1.7 Environmental reporting Flashcards

1
Q

What is environmental reporting?

A

The process of externally communicating the environmental effects of an organisations economic actions through the corporate annual report or a separate one.

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2
Q

Which companies have a greater burden of environmental reporting?

A

Those involved in industries such as chemical, gas, petroleum and pharmaceuticals.

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3
Q

What is the environmental audit report?

A

An assessment of the extent to which an organisation meets the set criteria or standards that help to minimise harm to the environment.

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4
Q

What are the economic implications of environmental reporting relating to risk management?

A

Financial, legal and reputation impacts

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5
Q

What are the economic implications of environmental reporting relating to marketing advantages?

A

Public image and brand enhancement by demonstrating its environmental responsibilities. Irresponsible business are now likely to lose market share.

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6
Q

What are the economic implications of environmental reporting relating to legal needs?

A

A business could be required to provide environmental reporting by law, especially if it is within a regulated market.

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7
Q

What are the economic implications of environmental reporting relating to ethics?

A

Showing a commitment to accountability and transparency

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8
Q

What are the economic implications of environmental reporting relating to compliance an accounting requirements?

A

Annual reviews are expected to include environmental matters

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9
Q

What are the economic implications of environmental reporting relating to Green/Ethical investors?

A

Companies with better environmental performance are more likely to receive backing by trustees of funds.

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10
Q

What are the economic implications of environmental reporting relating to employee interests?

A

Applicants increasingly look at the environmental performance of a business.

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11
Q

What are the economic implications of environmental reporting relating to integrated reporting?

A

Standalone environmental reporting is increasingly rare, with companies moving to more integrated approach.

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12
Q

What are the economic implications of environmental reporting relating to value-added reporting?

A

Environmental matters are often used to add value to reports when communicating with stakeholders.

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13
Q

What is an environmental management system?

A

A system for implementing and maintaining policies for environmental protection.

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14
Q

What are the essential elements of an environmental management system?

A
  • organisational structure
  • planning
  • processes and procedures
  • training
  • implementation
  • monitoring
  • maintaining a policy
  • reporting environmental performance to stakeholders
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15
Q

What is the most common environmental standard?

A

ISO14001.

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16
Q

What does EMAS stand for?

A

EU Eco-Management and Audit Scheme

17
Q

What is the EU Eco-Management and Audit Scheme?

A

A voluntary tool for eco-management audits, developed in 1993 by the European Commission.

18
Q

What are the key steps of EMAS? (EU Eco-Management and Audit Scheme)

A
  • conducting a review of the organisation’s activities, products and services
  • adopting an environmental policy
  • establishing an EMS aimed at achieving organisational objectives and regulatory compliance
  • carrying out internal environmental audit
  • preparing an environmental statement
  • independent verification of the environmental review
  • registering with an EMAS competent body
  • using the verified environmental statement to market activities with the EMAS logo.