The Triple Bottom Line Is A Global Authority On Corporate...

If we were to ask 5 different people the definition of sustainability, we would receive 5 different answers. However, the triple bottom line is a typical concept used often when talking about the subject of sustainability within a business. John Elkinston, a global authority on corporate social responsibility and sustainability coined the phrase for the first time in his book ‘Cannibals with Forks: The Triple Bottom Line of 21st Century Business’, in 1997. His argument was that the methods by which companies measure value should not only include financial bottom line, profit or loss but also a social, economic and environmental one as well (John Elkington, 1997). The concept has evolved into one that often has 3 overlapping circles which indicates that sustainability is typically defined as the place where economic success, social responsibility and environmental protection are all as significant as each other in business. In other words, the concept of the triple bottom line mainstreams the idea of sustainability as including people, planet and profit. It allows a business understand that a long term sustainability in an organisation requires more than just financial equity. It also helps to clarify that when businesses consider what sustainability means for them, it doesn’t mean that they had to give up the notion of financial success (Katz, RAK., Page, AP, 2013, Pages 852-855). The public is not satisfied with organisations who mainly concentrate on short term profitShow MoreRelatedSustainability and Triple Bottom Line Reporting Essay1628 Words   |  7 Pagesfocus on the longevity of the organization. The successful business understands the concept of sustainability and sustainable development. 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