The Dynamics of Corporate Sustainability
as an approach that creates long-term
stakeholder value by implementing a
business strategy that considers every
dimension of how a business operates in
the ethical, social, environmental, cultural
and economic spheres. Notwithstanding
the size of a business venture, corporate
sustainability is now recognized as a key
priority for any business that is intent
on growing and remaining relevant to its
consumers. This is particularly driven by
consumer awareness, which demands that
companies not only return profits to their
they demonstrate compliance with ethical
standards and commitment to deliver
their goods and services in a sustainable
manner.
Sustainability
definition of the term sustainability, it
is commonly understood to mean the
ability to meet the needs of the present
without compromising the ability of future
generations to meet their own needs. This
definition emanated from the 1987 report
by the World Commission on Environment
and Development (Brundtland Commission
Report) which introduced the concept of
sustainable development. Today, the term
sustainability has evolved and become
part of corporate culture, with a focus
on the need for companies to pursue
growth and profitability strategies that
take into consideration the relationship
between the company and its stakeholders
(including not only the shareholders, but
also their consumers and the community
affected by their business). This requires
that companies incorporate sustainable
development, environmental protection,
social equity and justice in their economic
development agenda.
Sustainability: People, Planet
and Profits
environmental, social and economic,
commonly referred to as people, planet
United Nations in 2016 adopted the 17
Sustainable Development Goals (SDGs) as
a global blueprint to achieve a better and
more sustainable future for all by the year
2030. The SGDs seek to address global
challenges, including ending extreme
poverty and hunger, access to good
health and quality education, promoting
gender equality, access to clean water and
sanitation, affordable clean energy, decent
work and economic growth, among others.
These are also in line with Kenya's Vision
2030 and the Big Four Agenda setting
out Kenya's development agenda and
priorities.
The pillars of corporate sustainability
can be summarized as follows:
1)
businesses are expected to adopt
environmentally friendly practices
and avoid waste, pollution and
environmental degradation.
are expected to treat their employees
fairly and adopt principles of good
neighborliness as corporate members
of communities in the localities
where the business operates, as
well as globally. This also means
that sustainable businesses should
ensure that businesses in their
supply chain adopt and implement
sustainable corporate culture, which
include non-discrimination, fair labor
practices, respect for human rights
and entrenching ethical practices to
prevent bribery and corruption in their
dealings.
corporate lawyer at Njoroge Regeru &
Company Advocates in Nairobi, Kenya. He
has more than 10 years' experience providing
quality legal services to a diverse international
clientele. His areas of expertise include
transaction advice for real estate developers,
foreign investors, energy, construction projects
and nonprofit corporations.
Arbor House, Aboretum Drive
P.O. Box 46971
Nairobi, GPO Kenya 00100
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