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Jones [ 89 ], who studied the problems of economic and ethical synthesis, states that corporate relations with stakeholders should be based on trust and cooperation, as honest, reliable, ethical behavior is motivated by high returns. Corporate social responsibility encouragement policy, in particular, should be directed to companies and stakeholders relations in order to ensure each of their respective behavior and the overall interests of stakeholders, not just the interests of the company [ 88 ]. However, this perception, according to Post [ 30 ], is determined by the awareness of new management culture, and personal ethical competence of management and shareholders which changes the ratio of both the internal and the external environment of the organization.

Certain dynamics is characteristic to stakeholder subjects and their groups. Schmeltz [ 91 ] analyzed the reactions of young people to the values of social responsibility. The study showed that the majority of respondents are focused on personal and community profits and much less concentrate on the global aspects, such as the preservation of the planet. Strautmanis [ 92 ] drew attention to the gender and job differences affecting valuable differences, and underlined the importance of ethics study for businessmen.

Tobey and Perera [ 93 ] evaluated the national context imposing corrections. Moral motives imply the need for a meaningful existence, management interest, high value, corporate responsibility, and altruism. This can be regarded as a response to organizations that link corporate social responsibility with the activities of marketing in an excessive way, that is why, they remain disappointed by the idea itself, because they underestimate the created social capital.

The commitment to stakeholders is one of the most important factors in the CSR context, however, integration of confidence determining mechanisms into corporate practice remains a challenge. The commitment to stakeholders can be defined as an unwritten social contract, based on moral relation of company shareholders and managers with the declared values and a commitment to them.

This is the first and most important act, in the perspective of which the moral obligation the relation with subjects operating in the social environment and the quality of their relationship is possible to examine. On the one hand, the concept of the word commitment includes formal regulations and agreements; on the other hand, the commitment is the most important factor and the function in the processes of social capital building at the same time.

That is, when by certain company actions, it is targeted to develop retaliatory reactions of the target audience stakeholders. Without rejecting the influence of these mechanisms, the commitment to CSR and in closely connected context of social capital development is also personal. In this case, it is significant to draw attention to hazards of organizational management approaches actualized by Drucker [ 95 ] arising from the formed discipline assumptions, what it is worth paying attention to and what to ignore. According to the author, the history shows that despite the importance of discipline, assumptions are rarely analyzed, rarely examined, rarely doubted, and rarely clearly positioned.

It is the trait of thinking determined by human nature: to look for the simplification, the usual, stereotypical, and easily adaptable schemes, not always assessing the nature and the whole of the subject. The way how the social contract with stakeholders will be carried out on behalf of the company depends on the people who form the company and determine its operating policies with personal relationship values which they have and which they declare.

In this case, again, we should remember the psychological and social mechanisms underpinning the creation of social capital. This is indicated by various research. It was found that the perceived social capital is positively associated with greater commitment among employees [ 96 ]. In addition, another study confirms a positive and a significant impact of the two dimensions of social capital: cognitive shared values and relational trust on both commitment and cooperation [ 97 ]. Watts and Holme [ 98 ] present a definition that has become classical as the permanent business commitment to behave ethically and contribute to economic development while improving the quality of labor force, quality of life for their families, and contribute to the community and the general public welfare.

Therefore, the perception of interests harmonization can be interpreted as a kind of mutual commitment exchange, the benefit of which is mutual satisfaction of expectations. CSR is revealed as a multidimensional phenomenon, forming relationships with various stakeholders. Wilson [ 99 ] believes that strong commitment can develop positive relationships with stakeholders, as well as reduce the price of relations with customers and other stakeholders. The ongoing CSR practice had a positive relationship with such aspects as employee trust, commitment, and job satisfaction [ , , ].

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They drew the means-end chain framework to articulate and implicate the types of benefits stakeholders derive from CSR initiatives i. In addition, the authors say that the quality of the stakeholder-company relationship resulting from a CSR initiative depends on the type of benefits stakeholders obtain from it.

The commitment is often associated with stakeholder expectations in an environment in which businesses operate. According to the authors, exporters that target countries with strong orientation toward sustainability also require a stronger commitment to developing a CSR-based differentiation strategy at the firm level, as the more demanding institutional environments suggest that trust-building activities must pass more stringent requirements.

