Effective Governance And Sustainability : An Definition Of Sustainable Development

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Effective governance and sustainability are increasingly important considerations for governments, organizations, business leaders, investors, consumers and many other stakeholders throughout the world. Good corporate governance and complexity of sustainable development demands for global cooperation, based mainly on joint co-ordination of strategies and adopting of the best decisions. 1.1 Definition of sustainable Development: the term sustainable development was popularized in our common future, a report published by the World Bank commission on environment and development (WCED) in 1987. There are many definitions of sustainable development and it is not an ambiguous term. The concept of sustainable development integrates three…show more content…
Third, sustainable development represents integration, and understanding and acting on the complex interconnections. That exists between the environment, economy, and society. This is not a balancing act or a playing of one issue off against the other, but recognizing the interdependent nature of these three pillars. 1.2 Sustainability integration and corporate governance: At present companies are inclined to focus on sustainable development as well as sustainability, which brings with it changes to the corporate culture as well as society. Sustainability has three important dimensions for all companies: economic growth, social responsibility and responsibility for the environment. The social and environmental responsibility, however, cannot become separated from economic growth. Profitability and growth create jobs and wealth; companies have to continue to provide products and services that people need. To understand the characteristics of sustainability, first step is to building the ability to prove how expansion of knowledge can be used in support of employers and public interest. IFAC in 2008 has defined sustainability, sustainability is all about :  Promoting ethical responsibility and sound corporate governance practices;  Providing a safe working environment in which the health of employees is protected and their opportunities for self-development are enhanced;  Promoting cultural
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