Corporate Sustainability Reporting:

A Review of Initiatives and Trends

Daizy*, Mitali Sen** and Niladri Das***

Corporations in India are under growing pressure from internal as well as external
stakeholders to achieve corporate sustainability and consider the economic, environmental
and social implications of their activities. Sustainability reporting is gaining momentum
globally as an important communication tool for companies to disclose their sustainability
plans and performance and enhance stakeholder confidence. This paper aims to review
the various initiatives and trends of corporate sustainability with special reference to the
recent trends of sustainability reporting in India. It also provides an overview of the
development of various guidelines related to corporate sustainability reporting. The study
finds that the sustainability reporting scenario in India is still at nascent stage. However,
it contends that Indian corporations have been showing positive signs in embracing this
concept, and the recent policy developments shall also encourage the reporting efforts
in India.

Introduction
Corporations have been criticized for their environmental misbehavior for over a century.
Based on poor corporate behavior, there is a strong need for sustainability practices in companies.
Ballou et al. (2006) cite that corporate sustainability is a conjunction of two termssustainable
development and corporate social responsibility. Corporate Social Responsibility (CSR) is also
known as CSR reporting and Triple Bottom Line (TBL) reporting. Such reports focus on
environmental, social and economic performance of companies and are increasingly being
published by companies in various parts of the world. Lele (1991) contends that corporate
sustainability should be regulated in the same way as the other industrial polluting activities.
Just as law requires companies to disclose information on their polluting activities because
such activities have negative impact on the society, on similar lines, corporations should be
required to engage in internal accounting of their unsustainable practices. Furthermore, the
society has become more informed and more inclined to engage in sustainability issues due to
rapid improvements in communication technologies that now allow almost instantaneous
transfer of information on a global platform. As a result of these manifestations, the last two

* Junior Research Fellow of Management Studies, Indian School of Mines, Dhanbad 826004, Jharkhand, India.
E-mail: jassal1986@ymail.com
** Late Assistant Professor, Department of Management Studies, Indian School of Mines, Dhanbad 826004,
Jharkhand, India.
*** Assistant Professor, Department of Management Studies, Indian School of Mines, Dhanbad 826004, Jharkhand,
India; and is the corresponding author. E-mail: niladri_pnu2003@yahoo.co.in

Corporate
2013 IUP.
Sustainability
All Rights Reserved.
Reporting: A Review of Initiatives and Trends 7
decades have witnessed the establishment of a number of global initiatives related to sustainable
development, including the World Sustainable Development Summits in 1992 and 2002, and
the Millennium Development Goals in 2000.
Against this backdrop, the purpose of the present paper is to review the various initiatives
and trends of corporate sustainability with special reference to recent trends of sustainability
reporting in India. The paper is structured as follows: it begins with a brief introduction,
followed by a brief overview on sustainable development. Subsequently, it provides a
discussion on corporate sustainability reporting, its evolution and framework, followed by
a brief review of the recent trends of sustainability reporting in India; and finally, the
conclusion is offered.

Sustainable Development
Sustainable development is a broad concept that balances the need for economic growth with
environmental protection and social equity. Sustainable development is a vision and a way of
thinking and acting so that we can secure the resources and environment for our future generation.
The term was first popularized in 1987, in a book published by the World Commission on
Environment and Development (WCED). The WCED, headed by Gro Brundtland, defines
sustainable development as meeting the needs of the present without compromising the
ability of future generations to meet their own needs (Brundtland, 1987). Crane and Matten
(2007) provide a more specific definition, referring to sustainability as the long-term
maintenance of systems according to environmental, economic and social considerations.
All definitions of sustainable development require that the world should be seen as a system
that connects space, and a system that connects time. When the world is viewed as a system
over space, then it is easier for a common man to understand and appreciate the fact that air
pollution from Australia also affects air quality in Asia. And when the world is viewed as a
system over time, one starts to realize that the decisions made 50 years ago about how to farm
the land continue to affect agricultural practice even today, and the economic policies endorsed
today will have an impact on the poverty of the future generation. The concept of sustainable
development is rooted in this sort of systems thinking.
Nevertheless, in real-life setting, there are some challenges of sustainable development.
Population is a basic challenge. The shortage of drinking water in many regions of the world
is a major barrier to sustainable development. Human health is also considered an important
factor. Consumption of energy is again one of the important challenges of sustainable
development. Nowadays, consumption of all forms of energy is increasing day-by-day.
Deforestation is considered to be another obstacle and forest is diminishing daily. The
challenges faced are complex and serious and cannot be addressed in the same way as it was
created. Addressing these issues is difficult, but without doubt they can be addressed. In
order to combat these challenges, various significant initiatives have been undertaken by
global bodies worldwide.
A few important initiatives relating to sustainable development along with the leading
organizations supporting the initiatives are presented in Table 1.

