ANNOUNCEMENTS
Since a very long time, investors, advocators, academicians, auditors, consumers, public, and business leaders have urged organizations to move beyond capital value, inculcate stakeholder perspectives, engage with the communities it is built in, and be considerate of the environment /ecosystem services it utilizes, when conducting business. Owing to which, many businesses began issuing ESG/ sustainability reports. However, these reports failed to capture the diversity & difficulties of ESG's components. The environmental reporting disregards its accounting practices for emissions, waste generation, consumption patterns or resource utilization. Social metrics ignores the required societal agreement on corporate outcomes to favor those that govern corporate behavior. The governance component quantifies metrics rather than working on results. Thus, reports were arbitrary, unreliable, and un-auditable. Ideally, the non-financial report should use specific yet significant performance metrics with widespread consensus already existing on the results. This can be partly done by reporting on topics as avoiding forced labor, climate mitigation or adaptation measures, accounting procedures for its emissions, desired corporate outcomes, firm's governance policies, and so on. To conclude, rather than just mapping selective or favorable corporate information, reporting would involve careful & unbiased accounting as well as analysis of the firm's economic, environmental, and social performance at all possible levels1.
