Review of the Stainability Report of Woodside Company
To Finance Director
Subject: The sustainability of Woodside Company
Dear Sir,
Woodside is an Australian publicly traded oil and gas exploration and production company, it operates Australia’s largest resources project. The goal of the company is to be a global leader in Liquefied Natural Gas production. In order to achieve this goal, the company needs to pay attention to its sustainability. Sustainable development policy and Woodside management system are two key points of sustainability disclosure of the company. This report will disclose the sustainable development information of Woodside Company by using the system-oriented theories and predict the future practice of the company.
Sustainability which is the process of meeting the needs of the present without compromising the ability of future generation to meet their needs plays a significant role in the development of a company (http://www.globalfootprints.org). The Board of the Woodside Company established a Sustainability Committee to review the company’s policies and performance, and the sustainability approach of the company can be reflected in the Sustainable development policy and the Woodside management system. Moreover, the system-oriented theories which are Stakeholder Theory, Legitimacy Theory and Institutional Theory will be considered in reviewing this sustainability information.
Stakeholder Theory considers the important for an organisation’s survival of satisfying the demands of its various stakeholders. The theory has an ethical branch and a managerial branch. In the ethical branch, all stakeholders have a right to be provided with information about how the organisation is impacting them (Craig Deegan Australian financial accounting 6e, pp.107). In the Woodside management system of the company, employees are required to undertake certification and training every year, and they are rewarded fairly. On the other hand, the managerial branch explains and predicts how an organisation will react
Subject: The sustainability of Woodside Company
Dear Sir,
Woodside is an Australian publicly traded oil and gas exploration and production company, it operates Australia’s largest resources project. The goal of the company is to be a global leader in Liquefied Natural Gas production. In order to achieve this goal, the company needs to pay attention to its sustainability. Sustainable development policy and Woodside management system are two key points of sustainability disclosure of the company. This report will disclose the sustainable development information of Woodside Company by using the system-oriented theories and predict the future practice of the company.
Sustainability which is the process of meeting the needs of the present without compromising the ability of future generation to meet their needs plays a significant role in the development of a company (http://www.globalfootprints.org). The Board of the Woodside Company established a Sustainability Committee to review the company’s policies and performance, and the sustainability approach of the company can be reflected in the Sustainable development policy and the Woodside management system. Moreover, the system-oriented theories which are Stakeholder Theory, Legitimacy Theory and Institutional Theory will be considered in reviewing this sustainability information.
Stakeholder Theory considers the important for an organisation’s survival of satisfying the demands of its various stakeholders. The theory has an ethical branch and a managerial branch. In the ethical branch, all stakeholders have a right to be provided with information about how the organisation is impacting them (Craig Deegan Australian financial accounting 6e, pp.107). In the Woodside management system of the company, employees are required to undertake certification and training every year, and they are rewarded fairly. On the other hand, the managerial branch explains and predicts how an organisation will react
References: Craig Deegan Australian financial accounting 6e, pp.106-117 Website for Woodside, http://www.woodside.com.au, site visited 2012, May 3. Website for Sustainability, http://www.globalfootprints.org, site visited 2012, May 3 -------------------------------------------- [ 1 ]. Definition from textbook pp.106 [ 2 ]. Definition from textbook pp.108 [ 3 ]. Definition from textbook pp.111 [ 4 ]. Definition from textbook pp.116