However, other authors argue that stakeholder expectations should not be interpreted in a differentiated evaluation of different countries and cultures. According to Werther and Chandler [ ], legitimacy is an important value in all countries. This idea can be extended in terms of other values under the disposition of the CSR concept. Help us write another book on this subject and reach those readers. Login to your personal dashboard for more detailed statistics on your publications.

Authored by Ingrid Muenstermann. We are IntechOpen, the world's leading publisher of Open Access books. Built by scientists, for scientists. Our readership spans scientists, professors, researchers, librarians, and students, as well as business professionals. Downloaded: Keywords corporate social responsibility relationship stakeholders commitment. Introduction Relevance of the research. Source Social responsibility definitions Dimensions Rhodes [ 37 ] Values, creation mode: at the expense of other motives and values.

Value WBCSD [ 38 ] Corporate social responsibility is the commitment of business to behave ethically and contribute to economic development, improvement of labor, family, local community, and society quality of life. Ethical behavior European Commission [ 39 ] A concept whereby companies voluntarily decide to contribute to society welfare and cleaner environment.

Initiative McWilliams, Siegel [ 40 ] The result between supply and demand ratio. Supply—demand ratio Aaronson [ 41 ] Business decision-making is linked to ethical values, in compliance with legal requirements and is based on respect for people, communities, and the global environment. Morality Wales forum of business leaders [ 41 ] Open and transparent business practice that is based on ethical values and respect for employees, communities, and the environment. It is designed to ensure consistency to the society and the benefits to shareholders.

Transparency Mazurkiewicz [ 42 ] Corporate social responsibility includes the responsible business organization with respect to stakeholders shareholders, employees, customers, and suppliers , the business relationship with the state local and national institutions and standards, the business as a responsible member of society in which it operates, and the global community aspects. Businesses need to be managed so that the activities meet or exceed the ethical, legal, commercial, and public expectations.

Volunteerism Evans and Davis [ 43 ] Corporate citizenship affecting work. Citizenship Young and Thyil [ 44 ] Corporate social responsibility paradigm proponents believe that corporations should have a big variety of wide commitments to stakeholders inside employees, managers, board and outside community, government representatives, customers. Obligation European Commission [ 45 ] Implementing social responsibility, companies need processes integrating social, environmental, ethical, human rights, and consumer issues into business operations. The main strategy: to have close cooperation with stakeholders.

The concept associated with a broad business strategy or investments into solution of social problems. Managerial control Wokutch [ 46 ] According to Japanese point of view, corporate social responsibility is a solution of social problems focusing on occupational safety and health, organizational processes, balanced stakeholders interests coordination seeking the welfare for employees and shareholders as well as other social groups foreigners, racial and ethnic minorities, women, etc.

Wealth creation balancing interests Sheehy [ 47 ] Private business self-regulation form is debatable. CSR is presented as a step to secure the continuity and growth of corporations, society, and future generations and as a new way of organizing fairness, which makes top management a direct beneficiary of CSR-driven change. Capitalism transformation. Corporate social responsibility definitions by foreign authors. Social responsibility concepts used by Lithuanian scientists. Corporate social responsibility: Relations and commitments 1.

Relationship among stakeholders The axis of corporate social responsibility concept is the harmonious relationship among stakeholders and compromise among individual benefits for greater opportunities of general social benefits, ensuring sustainable economic and social development. Functions Dimensions Group structure World practice formation Sharing knowledge Common human values development The external environment of the indirect impact Global society Humanity International structures of business, politics, and NGO Science National practice formation Beliefs and civic regulation Search of market relationship balance The external environment of the direct impact Society in the state Science Institutions, standards Nongovernmental organizations Community Clients, partners Personal and social relations coordination Coordination of internal and external interests Coordination of relationship in the workplace Profit-making and social investment Internal environment Employees and their representatives Middle-level management staff Managers The shareholders owners.

Extended presentation of stakeholder groups and functions. Commitment to stakeholders The commitment to stakeholders is one of the most important factors in the CSR context, however, integration of confidence determining mechanisms into corporate practice remains a challenge. How to cite and reference Link to this chapter Copy to clipboard.

