Zim firms urged to embrace sustainable development reporting

Oliver Kazunga Senior Business Reporter
SOUTH Africa-based non-profit organisation, Global Reporting Initiative, has urged Zimbabwean companies to embrace sustainable development reporting to develop a balanced strategic approach to business management.

Sustainable development reporting entails measures that enable organisations to change the way they manage their impact in the socio-economic environment.

Speaking at a breakfast meeting organised by the Regional Centre for Social Responsibility in Bulawayo on Thursday, Global Reporting Initiative head of focal point, Douglas Kativu, said companies in the country needed to report on three areas namely standard disclosures, disclosures on management principles and reporting principles.

He said the three areas include narratives on addressing sustainability issues, organisation’s approach to key issues of government and integrity, environmental materials and the impacts associated with resources such as water.

“Sustainable reporting is about measures which enable organisations to change the way they manage their impact. It’s about promoting change.

“The benefits include enhanced reputation and loyalty, risk management or reduction, competitive advantage,” said Kativu.

“On sustainability benefits among others, it enables the market to understand the company’s true value of assets.”

He said in South Africa a number of companies including those listed on the Johannesburg Stock Exchange had embraced the concept of sustainable development reporting.

“In South Africa 450 companies listed on the JSE are required to submit non-financial reports (Sustainability development reports),” he said.

Rio-Tinto exploration, communication and external relations manager Lovemore Chimuka who also attended the meeting said their Murowa Diamonds Mine has adopted the approach and was producing sustainable development reports.

“While we don’t have a law which forces companies to produce sustainability development reports in Zimbabwe, we’re producing the sustainability development reports in Murowa and this is helping us among others to influence long-term strategy, policy and business plans,” he said.