The United Nations Development Programme (UNDP) in the Solomon Islands is encouraging private companies in Solomon Islands to publish sustainability reports and are urging entrepreneurs to implement Corporate Social Responsibility activities relevant to the Sustainable Development Goals (SDGs).
Sustainability reporting can promote private sector to adopt business practices that move communities toward inclusive sustainable development.
This kind of responsible engagement between the private sector and communities is also in accordance with the country National Development Strategy (NDS).
There are several ways that private companies can gain benefit by engaging in CSR activities, which includes:
Articulating sustainable Vision, Strategy and Business Plans
Sustainability reporting encourages companies to assess, and if necessary, to update, their visions, strategies and business plans to ensure that sustainability is embedded in their organizations.
Improving Management System
Reporting allows companies to track progress and sheds light on areas needing improvement.
Creating a sustainability report requires a concerted effort from companies’ employees, exposing them to the companies’ commitment to sustainability.
Because sustainability reporting isn't yet common practice in all regions and sectors, those organizations that do it can be identified as 'leaders'. Those companies differentiate themselves from others with just a general commitment.
The process of sustainability reporting provides companies with opportunities for stronger engagement with their stakeholders, which in turn can result in better relationships with them. Stakeholders would feel empowered while the companies can gain valuable insight beneficial to their sustainability journey.
Investors are more likely to be attracted to and continue to support companies that demonstrate a commitment not only to employees and customers, but also to causes and organizations that impact the lives of others.
Reputation and Trust
Transparency about non-financial performance can help to reduce reputational risks, open up dialogue with stakeholders such as customers, communities and investors, and demonstrate leadership, openness and accountability.
UNDP is currently working with private companies in the Solomon Islands to implement CSR activities.