8 The IUP Journal of Accounting Research & Audit Practices, Vol. XII, No. 2, 2013
 Table 1: Significant International Sustainable Development Initiatives
International Initiatives
Rio Earth Summit
UN Global Compact
Millennium Development Goals
Organization for Economic
Cooperation and Development
(OECD) Guidelines for
Multinational Enterprises
Corporate Sustainability Reporting: A Review of Initiatives and Trends
Year Description
1992 The 1992 United Nations Conference on
Environment and Development (UNCED), which took
place in Rio de Janeiro, had over 20,000 participants
from 178 countries representing governments, Non-
Governmental Organizations (NGOs), and the media.
In addition to looking at solutions for global problems
such as poverty and the growing gap between
developed and developing countries, the summit also
considered solutions for achieving sustainable
development. At its conclusion, six conventions
emerged from the summit, including the Rio
Declaration, a set of 27 principles committing
governments to environmental protection and
responsible development; and Agenda 21, which
provides a global plan of action for sustainable
development and forms the basis of national
sustainable development strategies.
2000 Launched in 2000, the Global Compact brings
companies together with UN agencies, labor and the
general public to support principles in the areas of
human rights, labor, environment and
anticorruption. As a voluntary initiative, the Global
Compact relies on public accountability,
transparency, and the enlightened self-interest of
companies, labor, and the public to initiate and
share substantive action in pursuing the principles
upon which it is based.
2000 Signed by all UN Member States in 2000, the
Millennium Development Goals commit the
international community to a new vision of
development that sees human development as key
to sustaining social and economic progress in all
countries. The eight goals establish national targets
for poverty, education, gender equality, and
environmental sustainability. The targets set for each
goal are to be achieved by 2015.
2000 The Guidelines constitute a set of voluntary
recommendations to multinational enterprises in
the major areas of business ethics, including
employment and industrial relations, human rights,
environment, information disclosure, combating
bribery, consumer interests, science and technology,
competition, and taxation. They are part of a greater
program that seeks to improve the fit between
business and society by clarifying the rights and
responsibilities of governments and enterprises in
the area of international business.
9
 Table 1 (Cont.)

International Initiatives Year Description

World Summit on Sustainable
Development
UN Norms on Human Rights
Responsibilities of Companies
2002 As a 10-year follow-up to the Rio Summit in 1992,
the 2002 World Summit in Johannesburg brought
various interest groups together, including heads of
state and government, NGOs, businesses, and other
major groups to focus the worlds attention and
direct action towards meeting challenges associated
with sustainable development. Although there were
mixed reviews on the success of the Summit, it did
produce two documents: the Johannesburg
Declaration on Sustainable Development, which
expresses commitments and direction for
implementing sustainable development, and the
Johannesburg Plan of Implementation that will
guide government activities.
2003 Interpreted from the Universal Declaration of Human
Rights (1948), the UN Norms on Human Rights
Responsibilities of Companies provide the first set of
comprehensive international human rights norms
specifically applicable to transnational corporations
and other businesses.

Corporate Sustainability Reporting

Sustainability is used to describe many different approaches toward improving our way of life.
Sustainability does not (and should not) have a rigid definition. In other words, sustainability
means different things to different people. Therefore, a universal definition of sustainability is
elusive. Sustainability reporting is, therefore, an ongoing journey than a destination. Sustainability
reporting combines long-term profitability with social justices and environmental concern.
Sustainability reporting is synonymous with social responsibility reporting or with all the
forms of reporting that cover the three aspects of economic, environmental and social
performance.