Available from:. Over 21, IntechOpen readers like this topic Help us write another book on this subject and reach those readers Suggest a book topic Books open for submissions. More statistics for editors and authors Login to your personal dashboard for more detailed statistics on your publications. Access personal reporting. By Veronika Wittmann. More about us. Corporate social responsibility is the commitment of business to behave ethically and contribute to economic development, improvement of labor, family, local community, and society quality of life. European Commission [ 39 ].

A concept whereby companies voluntarily decide to contribute to society welfare and cleaner environment. McWilliams, Siegel [ 40 ]. The result between supply and demand ratio.

The Sustainable Business Case Book - Open Textbook Library

Aaronson [ 41 ]. Business decision-making is linked to ethical values, in compliance with legal requirements and is based on respect for people, communities, and the global environment. Wales forum of business leaders [ 41 ]. Open and transparent business practice that is based on ethical values and respect for employees, communities, and the environment. Mazurkiewicz [ 42 ]. Corporate social responsibility includes the responsible business organization with respect to stakeholders shareholders, employees, customers, and suppliers , the business relationship with the state local and national institutions and standards, the business as a responsible member of society in which it operates, and the global community aspects.

Grundey [ 16 ]. Evans and Davis [ 43 ]. Young and Thyil [ 44 ]. From a system theoretical point of view, cause-effect relationships are possible within and between the three dimensions of sustainability. These inter- dependencies may be positive or negative, respectively weakening or strengthening effects on the baseline objective of preserving ecological, economic and social capital.

Hence, the effects of actions implemented may appear within the given system currently under consideration or surface in different systems. Simultaneous and delayed effects are often more difficult to detect however, as simultaneous effects may be interpreted as independent, while latent effects may go completely undetected. In order to meet the requirements set forth by the triple bottom line Dyllick and Hockerts and the sustainability strategies, enterprises have to adapt their own corporate strategies.

In this section, the reasoning behind implementing sustainability as part of the corporate strategy is examined, and the main motivational aspects are highlighted. While the term strategy stems from a military context Clausewitz ; Giles , the conceptual integration into the context of corporate management in terms of strategic planning and later strategic management, was undertaken over half a century by scholars from varying fields Will Originating from conceptions of efficiency as the main driver of productivity Taylor and the relation of experience to cost-efficiency Henderson , competitiveness then took over the corporate strategy discussion, later expounded upon with differentiated business strategies Porter The basis for developing a strategy can be dominated by external circumstances such as the market or environment.

Moreover, the enterprise typically positions itself through the lens of its internal resource-based perspective—creating value and competitiveness through the deployment of core competencies Prahalad and Hamel In so doing, economic, ecological and social capital have to be expanded, yet sustained for the future Dyllick and Hockerts Upon consideration of the motivations behind implementing sustainability into the corporate strategy, a new or adapted strategy has to be defined.

In a procedural approach to strategy development, the main imperatives and courses of action are discussed in the following section. Here we propose considering the options to 1 adjust the corporate strategy to include objectives regarding economic, ecological and social performance; 2 to define a specific sustainability strategy as part of the corporate strategy and 3 to redefine the corporate strategy based on the premise of creating a holistic sustainability strategy Figge et al.

After the successful implementation of sustainability aspects in the strategizing phase, proactive management is needed in order to achieve the sustainability objectives. Stepwise approach for the management of corporate sustainability Galeitzke et al. The path of sustainable corporate development needs to be outlined for any business with specific deliberation on its internal and external environment.

To achieve sustained success, the organisation must pinpoint its concrete objectives and values. These should be, furthermore, clearly understood, accepted and supported by the employees of the organisation ISO Environmental Perspective—All actions of an enterprise affect its ecosystem.


Thus, companies are encouraged to reduce the absolute level of their negative environmental impact resulting from production processes, products, services, investments etc. The largest possible decrease is however desirable. Social Perspective—In order to achieve sustainable value creation within the social dimension, the social issues of focus have to provide a real competitive advantage. Such advantages could be obtained by increasing revenues, or reducing risks or operational costs.

