Accompanying report helps navigate new GFA Fashion Impact Toolkit
An accompanying report, published recently, offers guidance as well as insights on transforming these learnings into actionable strategies for sustainable impact.
It also outlines the background, purpose and framework of the Fashion Impact Toolkit, thus serving as a first step to engage with it, ultimately helping companies identify their potential impacts, make better informed decisions, become more resilient, boost stakeholder confidence in their operations and maintain competitiveness in a rapidly evolving market. New Fashion Impact Toolkit is a valuable resource
'We hope that the Fashion Impact Toolkit will be a valuable resource for the textile industry as it navigates increasing regulatory and stakeholder pressure. By identifying and acting upon the most critical sustainability implications across the value chain, companies can foster greater resilience, trust and long-term transformation. We are proud to collaborate with Deloitte to support this much-needed shift,' commented GFA CEO Federica Marchionni in a press release.
The report is divided into five chapters, starting with setting the context and why companies should identify sustainability impacts. Chapter Two deals with how and why to create an impact inventory, while Chapter Three explains how the textile sector's value chain was mapped: into 20 main activities and 101 sub- activities that were narrowed down to the 88 most relevant sub-activities.
By outlining almost 3,000 impacts across value chain stages such as material production, garment manufacturing, product distribution and use, end-of-life management and material recycling, Chapter Four highlights key hotspots and pressure points that were identified through the research conducted to construct the Fashion Impact Toolkit.
Chapter Five lists the six key questions for turning impacts into actionable strategies.
'An early outcome of Deloitte's collaboration with the Global Fashion Agenda, the Fashion Impact Toolkit is designed to help textile company leaders better understand their footprint across the value chain and help inform how they adapt their strategies to be more resilient. These adapted strategies can help organizations identify opportunities to enhance performance, helping drive industry-wide progress,' added Cecilia Dall' Acqua, partner strategy sustainability leader, Deloitte Global Circular Economy Hub.
The full report can be downloaded from the Global Fashion Agenda's website.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Mail
5 days ago
- Daily Mail
Deloitte probed over Glencore audits after commodities giant is hit by bribery and corruption lawsuits
Deloitte is being investigated by the UK accounting watchdog over its audits of Glencore's finances. The Financial Reporting Council (FRC) will probe the Big Four firm's work for the Swiss commodities giant over an eight-year period. It will look into whether Deloitte gave 'sufficient consideration to the risk of non-compliance with laws and regulations' when signing off accounts between 2013 and 2020. Glencore has been rocked by bribery and corruption lawsuits in the last few years. The FRC noted that the FTSE 100 commodities trader and miner and a UK subsidiary had been 'subject to investigations by government agencies into misconduct'. In total Glencore, which produces coal, copper, nickel, zinc and cobalt, has had to pay out over £1billion after legal action in Brazil, the UK, and US. Probe: Big Four accountancy firm Deloitte is being investigated by the Financial Reporting Council over its audits of Glencore's finances In 2022, it was fined £281million following an investigation by the UK's Serious Fraud Office. The SFO found Glencore paid nearly £21million in bribes to gain preferential access to oil in Africa. It flew cash to Africa and falsified documents. In 2022 Glencore admitted bribery and failure to prevent bribery after transactions in Cameroon, Equatorial Guinea, Ivory Coast, Nigeria and South Sudan. Six former executives have been charged with bribery. A trial is yet to begin. Regulators are probing Deloitte's work on four audits, including for bus operator Go-Ahead, fashion brand Joules, car seller Lookers and fintech Stenn. Deloitte UK said: 'We are committed to the highest standards of audit quality and will fully co-operate.' The FRC can impose fines and non-financial penalties if it finds wrongdoing. In 2019 Deloitte was fined £4.2million for its audit of outsourcing firm Serco, which had paid more than £20million to settle fraud and false accounting charges. This year PwC was hit with a £4.5million fine for 'serious failings' in its 2019 audit of Wyelands Bank. Big Four peer KPMG paid out £4.5million after 'serious failures' in its audit of Rolls-Royce's 2010 accounts. In January, the FRC probed KPMG's audit of Ladbrokes-owner Entain's 2022 accounts. The gambling giant paid a £615million settlement to resolve a probe into alleged bribery at its former Turkish online betting business.
The Guardian
6 days ago
- The Guardian
UK watchdog investigates eight years of Deloitte audits of mining firm Glencore
The accounting firm Deloitte is under investigation by the sector regulator over eight years of its audits into the FTSE 100 commodities and the mining company Glencore and a UK subsidiary. The Financial Reporting Council (FRC) said it was looking into whether Deloitte's audits of Glencore and its subsidiary Glencore Energy UK for the financial years ending 2013 to 2020 'gave sufficient consideration to the risk of non-compliance with laws and regulations'. Glencore was forced to pay £281m in fines, confiscated profits and costs as punishment in 2022 for charges of seven counts of bribery, in what at the time was the largest ever payment imposed on a company in a UK court. The court heard how Glencore employees and its agents had paid bribes worth $27m (£20m) to unnamed officials in Nigeria, Cameroon, Ivory Coast, Equatorial Guinea and South Sudan. Glencore pleaded guilty to the bribery charges, which were brought by the Serious Fraud Office (SFO). Glencore employees flew cash bribes to Africa in private jets and used 'sham' documents to hide the true purposes of cash, the SFO told the court during the case. The investigation announced by the FRC on Wednesday will be conducted by the FRC's enforcement division. The regulator made the decision to open the investigation at a meeting of its conduct committee in March but did not announce it until now. The SFO began a sweeping investigation into Glencore in 2019 under the codename Operation Azoth. Last August it charged Glencore's billionaire former head of oil trading, Alex Beard, with conspiring to make corrupt payments to benefit the commodities company's oil operations in west Africa. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Beard and five other Glencore executives are due to stand trial in London on bribery charges in 2027.
Reuters
6 days ago
- Reuters
UK watchdog probes Deloitte's audits of Glencore's 2013-2020 accounts
July 23 (Reuters) - Britain's accounting watchdog said on Wednesday that it is investigating Deloitte LLP's audits of commodities trader Glencore (GLEN.L), opens new tab and one of its divisions for the financial years ended December 2013 through December 2020. The Financial Reporting Council (FRC) is examining whether Deloitte properly assessed the risk of legal and regulatory breaches during its audits. Glencore and its unit, Glencore Energy UK Limited, have faced extensive investigations by government agencies in recent years over allegations of bribery and corruption. Glencore declined to comment, while Deloitte did not immediately respond to a request for comment.
