Group 1

Question 1

Sustainability means the ability to maintain and assist the method constantly over the period. In the concept of policy and business, sustainability looks for preventing the exhaustion of physical or natural resources so that the resources remain accessible for a long duration. Sustainability is frequently broken into three key concepts: social, environmental and economic (Scoones, 2016).

The concept of social sustainability focuses on the human implications of economic methods.

The concept of environmental sustainability adds huge emphasis on the systems of life assistance like soil or atmosphere.

The concept of economic sustainability focuses on preventing natural resources that give physical insight such as exhaustible and renewable inputs.

Question 2

It states that organizations must develop policies for the management and oversight of risks of the material business and disclose the summary of all those policies.

The board of the listed entity must:

1. a) Have the committees for overseeing risk, each of which mainly:

– has three members, the majority of those should be independent directors

– is mainly led by the independent director

– The committee’s charter

– The committee’s member

– At the last of every period of reporting, the number of all times the particular committee met (Scoones, 2016).

Question 3

Three things that meridian could do for implementing the recommendation includes the following:

1. Meridian should have a committee for overseeing the risks.
2. The risk of the committee must have the charter that accurately sets out its duty and also discusses its entire important powers for performing that duty. This will generally include the right for obtaining information can take interviews of management and also of external and internal auditors.
3. The committee of risk must be of enough size and also the independent and the members should know about technology. So, Meridian should give training to their members regarding this knowledge.

Group 2

Question 1

Economic Sustainability is the comprehensive set of principles of decision-making and practices of business aimed at obtaining economic development without mainly engaging in the destructive trade-offs of the environment that traditionally accompany development. Preferably, sustainable development mainly creates some operational systems that particularly devour natural capital which is also referred to as natural resources slowly that upcoming generations could also utilize those resources. The combining principle behind economic sustainability is mainly rejecting or avoiding wasteful short-duration processes and also embracing the long-duration well-being of the planet earth. It also assists sectors and occupations that create an effective environment (Henry Ntarmah, et al., 2019).

Question 2

The GRI standards are the modular process of interrelated standards. They permit companies to openly report the implications of their tasks or activities in a structured manner that is clear to stakeholders and also other interested people and parties. The GRI standards are the modular process that comprises three standard series and these are given below:

1. GRI Universal standards – These apply to entire organizations. It includes:

– GRI 1: Foundation 2021

– GRI 2: General Disclosures 2021

– GRI 3: Material Topics 2021

2. GRI Sector Standards – These intend for increasing the consistency, completeness and quality of reporting by companies.
3. GRI Topic Standards – These comprise disclosures for giving information on all topics (Henry Ntarmah, et al., 2019).

Question 3

Three things Meridian could do for implementing the standards of GRI are given below:

1. Check the commitment of the C-suite – The buy-in level of the senior management is required to be accurately checked before boarding on the journey of GRI as it implicates the commitment of the company regarding money and time.
2. Establish a process of mature materiality – It is enlarged importance on the requirement for focusing on the process of mainly reporting. The spirit of this innovative guideline is to mainly report on issues of material that are accurate for main stakeholders and at a similar time have substantial indirect or direct implications on the long-duration success of the organization.
3. Should analyze gap – This will assist in identifying if present indicators of GRI are enough as per the new standards disclosures of GRI.

Group 3

Question 1

Environmental sustainability is described as answerable interaction with the environment for avoiding degradation or depletion of natural resources and permitting for long-duration quality of the environment. The practice of sustainability of the environment assists in ensuring the requirements of the population of the present time are met mainly without endangering the capability of the upcoming generation for meeting their requirements (Islam, 2015).