Importance of Sustainability Reporting

Modapothala and Issac (2009) mention that sustainability reporting provides a framework
which allows for reasonable and credible corporate reporting, whereby companies satisfy various
stakeholders needs for information and ultimately increase their goodwill. WBCSD (2002)
shows that in recent times companies tend to prefer more complex sustainable development
reports. This is true, in particular, for European and North American companies. While previous
studies mentioned environmental reports (e.g., Deegan and Rankin, 1996; Davis-Walling and
Batterman, 1997; and Jones et al., 1998), the more recent ones consider sustainability reports
or social responsibility reports (e.g., Idowu and Towler, 2004; Belal and Lubinin, 2009; and
Salama, 2009). In order to avoid confusion, a single term is used in the present study, namely,
sustainability reporting or sustainability reports.

10 The IUP Journal of Accounting Research & Audit Practices, Vol. XII, No. 2, 2013
 A sustainability report provides information on how a company, proactively and beyond
regulations, acts responsibly towards the environment around it and works towards equitable
and fair business practices and brings to life products and services with lower impacts on the
natural environment (GIZ, 2012). Sustainability reporting covers all areas of economic
viability, ethical culture, corporate governance, social responsibility, and environmental
awareness. The image that is projected in sustainability reports is representative of the actual
situation. The information in sustainability reports is logically structured in its presentation
of policies, objectives, management, performance and future developments. Davis-Walling
and Batterman (1997) further highlight in their study that an organization publishes
sustainability information in a variety of ways, either separately or in combination with
financial reports. Most of the companies publish their sustainability report annually, if
possible at the same time as their financial annual report. Some organizations make their
sustainability report at request. Through sustainability reports, companies can reach diverse
audiences and provide them with information on their commitment to sustainable
development. Since these reports also reach local communities, environmental groups,
legislators, employees, and investors, they are frequently much more broad-based than the
more selective reports that only target one or two stakeholder groups.

Evolution of Corporate Sustainability Reporting

Corporate sustainability reporting first started in the US in the late 1980s, with external
reports seeking primarily to address environmental issues. These reports highlighted issues
like public awareness of environmental concerns such as acid rain, ozone layer depletion
and the use and release of environmental contaminants. Brearton et al. (2005) cite that
the first CSR report is regarded as having been issued in 1989 by Ben and Jerrys Ice
Cream. Ottawa Stratos Inc. (2001) shows that through the 1990s, corporate sustainability
reporting gathered momentum with the Association of Chartered Certified Accountants
(ACCA) launch of the first environmental reporting awards in 1990; the release of Agenda
21 in 1992, which encouraged companies to report annually; the creation of the first
international survey to evaluate and recognize sustainability reports in 1993; and the
development of specific environmental reporting requirements in Denmark, Norway,
and the Netherlands starting in 1996. During this period, a number of initiatives were
launched to provide guidance to organizations in preparing sustainability reports. Of
these initiatives, the most comprehensive, recognized and referenced framework currently
in use is provided by the Global Reporting Initiative (GRI), which is discussed in detail
later in this paper. Table 2 outlines some of the major initiatives that have led to the
increased level of sustainability reporting in the world today.

Sustainability Reporting Framework

Willis (2003) mentions that during 1997-98, Coalition for Environmentally Responsible
Economies (CEREs) began developing a disclosure framework for sustainability information
and instituted a GRI project division. In another study, Fet and Michelsen (2003) cite that
soon a GRI steering committee was formed. In 1999, the United Nation Environmental Program

