When most people think of the term sustainability, they conjure up thoughts of the environment, recycling and clean energy. However, in a corporate sense, sustainability has a much broader meaning and applies to many aspects of how a business manages a range of economic, environmental, social and governance issues that could impact the company’s operations, performance or stakeholder relationships.
Most businesses want to be sustainable. They want to continue employing people, serving customers and generating profit for years to come. However, it’s easy to become too engrossed with short-term outcomes or too busy running the business that stakeholder engagement is forgotten, leaving the business out-of-touch. This can very easily turn into a company being blindsided by an issue that, without immediate attention, can threaten the viability of the business. That’s why it’s so important for all companies to consider things from a sustainability perspective – it’s an investment in the longevity of the business.
From the consumers’ perspective, it can be helpful to know how different businesses prioritise and manage the various issues that impact on their operations and stakeholder relationships. There’s a degree of confidence that comes from using businesses that engage in meaningful dialogue with their stakeholders and take active steps to ensure the company is around for many years to come. Having a sustainability focus is a win-win outcome for businesses and consumers.
Sustainability issues vary greatly between businesses based on a range of variables such as the company’s industry, size, value proposition and target market/customer base. Most companies already manage their sustainability issues as part of their day-to-day business operations, however, it’s important to regularly take stock because the type and intensity of these issues change over time. A regular review ensures the main sustainability issues are on the radar and being properly managed.
At BOQ, part of our sustainability calendar is our annual survey with internal and external stakeholders to help us identify which of our sustainability issues should be prioritised for the year ahead.
We’re currently asking all BOQ stakeholders – employees, customers, shareholders, suppliers, and community partners – to participate in our Sustainability Survey, and have their say on where we should currently be focusing our sustainability efforts. The survey takes around five minutes to complete.
Start BOQ’s Sustainability Survey by clicking here.
The results of this survey will feed into our sustainability strategy for the year ahead, which is signed off by the Bank of Queensland Board. The results will be made publicly available online on the 12th October 2017, the same day BOQ announces its full year financial results.
Have your say on the future focus of BOQ’s sustainability efforts.