A contribution of business to the sustainable development of the Earth
In the context of the events of the Alumni Club Faculty of Economics, a very interesting lecture on sustainable business enterprises was held on June 13 2013. “A contribution to the environmental, social and economic development of countries” as Dr. Buhovac presented the English version of the definition.
Professor at Faculty of Economics, Dr. Adriana Rejc Buhovac, the co-author with a reputable American professor Dr. Marc J. Epstein, is expecting early next year a second edition of the book “Making Sustainability Work-Revised Second Edition”. The first book, which was released in 2008, was a huge success and an indispensable guide for every manager, mainly due to the Model for implementation of sustainable design strategies.
Dr. Buhovac highlighted: „The implementation of a sustainable Model of strategy was brought from theory into practice by a world famous American chain of cafes, the Starbucks“. In this edition of the book, as the results of their empirical research and comprehensive study of best practices, which will unlike the first, which was heavily oriented to American studies, contain practices from both North and South America, Europe, Asia and Australia. The emphasis is also placed on the inclusion of risk in the calculation. “Sustainable business enterprises include, inter alia, questions of security” Buhovac illustrated with the case, which recently took place in Bangladesh, when the building collapsed and took a thousand lives.
Hereinafter Professor Buhovac presented some of the major highlights from the book. “The contribution of business to sustainable development of the Earth”, as properly defines “making sustainability work” is now an increasingly important challenge for executives, but it is typically more difficult to introduce into business. It is therefore necessary to know the procedures, measure efficiency and at the same time also to have a reward system. This couldn’t work without „leadership“, which must be as Buhovac says „an example in all fields“, culture and employees who believe in sustainability.
„One of the biggest challenges in the achievement of a sustainable strategy is to change the behaviour of employees.“ said Dr. Buhovac and stated an example such as Nike, which produces sports footwear, apparel and equipment. „Nike is one of the most recognizable companies in the world known among others by their sense for social responsibility, since its long-term vision is to develop the products that will be completely degradable.“
“The traditional view on sustainable development meant that the company needed to decide between the financial and social and environmental performance. However, today it is no longer so.“ More and more companies, in fact, note that they can be financially successful only if they provide an exemplary care to their employees and customers and on the other hand do not harm the environment. Sustainable strategy and operation are thus competitive advantages for the company.
„Today there is no longer enough for the manager to make profit, it is important how the manager creates it! The society forces the companies to be more sustainable. And the pressure by people is already triggering changes in legislation.“ Dr .Buhovac added at the end of the lecture and said that new guidelines on a standardised reporting on corporate responsibility and sustainable operations GRI 4 (Global Reporting Initiative) were published. These guidelines provide a comprehensive sustainability reporting, which could be used to provide economic, environmental and social performance. Indicators allow comparability between years and related organisations.
In early October 2013 the Academy of Sustainable Development will be held at the Faculty of Economics (FELU).
Impressions of participants:
Maja Kožuh, employed at the EF: „A very interesting lecture. Practices were highlighted, which is very important for such an audience – because graduates have the possibility to think about certain things in a different way.“
Polona Škrbec, Zavarovalnica Triglav: „An excellent presentation. I have already worked with Adriana at Academy. Working wit her and sipping her knowledge is always a wonderful experience. In particular, the practical examples present that added value, if you can of course extract activities from them and implement them in your own business. In Slovenia, in this field, there has not yet been done much, as it has been for example in the U.S. or England.“
Written by: Sabina Alijeski, EFnews
Proofread by: Živa Furlan, EFnews
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