The next 50 years will focus on resource productivity, Peter Bakker, President of the World Business Council for Sustainable Development, told more than 70 companies at the International Integrated Reporting Council (IIRC) conference in Amsterdam last week.
He went on: 'As environmental damage and resource stress mount, resources and emissions will replace labour as the main limiting factors to be built into decisions. Business leaders can make a major difference in creating the radical new model that thousands of people around the world are calling for, but they need to recognise the urgency of challengs and move fast on issues such as carbon and energy.
'Business has to take the lead if it wants to be seen as part of the solution as well as the problem. Sustainability has to be built into the core business strategy. Integrated reporting is needed to provide a clear full strategic picture of a businesses. Transparency needs to be built into processes, with true valuations, true costings and true pricing.'
Natural resources are among the capitals that companies in the IIRC Pilot Programme are trying to capture the value of in their annual reports. Many of them, including Danone, Microsoft, National Australia Bank, Marks and Spencer Group and Inditex, have shared their experiences of working towards Integrated Reporting in a Yearbook, written by Trucost. Find out how investors and businesses are working to strengthen corporate reporting in The Pilot Programme 2012 Yearbook: Capturing the experiences of global businesses and global investors.