Corporate responsibility and the triple bottom line

This inquiry was undertaken relative to the requirements of the Australian Corporations Act as applied to profit and non-profit institutions. The report recognizes that Australia lags behind developments in corporate responsibility elsewhere across the globe. The findings give support and encouragement to enlightened corporations willing to undertake these new responsibilities. The report does not recommend any adjustment to current law to force corporations to comply with the demands of these new responsibilities. Sustainability reporting is seen to be an already undertaken point of compliance for many corporations. A range of response to such action has been seen across Australian corporate business. The report does nothing to support whistle blowers in bringing deficiencies in corporate reporting to public or corporate attention. The committee report threw the onus of corporate responsibility reporting on government entities. The report supported the engagement of corporations with these new concepts of responsibility but did little to ensure that such transformations would actually happen. (http://www.aph.gov.au/senate/committee/corporations_ette)