Abstract:
The consequence of environmental, social, and governance issues on business operations are rising globally. Business leaders and Academics recognise that companies operate within a large ecosystem and must integrate community development and environmental protection activities to gain a competitive advantage. However, industry leaders who have adopted or intend to adopt sustainability strategies are not convinced their teams have the tools to formulate and implement sustainability strategies. Moreover, there is scant literature in research to make conclusive recommendations for practitioners. It is, therefore, appropriate to conduct studies on the formulation and implementation of sustainability strategies to contribute to the literature and practice.
The research aimed to understand the tools and processes leaders use to formulate, implement, and integrate corporate sustainability strategy into corporate strategy. The research was conducted using experts working in the mining industry as the focus on sustainable practices is heightened by the impact of mining operations on the environmental and social environment.
The study made the following findings: Managers formulate sustainability strategies to improve the organisation’s environment and social performance. Second, practitioners formulate sustainability strategies to harness internal capabilities in response to the external environment. Thirdly, mining executives seek inputs of other stakeholders when formulating strategy as they are cognizant of the importance of their sentiments and inputs into formulating the strategy
On sustainability strategy implementation, these findings. First, companies adopted a system of integrated thinking to make sustainability part of the conversation. Second, sustainability must form part of the planning process using a system of integrated planning. Third, the sustainability objectives must fulfil the company's strategic purpose and not become a sideshow.
