Why is environmental and social reporting relevant to various users of

financial statements? In your answer, highlight the information that each

group of users would be interested.
i. Investor
- Environmental impact and any resulting liabilities.
ii. Consumer
- To know about the product quality or safety
iii. Government
- Ensure law compliance
iv. NGOs
- To raise issue to make the public aware
Explain the three phases involved in the environmental management
system.
A cyclical process that can be described by three phases:
1.The identification of an organisation’s environmental aspects
- Environmental aspects are the elements of an organisation’s activities,
products and services, which are likely to interact with the environment
2.The identification of an organisation’s environmental impacts
- Environmental impact are any changes to the environment, whether adverse
or beneficial, wholly or partially resulting from an organisation’s activities,
products and services (also known as environmental effects)
3.The reduction of adverse environmental impacts
- To achieve improvements in the overall environmental performance resulting
from continuous efforts to improve in line with an organisation’s environmental
policy