Corporate Sustainability Reporting: A Review of Initiatives and Trends 11

 Table 2: Major International Initiatives Driving Corporate Sustainability Reporting
Country/
Initiatives Focus Description
Associations
New Economic France Financial, Requirement for publicly traded
Regulations social, and companies to reveal information on
environmental employment, equity and diversity,
performance community impacts, and adherence
to international conventions on
labor standards, energy, water, and
raw materials consumption, as well
as air, water, and ground emissions
release.
Operating and UK Environmental Reporting of environmental and
Financial Review and social social issues by the UK quoted
(OFR) Guidelines issues companies, beginning April 1, 2005.
Pension Plans UK, Belgium, Social, Disclosure of how social,
Germany, environmental environmental and ethical factors
Sweden, and and ethical are taken into account in investment
France factors decisions.
Mandatory Denmark, Environmental Environmental reporting became
Environmental Netherland, reporting mandatory in these countries for
Reporting Norway, and organizations having significant
Hong Kong environmental impacts.
Minister of UK CSR Provision of a strategic focus and
Corporate Social leadership on CSR issues across
Responsibility departments of the UK government
in 2000.
UK Environmental Guidelines for companies to
Association of
and social risks disclose how social and
British Insurers
environmental risks are being
managed.
European Europe CSR European framework was put
Commission forward in 2001 for
Green Paper CSR.

Financial Services Australia Social, Mandatory disclosure by providers

Reform Act environmental of investment products regarding the
and ethical extent to which labor standards or
issues environmental, social and ethical
considerations are taken into
account in the selection, retention,
or realization of the investment.
King Committee Johannesburg Social, Requirement of all companies listed
Report on environmental on Johannesburg Stock Exchange
Corporate and (JSE) is to incorporate sustainability
Governance governance reporting.
reporting

12 The IUP Journal of Accounting Research & Audit Practices, Vol. XII, No. 2, 2013
 Table 2 (Cont.)

Country/
Initiatives Focus Description
Associations
Greenhouse Gas World Greenhouse gas Development of internationally
Protocol Initiative Resources emissions accepted accounting and reporting
Institute (WRI) standards for greenhouse emission
and the World from companies in 1998.
Business
Council for
Sustainable
Development
(WBCSD)
Carbon UK Climate change Around 143 institutional investors
Disclosure Project with assets of $20 tn signed a letter
regarding their efforts for climate
change. This was sent to FT500
largest companies in the world. First
version of letter was signed by 35
institutional investors representing
$4.5 tn in assets.

Equator Principles International Environmental An industry approach used by

Banks and Social Risk financial institutions in determining,
Association assessing, and managing
environmental and social risk in
project financing of banks. Banks
must apply these principles to all
project financing with a capital cost
of $50 mn or more.

(UNEP) joined this effort bestowing a worldwide scope to GRI and its disclosure framework.
GRI produces the worlds de facto standard in sustainability reporting guidelines. Its mission
is to make sustainability reporting a standard practice by providing guidance and support to
organizations. It is about disclosure of organizations economic, environmental, social and
governance performance and subsequently to help them to identify business risks and
opportunities due to these parameters. The GRI has developed a set of core metrics intended to
be applicable to all business enterprises, sets of sector-specific metrics for specific types of
enterprises and a uniform format for reporting information integral to a companys sustainability
performance. It is structured around the CEO statement, key environmental, social and economic
indicators, a profile of the reporting entity, descriptions of relevant policies and management
systems, stakeholder relationships, management performance, operational performance, product
performance, and a sustainability overview.
The first version of the GRI guidelines was issued in 2000. A second generation of its
guidelines, known as G2, was brought out in 2002 at the World Summit on Sustainable
Development in Johannesburg. GRI launched the third generation of its guidelines, G3, in
2006 and the GIZ (2012) report revealed that Indian companies are producing the highest

Corporate Sustainability Reporting: A Review of Initiatives and Trends 13

proportion of complete reports globally, implying the disclosure of complete set of information
that is relevant to the reporting organization and external assurance. Since its inception, the
GRI has become a worldwide, multi-stakeholder network which includes representatives
from business, civil society, labor, investors, accountants and others. Revisions to the
framework take place through an exhaustive set of committees and subcommittees, and its
multi-stakeholder approach also ensure the credibility and trust needed to make a global
framework successful.

