07 Jan '12, 3pm

Jochen Zeitz, executive chairman, #Puma - 'Traditional accounting is no longer adequate' - #CSR #CEO #Focus

: Traditional accounting is no longer adequate for the challenges that we face given the planet’s finite resources and levels of environmental degradation. As corporations, we need to start internalising these impacts. That’s the reason we’ve created what we call an EP&L [environmental profit and loss] account. We can overlay this with our normal financial accounting. The basic idea is to value our environmental impact and our use of nature’s services in monetary terms. Until now, nobody has ever had to pay for these. Now, we can visualise the impact we are having on the environment in dollars and cents. That enables us to start mitigating [our impacts] and to find solutions that minimise these costs.

Full article: http://www.ethicalcorp.com/communications-reporting/c-sui...

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