In this pursuit, the tension between social and economic pressure is relieved as both society and businesses enjoy tangible benefits at the same time. Constituents of business model innovation definitions Schallmo Nowadays innovation is a major key for sustainability due to the fact that the future society demands innovative products, processes and services, without losing out on efficiency Clausen Product or incremental process innovations are neither a guarantee for success nor sufficient for coping with the emerging information, knowledge and time-competition Stern and Jaberg Against this background, the innovation of business models has arisen as a new discipline, providing organisations with supplementary guidelines for differentiation models in the market place in pursuit of securing long-term competitive advantage.

Sustainable business model archetypes Bocken et al. These archetypes can be interpreted as an approach for business model innovation towards sustainability. They can initially assist in the process of embedding sustainability into existing business models or for the purpose of radical re-engineering of the business models and for delivering a sound starting point from which to broaden economic, environmental and social aspects in tackling the complementary process of strategy development.

Today, enterprises are forced to align their own objectives with the needs of all their stakeholders. Particularly at a time characterised by shorter product life cycles, decreasing prices, new technologies, global markets and increasing sustainability demands, enterprises require an efficient process for their strategy development activities. The term strategy was first recorded in the late s in the economic doctrine of the Harvard Business School.

As instruments of corporate management first evolved from the concept of strategy, the terms strategic planning, and consequently strategic management have been established. In English-speaking countries Chandler ; Ansoff ; Schendel and Hofer ; Porter , prominent pioneers provided crucial foundations. From this year history of the strategy concept in the context of corporate governance, the following features of a strategy can be derived: the consideration of actions of other actors, proactivity and long-term orientation Staehle and Conrad Strategy in its initial context is generally used to establish conditions that will guarantee long-term economic success and thus the continuity of the company.

The development of a comprehensive strategy which not only concentrates on competitive benefits and thus on the economic value, presents itself however to be a much more complicated undertaking. With regards to the aspect of sustainability, the environmental and social dimensions have to be taken into account, and, moreover, the cause-impact relations likewise have to be adequately assessed.

Several companies appear to be active in the field of sustainability management. They may publish, for example, extensive sustainability reports. Yet their efforts nevertheless often remain unclear from a strategic perspective. Rather, the impression that sustainability issues are being tracked often tends to be the case, more than they are actually proceeding on the basis of a clear strategy Baumgartner and Ebner In the first step, information is preliminarily collected which describes the current situation of the company for establishing a general consensus on the initial situation e.

In the second step, the products and markets are categorised so as to quantify their respective contribution toward the overall business result. For visualisation, the findings can be represented e. Based on this analysis, the current market situation of the company is evaluated. The aim of this step is to obtain a first rough estimation of the yield model to derive interesting advancements from the existing business model in the next step. Strategy profiles for sustainability based on Baumgartner and Ebner Each of these positions the company wants to occupy has to be evaluated by taking into account risks, chances and possible development scenarios regarding market penetration, product differentiation, market expansion or diversification.

For the analysis of the relationship between sustainability and competitive strategy, Baumgartner and Ebner propose two criteria: costs caused by the strategy, and the recipient of the resulting benefits. Finally, a selection of a strategic option based on the assessment from the previous step has to take place in order to arrive at the detailed strategic objective as a conclusion. Since an enterprise consists of several different units and elements which are interconnected on several levels active vs.

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In this context, many companies use enterprise processes as a common backbone for the different management disciplines with the objective of fast and consistent realisation of strategic issues at all levels of the enterprise Jochem and Balzert The use of process management approaches for transferring complex strategies down to the operational business will be examined in the following section. The comprehensive development and implementation of a corporate sustainability strategy which meets the requirements of the economic, environmental and social perspective, require a sound information basis from which to proceed.

The various management disciplines involved have to be addressed in such a way that the attendant complexity is reduced to a minimum. A promising approach for visualizing and therein explaining the interrelation of varied enterprise objects lies in enterprise modelling. Enterprise modelling describes relevant processes and structures of a company or organisation and their mutual relationships. The applications are designed extend to the illustration of the enterprise architecture, the root cause analysis of operational problems, strategy development, process optimisation or the management of business collaborations, among other topics Sandkuhl et al.

Thus, the process management commences with the alignment of the processes and the sustainability strategy, which means defining the value-adding processes and objectives to be achieved. In the following phase of process design, the defined processes will be designed in detail, modelled and optionally documented. In the course of the implementation of the processes in the organisation of the company, the evaluation of the processes is carried out in terms of target-achievement, and where applicable, harmonisation or standardisation can be required.

