Environmental Management Disclosure in UK Mining Industry
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Course
Advanced Management Accountancy
Institution
The University Of Lincoln
Book
Sustainability
The essay discusses environmental management disclosure with reference to relevant theoretical models (sustainable development, business ecosystem value creation, sustainability reporting), UK mining industry, UN sustainable development goals and two big players on the market - Hochschild Mining an...
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Advanced Management Accountancy
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Environmental Management
Disclosure in UK Mining Industry
Comparati ve Analysis
, Introduction
Modern businesses operate in contemporary corporate environment which considers accountability
and transparency as key drivers for success. Current global pandemic and its direct consequences
have further boosted the interest for corporate social responsibility (CSR) and requirements for
established sustainability reporting practices. Very often sustainability reporting become the factor
of influence determining investment decision-making and as such, impacts performance of
company’s shared on stock exchange markets. In certain industries, presumed to have a negative
impact on environment, the expectations from businesses to communicate their investment and
approaches towards sustainability is even higher. One of these industries is mining. The current
report aims to compare the environment management reporting of two of the biggest mining
companies which have shares on FTSE250 – Hochschild Mining and Centamin. The comparative
analysis is based on identifying relevant literature and using it as a foundation for evaluating
different corporate practices of the two organisations.
Environmental management disclosure
Sustainable development is associated with business practices aiming at economic growth on the
basis of considering their social and environmental impact and dedicating resources to increase the
combined value of these three elements (Milne, 1996). It is based on fulfilling current needs of the
businesses through reflecting different stakeholders’ needs but without depriving future generations
to meet theirs (Milne, 1996). The three elements of sustainability are economic, social and
environmental objectives.
Figure 1: The model of sustainable development
Source: Milne (1996)
The model is based on the assumption that businesses do not operate in a vacuum and are a part of
the society, economy and environment (IFAC, 2018). Financial performance cannot be achieved by
practices and strategies achieved solely on it and stakeholders’ engagement and sustainability
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