Integrating Environmental and Social Issues into Corporate Practice

Abstract

The concept of environmental management has clearly entered the reality of business practice. And equally clearly, the term sustainable development has entered the lexicon of corporate dialogue. But, integration of the former into business practice is far from complete and the integration of the latter is far from begun. This assessment is based on observations of the market institutions driving each. This paper will describe how environmental management is being driven by a constituency that holds strategic importance for the firm while the constituency holding claims to the social, economic and ecological goals of sustainable development remain on the periphery of corporate strategy. Where concerns for environmental issues have evolved beyond the realm of socially responsible business, concerns for the social aspirations of sustainable development agenda remain firmly entrenched in this domain. Whether the issue moves beyond this domain will depend on the market, economic, political and social institutions that require it. By looking at the contemporary business imperative for environmental protection, we can better understand the missing business imperative for sustainable development. This paper will consider each in turn