Finally, the actual controlling of processes follows, related to the entire corporate controlling process, resulting in impacts on the strategic development. Both the challenges and the opportunities which integrated mapping of process management and sustainability offers, lie mainly in the mastery of increasingly complex planning processes. Based on enterprise models that unite the perspectives of different strategic planning disciplines and also support them with integrated model-based planning and evaluation instruments, the objective of corporate sustainability is pursued holistically Dyllick and Hockerts An important and critical success factor remains however unconsidered within enterprise models.

The implementation of a sustainable development strategy requires not only an excellent knowledge of the internal processes and structures, but also, for example, of relationships with customers and partners, i. The role of such assets in terms of sustainability is briefly introduced in the next section, along with an approach for the integration of these values into the development of corporate sustainability. Tangible resources, meaning those resources that are material or substantial, are composed of financial, manufactured and natural capital IIRC Thus, the product and service provisions are financially sustained through capital obtained via revenues, investments, debt, equity or grants.

Manufactured capital meanwhile comprises all physical objects that are employed by the organisation in order to produce and deliver its products and services. These objects can be obtained from third parties or in-house production. The classification of intellectual capital as an intangible resource follows the principle of the harmonisation of intellectual capital factors into standard repositories. Human, structural and relational capital are herein subdivided into standard success factors Mertins and Will which map the most common types of intellectual capital.

Strategy Management: The New Support Function

In order to comply with the system attached to modelling processes, the repository of intellectual capital factors needs to be adapted on a case-by-case basis. At the same time, considerations for directing this approach towards sustainable corporate development are taken in the following adaptation delineation. The competence model forms the basis for the human capital factors. It was developed through empirical studies and quantifies specifics of enterprises analysed. Here a more generic approach is taken, which in turn is detailed through the consideration of role- and activity-based competencies.

Human capital is thus defined as the sum of professional, social, personal and methodological competence. The peculiarity of these competences is dependent on the specific role occupied or on the activity itself, and in a wider sense, likewise on the strategic consideration of paradigms such as sustainable development. The structural capital requires a distinct consideration of those capital factors that are activity-based cooperation and knowledge transfer, product and process innovation , and the objectified factors management instruments, explicit knowledge and corporate culture.

In relational capital, a new configuration considers relations on micro-, meso- and macro-level in order to integrate social aspects in a distinguished manner. Relationships to public bodies legislative, funding and society moreover are considered within the macro-level of relational capital.

At this point, an assessment of the cause-effect relationships can be implemented following a cross-factor impact assessment of all resource factors Alwert et al. The definition of resources tangible and intangible builds the basis for analysing the interrelations within the different resource categories and helps to identify fields of action for improving on the sustainability performance of their deployment. The following section introduces an approach for action planning and monitoring by using extended enterprise models. The most brilliant sustainability strategies can turn into disasters if they are not entirely or only insufficiently implemented.

A key factor for a successful implementation of the sustainability strategy lies in the planning of operational actions and the availability of evaluations for monitoring and tracking qualitative and quantitative aspects. The measurement, control and communication of information on sustainability require the interaction between various actors, evaluation methods and operational data Maas et al. Applying this framework, one can ensure that a systematic embedding of the individual sustainability strategies, objectives, their monitoring and its implementation takes place in the planning phase.

Prioritisation-matrix Orth et al. It reveals the urgency level of the actions, along with their feasibility. The optimisation of the energy use might, for example, be highly urgent, but need not be easily feasible due to contractual ties. Furthermore, the enhancement of the material efficiency could be highly urgent, but not very feasible, due to the complex processes along the value chain that can only be altered with the application of enormous effort. As soon as the prioritisation is complete, a suitable set of indicators has to be derived.

Due to that fact, numerous methods, guidelines and norms have been developed Kohl et al.

The Sustainable Business Case Book

A further consideration is then omitted at this point. Once the suitable indicators are aligned with the planned actions and thus with the strategic objectives, the monitoring via the usage of operational data has to be realised. Business intelligence and reporting tools that are only capable of visualising performance indicators are no longer sufficient for capturing the complex requirements of a comprehensive sustainability approach Schneider and Meins Moreover, a solution for network sustainability management and its evaluation is required for balancing economic, ecological and social dimensions Wilding et al.