Question 2

The three environmental issues of sustainability faced by Australia and Meridian are given below:

1. Usage of energy is very excessive
2. There is a lack of an ineffective e-waste management
3. Unoptimistic usage of resources at the workplace

Question 3

Three things that Meridian could do for addressing these issues of environmental sustainability are given below:

1. Replace or avoid disposable things with reusable ones – The employees should do the following things in this regard:
2. a) Carry their water bottle or reusable cup
3. b) Utilize reusable and airtight containers of food rather than wraps of plastic
4. c) Utilize rechargeable batteries
5. Conserve electricity and water at the workplace like switch the things that are not in utilization such as fans, lights AC etc., and turning off the water tap.
6. Support environmental friendly things like reducing waste of paper and plastic at the workplace, boosts the efficiency of cost, support co-employees, utilize eco-friendly things at the workplace, and encourage the employees for the methodology of recycling and reuse (Islam, 2015).

Group 4

Question 1

Social sustainability is the process to create sustainable effective places that encourage well-being by mainly understanding what individuals mainly required from the places in which they work and live. Social sustainability syndicates design or propose the physical empire of the social universe – infrastructure for supporting cultural and social life, social facilities, systems for engagement of citizens and space for places and people to progress. Social sustainability happens when the informal and formal processes; relationships; structures and systems actively assist the capacity of future and current generations for creating livable and healthy communities. Socially sustainable communities are democratic, connected, diverse, and equitable and give good quality of life. From the perspective of business, social sustainability is mainly about understanding the implications of corporations on society and people. In the model of TBL, social sustainability is the smallest measurable section of sustainability. Organizations that nurture the necessity of social sustainability identify the consequence of their relations with society, communities and people. Social accountability becomes an essential part of their main strategy for the business and they mainly consider how all their activities implicate people (Montalbán-Domingo, et al., 2019).

Question 2

The three issues of social sustainability faced by Australia and Meridian are given below:

1. Company gives no balance in work life
2. The company does not do anything beneficial or meaningful for benefiting the wider community
3. Harassment and bullying (Montalbán-Domingo, et al., 2019).

Question 3

The three things that Meridian could do for addressing these issues of social sustainability are given below:

1. Partner with some other companies or businesses, amalgamating strengths for making the major positive implications (Goel, et al., 2016).
2. Make tactical social investments and encourage policies of the public that assist social sustainability.
3. Contribute in some other manner to improving the lives of the individuals they implicate like by creating some opportunities for jobs, services and goods that assist in meeting basic requirements, and further intrinsic chains of value (Goel, et al., 2016).

References

Goel, R., Buchman, S., Meili, R., & Woollard, R. (2016). Social accountability at the micro level: One patient at a time. Canadian Family Physician, 62(4), 287. https://www.cfp.ca/content/cfp/62/4/287.full.pdf

Henry Ntarmah, A., Kong, Y., & Kobina Gyan, M. (2019). Banking system stability and economic sustainability: A panel data analysis of the effect of banking system stability on sustainability of some selected developing countries. Quant Financ Econ, 3, 709-38. https://www.researchgate.net/profile/Albert-Ntarmah/publication/337839176_Banking_system_stability_and_economic_sustainability_A_panel_data_analysis_of_the_effect_of_banking_system_stability_on_sustainability_of_some_selected_developing_countries/links/60a7bf2592851ca9dcd45e62/Banking-system-stability-and-economic-sustainability-A-panel-data-analysis-of-the-effect-of-banking-system-stability-on-sustainability-of-some-selected-developing-countries.pdf?_sg%5B0%5D=started_experiment_milestone&origin=journalDetail

Islam, S. N. (2015). Inequality and environmental sustainability. https://www.un.org/esa/desa/papers/2015/wp145_2015.pdf

Montalbán-Domingo, L., García-Segura, T., Sanz-Benlloch, M. A., & Pellicer, E. (2019). Social sustainability in delivery and procurement of public construction contracts. Journal of management in engineering, 35(2), 04018065-1. https://riunet.upv.es/bitstream/handle/10251/118946/versi%C3%B3n%20autor.pdf?sequence=2

Scoones, I. (2016). The politics of sustainability and development. Annual Review of Environment and Resources, 41(1), 293-319. https://prallagon.com/wp-content/uploads/2021/03/politics-sustainability.pdf