Debrief

According to an article in the Globe and Mail, Canadian companies are consistently lagging behind other firms in reporting sustainability data to their respective stock exchange. According to a study done by Corporate Knights Capital, for companies with at least $2 billion of market value, firms trading on the TSX are near dead last, finishing behind those on the NYSE, Helsinki stock exchange, and even the lowly-regarded Moscow stock exchange. The report looked at a firm’s quality of reporting on energy use, carbon emissions, waste generation, water use, employee injury rates, employee turnover, and total payroll costs.

My Opinion

This study immediately strikes me as a reflection of Canada’s failure to adapt to innovations in the workplace. By their hesitance to report their sustainability information, my mind directly assumes that these companies are trying to hide the fact that they are lagging behind the worldwide norm in these areas. That being said, I do believe I know a way these companies could improve their standings. As shown by the Harvard Business School article “Who is the Chief Sustainability Officer“, these sustainability metrics could be bettered if assigned to a Chief Sustainability Officer (CSO). The first role of a CSO would be to promote and implement greener practices (compliance), improving the company’s standing in all the categories that focus on environmental sustainability . The second stage of a CSO’s role would be to improve efficiency in the workplace, which would directly lead to lower payroll costs and employee turnover. Lastly, the CSO would be assigned to work towards innovation, which will undoubtedly improve all areas of the studies’ metrics. Although a relatively new position, companies all over the US and the world have incorporated a CSO into the C-Suite because it not only enhances the company’s image, but it lowers operating costs and increases profits. This, in its truest form, showcases a trend towards increasing shared value. It is a farce that Canada, a country lauded for being so environmental conscious, should have its major corporations act in such a way. In my eyes, Canadian companies should be at the forefront of sustainability, not stumbling at the back. Luckily, I believe that by implementing a CSO, Canadian companies will not lag behind in reporting their sustainability data, but be eager to show their highly sustainable practices.

McFarland, Janet. “Canadian Firms Lag Global Peers in Reporting Sustainability Data.” The Globe and Mail. The Globe and Mail, 14 Oct. 2014. Web. 10 Nov. 2014.

Gerdeman, Dina. “Who Is the Chief Sustainability Officer?” The Harvard Business Review. Harvard Business Review, 8 Oct. 2014. Web. 10 Nov. 2014.

Heaps, Todd A.A. Canadian Sustainability Reports. Digital image.Corporate Knights Capital. Corporate Knights Capital, n.d. Web. 10 Nov. 2014.

TSX’s Sustainability Program. Digital image. Exchange: The Official TSX Blog. Toronto Stock Exchange, 16 June 2014. Web. 10 Nov. 2014.

Canada’s sustainability issue. Digital image. The Globe and Mail. The Globe and Mail, 14 Oct. 2014. Web. 10 Nov. 2014.