How Sustainability Strategies can be measured A of GRI and RepRisk. on what companies across the globe can do to attain sustainability and the important role that sustainability plays for them in their daily corporate management tasks. This review therefore looks into the definition of sustainability as well as the strategies that come with sustainability practices. Lastly, there is a focus on sustainability and trust and why it is important that stakeholders have sufficient trust in companies.
Two major theoretical approaches to the definition of sustainability were identified in the extant literature. The first of these had to do with the view of sustainability from the perspective of efficiency, where companies are expected to show maximum expectation in their approach to social, economic and environmental utilisation of resources (Adams and Geoffrey, 2008). Those who argue for efficiency have generally debated that companies should be able to take the minimal level of social, economic and environmental resources and turn this into a viable end product that benefits an ordinary person in the community (Nidumolu, Prahalad and Rangaswami, 2009). This means that such theorists believe that where there is the excessive use of resource, this can result in waste. There is a second school of thought that focuses on sufficiency perspective, arguing that sustainability should be a framework of how well a company can measure what is sufficient for its need in the production of social, economic and environmental outcomes (Sparkes and Cowton, 2013). This means that the issue of quantity should only be factor when resources used are seen to be resulting in waste. Both definitions admonish sustainability to be a three-tier concept having components of economic, social and environmental outcomes. The first school of thought would however be noted to have failed to appreciate the fact that quantity is always relative to an expected outcome (Szejnwald, de Jong and Levy, 2009).