Compatibility of Profit, People and Planet

1175 WordsJul 10, 20115 Pages
Definition: What is Triple bottom line? - A stool is stable only if it has three legs The triple bottom line (abbreviated as "TBL" or "3BL", and also known as "people, planet, profit" or "the three pillars”) captures an expanded spectrum of values and criteria for measuring organizational (and societal) success: economic, ecological and socia"People, planet and profit" succinctly describes the triple bottom lines and the goal of sustainability. "People" refer to employees, shareholders, customers, suppliers, workers, team who pertains to fair and beneficial business practices toward labour and the community and region in which a corporation conducts its business. A TBL company conceives a reciprocal social structure in which the…show more content…
It therefore differs from traditional accounting definitions of profit. In the original concept, within a sustainability framework, the "profit" aspect needs to be seen as the real economic benefit enjoyed by the host society. It is the real economic impact the organization has on its economic environment. This is often confused to be limited to the internal profit made by a company or organization (which nevertheless remains an essential starting point for the computation). Therefore, an original TBL approach cannot be interpreted as simply traditional corporate accounting profit plus social and environmental impacts unless the "profits" of other entities are included as a social benefits. WHY WE NEED? A number of Chinese companies have been involved over the years in various scandals involving fake or tainted goods. Perhaps the most dangerous of all involve food, including the now famous 2008 milk scandal in which Chinese-made milk was found to contain the toxin melamine. The end result was 290,000 victims who fell ill and 11 suspected cases of death. Now there are reports from Singapore media that China is mass producing fake rice, which can be potentially very dangerous. Fake Plastic Rice from China According to the Korean-language “Weekly Hong Kong” (which many Vietnam websites are referencing as well), Singapore media claim that fake rice is being distributed in the Chinese town of Taiyuan, in Shaanxi
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