As the global business community prepares for the World Economic Forum in Davos, a roundtable of 15 top 'green' Canadian companies has released its own report outlining the challenges facing the Canadian business community in 2011.
The report is published by the academic research group Network for Business Sustainability.
'This year, there was universal concern about the risks and rewards of taking a stand as a 'green pioneer',' said Tima Bansal, professor of management at the Richard Ivey School of Business and Executive Director of NBS.
'In trying to operate more responsibly, companies in forestry and energy face some of the same challenges as companies in telecommunications and consumer packaged goods.'
10 Questions Define the Sustainability Priorities in 2011
1. What are the key environmental, social and governance metrics for business sustainability?
2. Which outcome-based government policies are most effective for addressing sustainability issues?
3. How do individuals make decisions regarding social and environmental issues?
4. How can businesses attract, retain, and incent employees to drive sustainability?
5. How do we incorporate key sustainability parameters into a financial business case?
6. How do we determine the materiality of sustainability risks and opportunities?
7. What organizational attributes influence the credibility of sustainability claims?
8. What is the aboriginal perspective on business sustainability, and what are the best approaches to constructive engagement?
9. What are the best practices for sustainable sourcing?
10. How can firms navigate the risks and opportunities of sustainability leadership?
Bansal added that leading your industry in sustainability typically means you attract new customers and foster loyalty with employees and the community. But leadership also presents risks, such as being overtaken by a competitor or over-investing in technologies that fail to yield the expected rewards.
Andrew Wilczynski, TELUS' manager of corporate social responsibility and one of the roundtable participants, said being viewed by customers as leading the way in sustainability creates tremendous benefits but also raises their expectations.
'When you're a leader, you're subject to more scrutiny than your peers,' said Wilczynski.
'For example, we're committed to limiting our paper consumption - and have reduced it by nearly 60 per cent over the last 10 years. But because we're well-known for taking a strong stand on sustainability, when people see us using promotional flyers or other print materials they question our commitment, while they may not even notice larger and more frequent mail from our competitors. So, by setting higher standards, we have opened ourselves up to additional scrutiny. That's the kind of risk you take in pursuing sustainability.'
'Additionally and somewhat ironically we believe it is important to strive to ensure that your commitment to sustainability is itself sustainable over time and across the peaks and valleys of the business and economic cycle,' he added.
In addition to understanding the risks and rewards of being a green pioneer, the business leaders identified nine more challenges to responsible business. Read the full report: Canadian Business Sustainability Priorities 2011
About the Network for Business Sustainability
The Network for Business Sustainability is a not-for-profit organization that connects thousands of academic researchers and business leaders worldwide - with the goal of creating new, sustainable business models for the 21st century.
Representing the private, public and non-profit sectors, the roundtable included companies well-known for their environmentally-progressive practices and public support of sustainability such as Unilever, Suncor, TELUS and Research In Motion (RIM).
The roundtable meets annually to outline business barriers to adopting environmental practices and promoting sustainability. Academic researchers study the issues, producing resources designed to help businesses worldwide overcome similar barriers.
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