This post explores the explosion of social media as a new platform for communication, stakeholder engagement and transparency. It examines how it is a double edged sword for corporations. On the one hand it has to some extent taken the ability to shape the message out of corporate control as the viral nature of the media can quickly spread and corporations can find themselves in a sudden maelstrom as events get out of their control. Social media has also made corporate actions face increasing scrutiny. However social media also presents a big opportunity, enabling small suppliers and traders to promote greater equity in the supply chain for example. It goes on to suggest how the corporations notion of what accountability entails needs to evolve in order to be able to take advantage of the new environment imposed by the rise of social media.
In this post Elaine writes about this just released comprehensive review by the Global Reporting Initiative (GRI) of what it has been doing between July 2009 and June 2010. It covers such topics and events as the well attended third GRI conference in Amsterdam in May 2010where the GRI announced its goal that large and medium sized companies should by 2015 be required to report on their Environmental, Social and Governance (ESG) performance. It goes on to cover in greater detail the various specifics that are included in this GRI review.