In the context of sustainable development, economic, environmental and social aspects have to be presented in a context-sensitive manner. They offer a focused cut without changing the models themselves. An evaluation component offers role-specific model evaluation views, summarizing relevant indicators and enterprise information in a central system, and allows their evaluation according to model elements.

The framework also allows a derivation of integrated reporting which complies with national and international standards. All elements described in the section above and integrated into the integrated model-based framework, are represented also in reporting guidelines for the communication of sustainability.

The following section briefly introduces the major approaches. Companies are exposed to a growing number of required reports for internal as well as external reporting purposes e. Intellectual-Capital-Statements, environmental reports, corporate social responsibility reports or sustainability reports. Given this situation of information overload, a comprehensive integration of various reports seems to be worthwhile.

While large enterprises communicate non-financial data and information to their stakeholders, small enterprises so far lack the means to report on their effort and achievements in implementing sustainable strategies. This section highlights our research contribution on integrated reporting. In addition to traditional financial information, contents regarding the sustainability of the company 1 are of note. Sustainability reports document the environmental, social and economic engagements that enterprises are making in dealing with internal and external resources.

They satisfy the increased need for information on the part of stakeholders. For sustainability reporting, criteria and an array of guidelines are already available. When developing the guidelines, the GRI had several objectives in mind. One was to offer a bridge-builder for sustainability reporting on the path toward integrated reporting. The G4-Guidelines are therefore also applicable and implementable in integrated reporting Soyka The International Integrated Reporting Council IIRC —established in August —consists of representatives from corporate, investment, accounting, securities, regulatory, academic and standard-setting sectors as well as from civil society IIRC The IIRC published the results in This model is embedded into a system of inputs, business activities the core of the business model and outputs, as well as outcomes.

In this context, value creation is not done by or within the organisation alone. It is influenced by external factors, e. All organisations depend on different resources and relationships for their success. The approach of the IIRC gives comprehensive understanding of tangible and intangible resources and suggests interdependencies between corporate action and results.

Originally, the approach was developed for large companies that are publicly traded. Because the IIRC approach principle is based on this, flexibility for an adaption is thus built-in. To enhance the range in the distribution of the report, the approach also suggests using digital media.

In addition, the formulated principles likewise profit from the use of digital media. When regarding, for instance, the consistency and comparability principle, the timelines of the KPIs prove to be much more doable in the digital approach than in the case of a classical print-version of a report. Further steps in the area of sustainability performance management are nevertheless needed to extend the scope towards complete supply chains in order to manage, evaluate and control the performance of complex value-creation networks. Here, detailed concepts for an intuitive handling of data occurrence means that services for its selection, combination and aggregation, all have to be examined.

In addition, several evaluation methods like the LCA already exist on the market, but connection mechanisms have to be developed to allow for reliable steering, controlling and monitoring. On top of the data-driven development needs, the knowledge transfer to the industrial community also has to be strengthened in order to improve and support the corporate sustainability orientation process as a whole.

They describe reports with different degrees of focus on environmental, social or corporate governance issues Ioannou and Serafeim Skip to main content Skip to sections. Advertisement Hide. Integration of Sustainability into the Corporate Strategy. Open Access. First Online: 17 January Download chapter PDF. Based on the historic development of the term and discipline, limitations set forth by sustainability strategies seem contradictory and require closer examination.

Initially, the motivational aspects attached to integrating sustainability requirements into the corporate reality are analysed. As for the scientific development of this aspect, a main structuring characteristic lies in the origin of the motivation. Where early contributions were focused on external factors, internal motivation and connecting drivers have gained in significance. Open image in new window.

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The management of organisations is described here in a stepwise approach Fig. In order to improve the performance—in this particular context the sustainability performance—purposeful actions need to be planned, implemented and monitored. Communication with relevant stakeholders takes on a key role in that process, as transparency requirements increase. Internal and external communication must become an established activity of organisations that aim to make information available about their performance beyond the standard financial data reporting.