Recent Trends of Sustainability Reporting in India

India is worlds second most populous country with more than 1.2 billion population and
worlds 9th largest economy as per purchasing power parity according to the IMF. Mitra
(2012) informs that in India, sustainability reporting initiative was taken in 2001 but the
pace of growth was quite slow. With more than 7000 listed companies, India has only a
handful reporting on sustainability strategy, vision, performance or governance. These reports
are mainly from oil and gas, cement, steel, minerals, automotive, pharmaceuticals and
other such industrial sectors.
A recent survey conducted by KPMG (2011) found that over the last five years, reporting on
sustainability performance increased considerably. This may be due to increased regulations
initiated by various government bodies and regulatory authorities in India. At the regulatory
level, various directives have been issued while some are still in pilot stage. In the financial
sector, the RBI published a circular in December 2007 requiring banks to consider promoting
sustainability through their own business practices and lending policies. In the public sector,
the Department of Public Enterprise in September 2011 issued its Guidelines on Sustainable
Development for Central Public Sector Enterprises (CPSEs), which laid out compulsory sustainable
development initiatives for CPSEs mainly focusing on environmental issues. As part of the
annual performance evaluation of CPSEs during 2010-11, the sustainable development parameter
was given a weight of 5%. As CPSEs currently account for 23.7% of the nations total GDP,
these guidelines can have a potentially high impact on the sustainability performance of Indias
public sector (KPMG, 2012). The Institute of Chartered Accountants of India (ICAI) set up the
ICAI-Accounting Research Foundation (ICAI-ARF), which undertook a special project to suggest
a suitable framework for sustainability reporting of Indian companies. Further, the Ministry of
Corporate Affairs, Government of India in association with the Indian Institute of Corporate
Affairs, released the voluntary guidelines on social, environmental and economic responsibilities
of business in 2011. Nowadays, environmental issues have become a growing concern as a
result of global warming and are expected to place increasing importance on climate change
issues. In the year 2011, 26% of Indias 100 largest firms identified opportunities related to
climate change, 21% reported their Carbon Footprint and 22% participated in the Carbon
Disclosure Project (CDP) (KPMG, 2011).
A recent trend observed is to include sustainability elements as part of internal audit so
that the issues are discussed at the board level. While some large companies have started to
establish a clear link between corporate responsibility and risk management, many still need
to be convinced of integrating sustainability into their business strategies.

14 The IUP Journal of Accounting Research & Audit Practices, Vol. XII, No. 2, 2013
 Very few Indian reporters have sustainability strategy with well-defined objectives and
Specific, Measurable, Achievable, Realistic and Time-bound (SMART) targets. This clearly
indicates that although many companies have started reporting their sustainability
performance they have not channeled their efforts under a well-defined sustainability
strategy. The companies with well-defined sustainability strategy elaborate on their strategic
intent by clearly defining performance indicators that relate to the sustainability objectives
and also report on annual performance and progress. While some companies have
established systems for managing, measuring and reporting of key sustainability issues, for
a significant proportion of reporters, absence of a management system or framework is a
concern as their sustainability reports may not reflect their actual performance. GIZ (2012),
in a recent study, mentioned that sustainability reporting seems to be in the experimental
phase in India as of now; it is nonetheless clear that engagement is growing and Indian
companies are becoming increasingly attentive to corporate responsibility issues. Therefore,
significant progress in both the number of reporters and quality of information reported is
expected in the coming years.

