
presented in page16 (18 on pdf)): public smoking, consumer
info., lower risk products, youth smoking prevention, citizenship,
corporate governance, responsible marketing, taxation and
pricing, environmental management, regulations.
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Seminar III. 22/10/

  1. Why?
  • They wanted to create a balance between stakeholder expectations and the success of the company
  • Agreeing on a common interest
  • Aligning vision and goals of the company with expectations
  • CSR
  • Pressure from other institutions
  • Tobacco companies were excluded a lot of times, this was their way of making others hear their voice Reference for answer: Page 9 (11 on pdf) for the stages they followed, Page 5 (7 in pdf), Page 8 (10 on pdf)
  1. For whom does it produce the report?
  • Stakeholders that took part in the dialogue and according to their issues brought up
  • At first, it was mainly for external stakeholders, it then became essential for other business stakeholders, such as suppliers, distributors, tobacco growers and retailers.
  • Members of competition were not included. (page14 (16 of pdf))
  • Concerns: Employees are not included as much as other stakeholders. Informal meetings, attachment to company culture. They say it’s already happening like that, but not formal dialogue done. (page 13 (15 on pdf)) Reference for answer: Page 2 on pdf
  1. What issues should the report address?
  • The ones presented by the stakeholders mostly (issues presented in page16 (18 on pdf)): public smoking, consumer info., lower risk products, youth smoking prevention, citizenship, corporate governance, responsible marketing, taxation and pricing, environmental management, regulations.
  • Stakeholder expectations, such as: introduce warnings for tobacco, rotational health warnings, information on packs, health info, show negative impacts, etc. (page17/19 on pdf)
  1. What standards? How should the report be compiled?
  • The report is compiled in the order: Stakeholder mapping>Internal Scoping and Prep.>Identify stakeholders for dialogue>Understand expectations>Identify gaps and make commitments>Discuss indicators and commitments>Implement measures>Report and Communicate>Make Social report
  • AA1000 Standard for improving accountability through learning through stakeholders. AA1000 principles: Inclusivity, Completeness, Materiality, Regularity and timeliness, Quality assurance, Accessibility, Information Quality, Embeddedness, Continuous Improvement.
  • CSR group
  • GRI guidelines and indicators
  • Auditing through veritas Page 12 for auditing processes, GRI, AA1000, page 58 onwards for GRI indicators used.
  1. Assurance
  • BVQI (Veritas) assessed the Social Reporting process against AA1000 using VeriSEAAR, which is a verification tool for the standard requirements (page 71)
  • Verification of dialogues and accuracy and social performance data
  • No dialogue with employees took place in the first cycle (page 13 (15 in pdf))
  • AA1000 / GRI Alignment and Commentary
  • Three Stage performance

Page 71, 72, 73 (73, 74 and 75 in pdf) for verification of Veritas  Answer the following questions:

  1. What is the reporting portfolio of Novo Nordisk?
  2. What are the central features of their corporate reporting practices?