Combining fragments or modules of a company is a fundamental aspect in several business model definitions Osterwalder and Pigneur ; Johnson et al. In this context, value creation is used for strengthening the customer relationship and competitive advantage Wirtz These components of business model innovation can be summarised as illustrated in Fig. A business model basically defines the way in which a company operates. Sustainable Business model innovation can be an important leverage for change in a company to be considered sustainable and for coping with the emerging challenges in this context.

This furthermore entails an expansion of the business model scope beyond green FORA , product-service-systems Tukker or social issues Yunus et al. Brocken et al. The development of a comprehensive enterprise strategy which meets all given requirements from internal and external stakeholders and specifically contains sustainability perspectives, is a process which requires a structured approach in the interest of keeping the complexity and uncertainty at a minimum level.

The process of strategy development can be divided into four major phases as presented in Fig. The major decisions regarding the incorporation of sustainability into the strategic decision-making process are derived in the step of assessing the strategic options for corporate sustainability. The starting point for the determining of suitable strategic options is captured in step 1, featuring the general corporate objectives and the current trends in the business environment. In addition, the current situation of the company examined in step 2 leads to the necessity of a fundamental decision on how exactly the company would like to deal with the challenge of sustainability without losing any growth potential.

The aim is to improve the efficiency on the one hand, and the effectiveness of the company on the other hand, so that its total value can be increased. Processes and process management are connected to two essential signifiers for ensuring effectiveness and efficiency in the company.

Sustainable Business Model Canvas

First, the corporate strategy determines the processes which are required and which strategic objectives are to be implemented alongside them. It forms the basis for process identification and target orientation. This involves changes in corporate strategy, entailing changes in the processes itself. Secondly, the customer or stakeholder orientation determines what expectations and requirements have to be met through the processes.

Therefore, the process definition extends from the requirements of the customer to the delivery of the process results to the client. It is important that the terms of the processes of corporate strategy and customer reference in the context of process management are coordinated Jochem and Balzert In order to provide products or services, an organisation will combine different types of resources like human skills and knowledge, natural materials and social structures, by using machinery, infrastructures and financial assets.

In turn, the design of the business processes constitutes the interrelation of the business operation, its resources and performance as well as the impact on the economic, social and environmental dimensions Fig. If, for instance, economic sustainability is interpreted as an expansion of the private welfare maximisation, enterprises have to ensure the long-term functionality and effective performance of their operation. Consequently, the design of the business processes needs to be directed towards the effective, efficient and beneficial use as well as towards the development of the capital assets involved.

In this context, the capital-based approach refers to the relevance of different types of resources and makes a basic distinction between tangible and intangible resources. These are then employed in business processes to improve the organisational performance. The enterprise model characterises the core area of the framework presented. It represents an enterprise within all its aspects of strategic objectives, products, organisation, processes, tangible and intangible resources and their interrelation to each other.

Once the variables that contribute to the characterisation of sustainability are modelled, a detailed action plan for the achievement of the strategic objectives is required. In order to coordinate this multi-dimensional sustainability system, mechanisms for prioritising them, clustering mechanisms for mapping them to the different dimensions of sustainability, as well as mechanisms for describing the relation aspects between them, are all necessary. To make best use of the scarce resources of an enterprise, an initial selection is necessary.

To that end, a two-dimensional prioritisation-matrix can be used. The matrix Fig. Based on this, the IIRC formulates suggestions for integrated reporting—consisting of seven guiding principles and nine key content elements. The guiding principles underpin the preparation of an integrated report, based on the interconnected key content elements. Strategic focus and future orientation B. Connectivity of information C.

Stakeholder relationships D. Materiality E. Conciseness F. Reliability and completeness G. Consistency and comparability A. Organisational overview and external environment B. Governance C. Business model D. Risks and opportunities E. Strategy and resource allocation F. Performance G. Outlook H. Basis of preparation and presentation I. General reporting guidance. In-line with the guiding principles and content of the IIRC, the authors have developed a reduced approach with a special focus on SME.

This approach uses the five following principles and six content suggestions: The Guiding Principles are: The Content elements are: A. Materiality B. Integrity C. Connectivity D. Consistency and comparability E. Communicative quality A. Organisational overview B. External environment C. Actions and Outlook. The proposed integrated model-based framework for the management of corporate sustainability performance and the presented stepwise approach for implementing the discussed elements can be summarised as illustrated in Fig.