Conclusion
Based on the recent trends, there is every possibility of sustainability reporting becoming
mandatory in the future for Indian companies. Further, activism is likely to add extra pressure
on companies to disclose their sustainability indicators. The various policy initiatives taken in
India by the Department of Public Enterprise, Ministry of Corporate Affairs, introduction of
carbon indexing project by BSE and the recent S&P ESG index of NSE underline the importance
of not only measuring and monitoring performance on Environmental, Social and Governance
(ESG) issues, but also make reporting central to the efforts. Thus, reporting is expected to
become increasingly important and should be seen as a strategic initiative.
While more and more organizations are starting to disclose their performance on ESG
parameters in their annual report, websites and in some cases separate reports, there are several
information gaps that have to be addressed. The corporate do not always integrate sustainability
in their operations with the rigor desired for effective results. Problems in the implementation
of sustainability initiatives can be effectively handled through increased awareness and
understanding. Awareness building initiatives need to be undertaken for various stakeholder
communities, both at the firm as well as sector level. This would lead to useful stakeholder
engagement and strategic commitment of the top management, making sustainability an
imperative and ensuring reliable and transparent disclosures. Many companies are writing
their first or second sustainability reports and perceive the need for a simple and phased
approach to disclosures, which are sensitive to local conditions. The GRI framework is a
globally acceptable voluntary framework, while the guidelines issued by the Ministry of Corporate
Affairs are expected to fill the gap of India-specific reporting framework, including the resource-
constrained Small and Medium Enterprise (SME) sector. It is therefore important that reporting
companies in India share their experiences and provide feedback on the sustainability reporting
process based on the globally acceptable framework like GRI to partner in the development of
a robust sustainability reporting framework with provision to tackle country-specific issues. It

Corporate Sustainability Reporting: A Review of Initiatives and Trends 15

can thus be concluded that sustainability reporting is still at an early stage among Indian
companies, though in the coming years, particularly due to the regulatory impetus, one can
expect to see a rise in the number of reporters and the reinforced belief among Indian corporate
that sustainability is integral not only to the running of a successful business, but also to the
society as a whole.

References
1. Babic F S and Biloslavo R (2011), Corporate Sustainability Reporting: Opportunities and
Challenges in a Post-Transition Country, retrieved from http://www.fm-kp.si/zalozba/
ISBN/978-961-266-112-0/papers/MIC4189.pdf. Accessed on September 2012.

2. Ballou B, Heitger D L, Landes C E and Adams M (2006), The Future of Corporate

Sustainability Reporting, Journal of Accountancy, Vol. 202, No. 6, pp. 65-72.

3. Brockett A and Rezaee Z (2011), Sustainability Reportings Role in Managing Climate

Change Risk and Opportunities, retrieved from http://www.ey.com/Publication/
vwLUAssets/Sustainability_Reportings_Role_in_Managing_Climate_Change_Risks_and_
Opportunities/$FILE/Sustainability_Reporting.pdf. Accessed on August 2012.

4. Belal A R and Lubinin V (2009), Russia: Corporate Social Disclosures, Global Practices
of Corporate Social Responsibility, pp. 165-179.

5. Brearton S, Gross R and Ranney K (2005), Corporate Social Responsibility: 2nd Annual
Ranking, Report on Business Magazine, cited in Certified General Accountants Association
of Canada (2005), Measuring Up: A Study on Corporate Sustainability Reporting in
Canada, retrieved from http://www.cga-canada.org/en-ca/ResearchReports/ca_rep_2005-
06_sustainability.pdf. Accessed on August 2012.

6. Brundtland G H (1987), Our Common Future, Report of the World Commission on

Environment and Development, UN, retrieved from http://www.un-documents.net/ocf-
02.htm. Accessed on August 2012.

7. Certified General Accountants Association of Canada (2005), Measuring Up: A Study

on Corporate Sustainability Reporting in Canada, Retrieved from http://www.cga-
canada.org/en-ca/ResearchReports/ca_rep_2005-06_sustainability.pdf. Accessed on August
2012.

8. Crane A and Matten D (2007), Business Ethics, 2nd Edition, Oxford University Press, New
York.

9. Davis-Walling P and Batterman A (1997), Environmental Reporting by the Fortune 50

Firms, Environmental Management, Vol. 21, No. 6, pp. 865-875.

10. Deegan C and Rankin M (1996), Do Australian Companies Report Environmental News
Objectively? An Analysis of Environmental Disclosures by Firms Prosecuted Successfully
by the Environmental Protection Authority, Accounting, Auditing and Accountability
Journal, Vol. 9, No. 2, pp. 50-67.

16 The IUP Journal of Accounting Research & Audit Practices, Vol. XII, No. 2, 2013
11. Fet A M and Michelsen O (2003), Industrial Ecology Study and Research Program at
Norwegian University of Science and Technology, Clean Technologies and Environmental
Policy, Vol. 5, No. 2, pp. 95-100.

