The Latest Trends in the Corporate Sustainability and its Implications for Czech Businesses

Abstract

This paper analyzes the state of corporate sustainability in the Czech Republic compared with world trends, including case studies of best practices. Corporate sustainability has developed from ad hoc activities dominantly focused on cost-cutting or corporate image improvements to a strategic issue requiring the attention of corporate boards and top management. The development of sustainability as an integral part of corporate existence comprises of the following managerial implications: strategy, collaboration, and implementation. The strategic component requires mission reformulation and strategy redefinition and involves broader thinking of the board and top managers, leaders capable of open mindedness, and creativity. The collaborative component calls for intensive collaboration and communication with all stakeholders, including association with avant-garde partners, such as NGOs, regulators, universities, and competitors. The implementation component addresses the need for high quality change management programs.