Module 14 – Management of sustainability in details Step 5: Reporting and communicating

SDGs provide a holistic, comprehensive approach towards solving world’s most pressing problems. If SDGs Agenda is to succeed it has to consider sustainable approach of various stakeholders, including business sector, which through SDGs conducted activities and proper reporting has a crucial role in achieving SDGs. Through business reporting and improvements in firms sustainability reporting, society edges closer towards achieving SDGs. Transparent reporting and communication are important since it enables and fosters firms to align their activities with societal expectations (GRI, UN Global Compact, n.d., pp. 9-10).

Sustainability reporting and communications were often in the past considered as a compliance activity, whereas today it is seen as an important new strategic business approach (Amfori, 2019, p. 4). Sustainability reporting and disclosure practices have increased due to stakeholder’s expectations on business information transparency and openness. Continuous reporting and communication on firms progress regarding SDGs helps to comprehend and fulfill stakeholders needs. Vast majority of firms today disclose their sustainability results, progress and impact (GRI, United Nations Global Compact & WBSCD, 2015, p.25), where 80% of firms all over the world report on sustainability, and third-party assurance of business sustainability information in reports has become a normal business practice (KPMG, 2020, p.5).