TRYNESS MBALE, Lusaka
BDO Zambia in partnership with the Institute for Sustainability Africa (INSAF) has launched a sustainability reporting initiative to enhance public entities disclosure and transparency in corporate reporting.
Sustainability reporting is a process of acknowledging and being accountable on environmental and social impacts arising from business and economic activities.
The Zambia Institute of Chartered Accountants (ZICA) acting chief executive officer Chansa Chiteba said sustainability reporting can help organisations to measure, understand and communicate their economic, environmental, social, governance performance and set goals to manage change more effectively.
Mr Chiteba said at BDO Zambia meeting on sustainability reporting dubbed, â€˜The journey towards sustainable business values in Zambiaâ€™, that a sustainability report is the key platform for communicating sustainability performance and its impact.
â€œSustainability reporting can be considered as synonymous with other terms for non-financial reporting such as triple bottom line reporting can be considered as, corporate social responsibility reporting and more.
â€œI believe this initiative provides an opportunity for us to begin to appreciate some of the concepts of alternative and more informative reporting framework such as integrated and sustainability reporting,â€ he said.
He said private sector contribution to sustainable development and poverty alleviation in Zambia is key when sustainability reporting is adopted as it could provide a framework and guidance.
Mr Chiteba said it is also important to acknowledge that in Zambia, the concept has not yet fully been appreciated.
He, however, said the association is aware the Lusaka Stock Exchange promotes sustainability reporting for listed companies but more needs to be done.
â€œI am sure you appreciate how important this initiative is for Zambiaâ€™s business and economic environment if we are to be counted at the international level. Being a mining nation, I am sure sustainability reporting is more urgent than before,â€ he said.
Earlier, BDO Zambia partner for audit Godsave Nhekede said the company intends to carry out training in sustainability reporting to accountants in Zambia in collaboration with INSAF.
TRYNESS MBALE, Lusaka