Triple Bottom Line Accounting
The Triple Bottom Line Accounting (TBL) is an accounting framework which has been used to measure the businesses sustainability standards by getting beyond the return on investment, the shareholders’ value, the traditional assessments of profits to incorporate social and environmental dimensions. The Triple Bottom Line reporting is an important tool in supporting sustainability goals by focusing on the comprehensive investment results –for instance, with consideration to performance along the interrelated dimensions of people, profits and the planet (Henriques &Richardson, 2014).
Santos Company takes into the consideration the Triple Bottom Line Accounting framework first by giving lots of emphasis on the impact of their business activities to people. For instance, the company is committed to understanding the concerns of the local people living in the community the company undertakes its business activities. Secondly, it operates to build strong and enduring relationship with the local community.
I consider the performance of Santos Company to be in an up-scale system. It strives to make its operations more efficient and effective with respect to the legal standards and both the social and environmental concerns. The performance of the company is pegged on the vibrant and skillful management team that the company has. Its leadership system is structured to meet the different departmental and sections of the company requirements in terms of both supervision and decision-making. Moreover, the company has a highly framed corporate governance statement which has provided a significant basis on which the operations of the company are driven.The independence of the different Directors of the company has created a smooth platform on which the various sections of the company make critical decisions in the most prompt manner.
The diversity policy of the company has also ensured that the Board or the People and Remuneration Committee sets measurable standards and objectives for gender diversity and for the Committee to yearly assess the stipulated objectives and the company’s progress towards delivering them.Lastly, the comprehensive assessment of the company’s performance has ensured that the company meets the standards it sets every financial year. Every metric is assessed against the agreed set percentage or target weighting of the total scorecard. The assessment is done by the Committee vis a vie the overall Company scorecard at the end of every financial year, thereby forming the grounds of recommendation to the Board.