Over the past years, companies have become increasingly involved in social matters.
The way companies address their use of freshwater and their impact on water systems is one of the aspects of sustainable business performance. It is important to highlight that public pressure has been the most important reason motivating private initiatives for sustainable business performance and has become an important development in business over the last twenty years. Initially, regulatory compliance and fear of legal liability were the main reasons for defining sustainability principles; today, many multinationals recognize that proactive management contributes to their profitability and competitiveness in the market.
In general, large, high-profile companies are under considerable pressure to improve their performance. Notwithstanding, the need to be environmentally responsive is very clear as can be seen in the case of the multinational oil companies. (ref: BP latest news –ex 20Billion set aside for Louisiana clean up) . ). The sustainability concept is usually determined by three components: social, economic, and environmental.
The efficient use of freshwater and control of pollution is often part of the sustainability issues needing to be addressed by businesses. In the last ten years, some initiatives included the creation of the World Business Council for Sustainable Development (WBCSD, 1997) and the Global Reporting Initiative (GRI, 2000), the development of standards for environmental management systems, such as ISO and EMAS standards (OECD, 2001), the development of Key Environmental Indicators (OECD, 2001) and the introduction of the Global Water Tool (WBCSD, 2007)
The American Marketing Association (AMA) and Fleishman‐Hillard conducted a survey in 2009 to better understand perceptions about corporate responsibility in issues of sustainability. The survey included interviewees primarily in marketing positions, as well as people who are working in public relations, advertising, sales, operations and administrative positions. More than half of those interviewed say that their organizations will maintain or increase their involvement in sustainability in the next 12 months. One‐fifth of those surveyed feel that their organizations had already put considerable effort and resources behind sustainable development, while 58% say that their organizations will place greater emphasis on sustainable initiatives in the next two to three years. Of those surveyed, only 33% cite little or no anticipated change or emphasis in their sustainability programs in the months ahead. Interviewees believe that their organizations’ commitments to sustainability are important not only to support the dynamic function of the natural world in positive ways, but also to create business success through increased cost and production efficiencies, enhanced brand image and relationships with stakeholders and competitive differentiation.
To support this expectation, and to communicate clearly and openly about sustainability, a globally shared framework of concepts, consistent language, and metrics is required. The Global Reporting Initiative (GRI), for example, provides a framework for sustainability reporting that can be used by organizations of any size, sector, or location. It is the practice of measuring, disclosing, and being accountable to internal and external stakeholders for organizational performance towards the goal of sustainable development; the sustainable report should provide a balanced and reasonable representation of the sustainability performance of a reporting organization – including both positive and negative contributions.
Business water accounting is often part of the sustainable corporate performance accounting of a company. Companies publish their sustainability report and social initiatives to communicate their engagement in social matters. In many instances, there is a section dedicated in their website to show the commitment to sustainable quality.
