Finance: IoD and Standard Bank Launch Sustainable Development Forum
Recent Gauteng Business News
Together with the launch, the IoD and Standard Bank also unveiled, at the Sandton Convention Centre in Sandton, the first positioning paper Implementing Sustainable Development as a Strategic Business Model. The paper essentially serves as an overarching guideline to directors, among others, demonstrating how sustainable business can be integrated into current management systems and approaches.
“Both Standard Bank and the IoD believe that business leaders must be given the opportunity to give back in terms of sustainable practices. The Sustainable Development Forum is the way forward and we are very proud to sponsor such an important platform for sustainable development,” commented Paul Smith, group chief risk officer at Standard Bank.
“Together with the IoD this partnership will make a meaningful difference to sustainable development in South Africa.”
Apart from providing easy-to-use and simple guidelines to organisations on sustainable development, the forum will also publish guidelines each quarter focussing on key areas within the context of sustainability such as human capital, social capital, manufactured capital, natural capital (green environment), economic capital, and training and education.
Currently, there are no global best practices for sustainable development. In this light, the Sustainable Development Forum will endeavour to lead by example by using development guidelines and those given by the King III Report to set the standard and place South Africa at the forefront of this movement.
“Reporting is not good enough anymore, organisations need to integrate sustainable development within their own business best practices. King III also clearly emphasises the importance of sustainable business; it is an issue that should enjoy top priority within all businesses, regardless of their size. In South Africa we can take the first steps and demonstrate to the rest of the world that global best practice is the way of the future,” adds Lindie Engelbrecht, chief executive of the IoD SA.
The first position pager for example emphasises the importance of redefining value in order to achieve sustainable development “Value should no longer be defined as solely a financial or economic concept but must consider the value of people, natural resources and manufactured assets in delivering on business objectives.”
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