12. GIZ (2012), Sustainability Reporting Practices and Trends in India 2012, retrieved from
http://www.giz.de/Themen/de/dokumente/giz-2012-sustainable-reporting-india-en.pdf.
Accessed on November 2012.

13. GRI (Global Reporting Initiative) (2009), Sustainability Reporting Guidelines 2009, retrieved
from www.globalreporting.org. Accessed on August 2012.

14. GRI (Global Reporting Initiative), BMZ (German Ministry of Economic Cooperation and
Development) and TARI (Thought Arbitrage Research Institute) (2012), Sustainability
Reporting Practices and Trends in India 2012, retrieved from https://
www.globalreporting.org/resourcelibrary/Sustainability-reporting-practices-and-trends-in-
India.pdf. Accessed on November 2012.

15. Idowu S O and Towler B A (2004), A Comparative Study of the Contents of Corporate
Social Responsibility Reports of UK Companies, Management of Environmental Quality:
An International Journal, Vol. 15, No. 4, pp. 420-437.

16. Ivan R O (2009), Sustainability in Accounting-Basis: A Conceptual Framework, retrieved

from http://www.oeconomica.uab.ro/upload/lucrari/1120091/10.pdf. Accessed on August
2012.

17. Jones K, Alabaster T and Walton J (1998), Virtual Environments for Environmental
Reporting, Greener Management International, Vol. 21, pp. 121-137.

18. KPMG (2011), International Survey of Corporate Responsibility Reporting 2011, retrieved
from http://www.kpmg.com/PT/pt/IssuesAndInsights/Documents/corporate-
responsibility2011.pdf. Accessed on November 2012.

19. Lele S M (1991), Sustainable Development: A Critical Review, World Development,

Vol. 19, No. 6, pp. 607-621.

20. Mitra K P (2012), Sustainability Reporting Practices in India: Its Problems and Prospects,
International Financial Services and Management Research, Vol. 1, No. 5, pp. 109-115.

21. Modapothala J R and Issac B (2009), Study of Economic, Environmental and Social
Factors in Sustainability Reports Using Text Mining and Bayesian Analysis, Symposium
on Industrial Electronics and Application (ISIEA), Vol. 1, pp. 209-214.

22. Ottawa Stratos Inc. (2001), Stepping Forward: Corporate Sustainability Reporting in
Canada, retrieved from http://www.stratos-sts.com/documents/2001_Stepping_
Forward.pdf. Accessed on September 2012.

23. Rao S, Theodore M J and Srivastava R P (2009), Sustainable Development, Corporate

Sustainability Reporting and Assurance: An Overview, retrieved from http://

Corporate Sustainability Reporting: A Review of Initiatives and Trends 17

 www.carat.ku.edu/carat/people/Downloads%5CRao-Mock-Srivastava-Sustainability%20-
%20Final%20-%20Nov%209.pdf. Accessed on September 2012.

24. Salama A (2009), Egypt: Social Responsibility Disclosure Practices, Global Practices of
Corporate Social Responsibility, Vol. 4, pp. 325-342.

25. WBCSD (2002), Sustainable Development Reporting: Striking the Balance, retrieved
from http://www.wbcsd.ch/DocRoot/GGFpsq8dGngT5K56sAur/20030106_sdreport.pdf.
Accessed on September 2012.

26. Willis A (2003), The Role of the Global Reporting Initiatives Sustainability Reporting
Guidelines in the Social Screening of Investments, J. Bus. Ethics., Vol. 43, No. 3,
pp. 233-237.

27. Wilson M (2003), Corporate Sustainability: What is it and Where Does it Come From?,
IVEY Business Journal, Vol. 501, No. 1, pp. 33-44.

Reference # 09J-2013-04-01-01

18 The IUP Journal of Accounting Research & Audit Practices, Vol. XII, No. 2, 2013
Copyright of IUP Journal of Accounting Research & Audit Practices is the property of IUP
Publications and its content may not be copied or emailed to multiple sites or posted to a
listserv without the copyright holder's express written permission. However, users may print,
download, or email articles for individual use.