HARMONIZATION OF SUSTAINABILITY REPORTING SYSTEM IN THE HOTEL INDUSTRY

By the Directive effective from 2014, all entities in the EU starting on 1st January 2017 are to report on non-financial information, such as environmental, social and employee matters, as well as respect for human rights, anti-corruption, bribery matters, and other topics related to the impact an entity generates in its natural, social and economic environment. The external de facto harmonisation focuses on (available) external sustainability reports disclosed by the world's leading ten hotel groups (Marriott International, Accor Hotels, Wyndham Hotels and Resorts, Hilton, Hyatt Hotels Corporation, Jin Jiang International Hotel Management Company, Shangri-La Hotels and Resorts, Melia Hotels International, Intercontinental Hotel Group, NH Hotel Group) that were available for five reporting periods. [...]at the moment there are not enough either sustainability reports or responses available from the hotel entities to perform any kind of multivariate analysis and to test the causal relations, and to discover the true nature of both the external and internal de facto harmonisation in the hotel industry. Another approach to consider in improving sustainability reporting is to motivate business entities to improve sustainability reporting "from the inside out", meaning that management ought to be motivated to report on the impact the business has on the environment and society, not only because of the legislation or to meet yet another requirement to be present in certain areas (e.g. stock exchanges), but also because sustainability reporting provides better recognition among the stakeholders in the hotel industry, including employees, wider society, management and others.