MANAGERIAL IMPLICATIONS

Arbitrating purely based on the findings of my research, and taking into consideration its limitations, I trust it is possible to claim that overlooking the environmental sustainability agenda in the financial services sector in the Central and East Europe would is a dangerous choice.

I speculate that majority of corporations in the financial sector in the Central and East Europe do not place environmental sustainability amongst their top strategic priorities. Supported by a notion that most environment related decisions regarding implementation of environmental policies and environment related investments do not have a positive business case with a desired return of five to ten years, I believe it is crucial that managers concentrate on environmental sustainability measures, objectives, targets and KPI’s that support their present objectives, and retain the long-term environmental sustainability focus. These tactics I trust may in long-term facilitate decrease of negative corporate impacts on the natural environment. Adaptation of the Balanced Scorecard, one of the utmost recognized systems used by corporations on a global scale to set strategic goals and measure related performance, as proposed below in Figure 9, may be in my opinion of practical assistance.

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Figure 9. Proposed Balanced Scorecard adaptation expanded to five dimensions (modified from Kaplan and Norton 2007, 153 - own design and processing).

I propose Sustainability to be listed as a separate dimension in order to increase the granularity and focus on its aims, and facilitate a broad stakeholder involvement. I as well suggest changes in the wording of the Balanced Scorecard to transparently indicate how the individual objectives, measures, targets and initiatives stand and contribute, not how they shall appear or be perceived.

8. CONTRIBUTIONS

This Thesis outlines a potential for further research of discourse related to the relationship between economic growth and environmental performance in the Central and East Europe. It as well contributes to the discussion about corporate environmental performance and disclosure, and to the understanding how people who work for financial corporations perceive

STRATEGY & VISION

Financial "To succeed in reaching goals expected by SHARE- HOLDERS AND INVESTORS

and to ensure our sustained economical existence (STRATEGY) how shall WE PERFORM FINANCIALLY ?" Customer / Stakeholders

"To achieve our

VISION, how do WE PERFORM A DIALOGUE WITH OUR CUSTOMERS AND OTHER STAKE- HOLDERS?" Sustainability

"To attain our

VISION, what STAKE- HOLDERS (apart from shareholders and customers) we need to identify and include in the dialogue to ensure our sustained existence; how do WE PERFORM SOCIETEALLY & ENVIRON- MENTALLY?" Internal Processes

"To realize our

VISION, what BUSINESS PROCESSES AND SYSTEMS (management & operational) do WE need to EXCEL AT ?" Learning & Growth "To accomplish our VISION how do WE EVOLVE OUR ABILITY TO CHANGE AND IMPROVE?"

Owners (responsible for fulfillment of objectives, measures, targets, initiatives)

Evaluators (of the degree of fulfillment of objectives, measures, targets, initiatives)

High carbon

Objectives / Measures / Targets / Initiatives

• Internal measure owners

• Internal evaluators

Low carbon

Objectives / Measures / Targets / Initiatives

• Internal measure owners • Internal evaluators

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this topic. In a number of ways, which I summarize in this section, it contributes to the trans- disciplinary knowledge of how trust, culture, power and governance influence the human- environment relations in the corporate context.

8.1. THEORETICAL CONTRIBUTIONS

Firstly, through an extensive and systematic literature review this Thesis provides a reflective insight into the definitions and trends related to corporate environmental performance and corporate environmental disclosure.

Secondly, broadly supported by literature references, it outlines theoretical understanding about how the key elements of trust, culture, power and governance act as driving forces of corporate environmental performance. It too frames comprehension about how these essentials, acting as facilitators and barriers, according to the informant’s perspectives influence corporate environmental performance. It as well reveals how these fundamentals as factors, as perceived by the informants, encourage corporations to implement environmental disclosure. To a certain degree it delivers theoretical and practical answers related to the degree of relationship between disclosure of environmental information and improvement in the corporate environmental performance.

Thirdly, as a result of joint application of the Stakeholder and Systems theories with Luhmann’s theory of Ecological Communication it develops a CDA-based methodology that facilitates capturing and interpretation of informant’s perspectives on corporate environmental performance and disclosure, and understanding of the key internal and external facilitator and barrier variables and factors that influence corporate environmental sustainability.

8.2. OTHER CONTRIBUTIONS

The practical outcomes of the research contribute to understanding of the contemporary discourse practices with regards to corporate environmental sustainability, and crucial importance of stakeholder involvement and activism in the corporate context.

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9. CONCLUSION

Given the limitations of the research, I hereby summarize my main conclusions and provide suggestions for future research.

9.1. MAIN CONCLUSIONS

The research results that I present confirm a call for establishment of a distinct, clear and undisputed definition of corporate environmental performance.

They as well reveal the necessity of destigmatization and appropriate use of the word “udrzitelnost” (sustainability) and phrases “udrzitelny rozvoj” (sustainable development) and “korporatni udrzitelnost” (corporate sustainability), which socially construct corporate environmental sustainability in the Czech discourse. Elements of natural basic understandability and imperative urgency appear to be neglected in the Czech form of those expressions at present. They are perceived as empty and deflated clichés. This I argue results in eloquent misinterpretations that function with sociopolitical and environmental consequences. Specifically I trust they outcome in weakening of the public trust in the notion of sustainability, and result in doubt and refusal of valid and relevant argumentation underlying sustainability discourse. In the sociopolitical sphere I assert these deliberate or inadvertent misappropriations destructively impact democratic policy making, regulatory and governance processes. This I argue further consequences in continued devastation of the natural environment, and non-reversible social, cultural and environmental losses over time and across space.

I suggest that it would be practical to expand the Balanced Scorecard, one of the prominent strategic planning and management systems used by corporations on a global scale for setting strategic goals and measuring management and operational performance, to five dimensions. Sustainability I propose to be listed as a separate dimension in order to increase granularity and focus on the sustainability objectives, measures, targets and initiatives. This I believe may as well assist in facilitating a broad stakeholder involvement. Making various stakeholder voices heard by democratically engaging them in corporate sustainability governance, the corporations may develop responsible sustainability-oriented cultures with well-grounded power relations. Specifically I conclude that it would be useful for corporations to identify and approach academia from the natural and social sciences, and include them in sound and

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mutually rewarding dialogues about the environmental agendas and strategies to gain other than economic standpoints, and obtain independent feedback.

I hereby recognize that to transform the environmental sustainability attitudes and beliefs in the corporate context it is necessary to begin with alteration and conversion of related discourse, and perception changes at public and educational levels.