ESG and Corporate Responsibility Reporting

answer questions in pages from 11 to 15 in the attached

Eleazar Herrera: Fall, Ramaswamy
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ESG and CORPORATE
RESPONSIBILITY
REPORTING:
1st edition – Chipotle 2022
Copyright 2024 by Applied Accounting Analytics. All rights reserved. Reproduction or
translation of this book beyond that permitted by the applicable copyright law without Applied
Accounting Analytics’ permission is prohibited.
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To be completed by the student and submitted
according to your instructor’s requirements.
Complete the following before you submit your assignment. This step is required to
validate your compliance with sections 107 or 108 of the 1976 United States Copyright
Act.
1. Remove the front cover of the workbook and identify:
Student Name: Eleazar Herrera
Term: Fall
Selected Company: Chipotle 2022 report
Instructor: Ramaswamy
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SECTION I: ESG AND CORPORATE RESPONSIBILITY
REPORTING: AN INTRODUCTION
Integrated reporting is a combination of traditional financial reporting that includes an annual
report, and/or Security and Exchange (SEC) required 10-K, and an ESG report. The benefit of an
integrated report is that shareholders, analysts, and other users of this information are provided
with a broader understanding of a company’s risks, opportunities, and potential value creation.
To learn more about the evolution of Integrated Reporting and ESG, go to the following link,
move down the page, and click on the video “10 years of Integrated Reporting.” There you will
learn about the importance of non-financial information and value creation.
https://www.integratedreporting.org/10-years/
Question 1.
Section I: Integrated Reporting
In what year was the International Integrated Reporting Council (IIRC) formed?
August 2010
Question 2.
Section I: Integrated Reporting
Who is demanding greater insight into firm value?
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Question 3.
Section I: Integrated Reporting
Integrated reporting, according to the video explains what?
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Question 4.
Section I: Integrated Reporting
At the time of the making of this video, integrated reporting was used by how many
companies in more than how many countries?
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Question 5.
Section I: Integrated Reporting
In what year did the academic community find a link between integrated reporting and firm
value?
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Question 6.
Reporting
Section I: ESG and Corporate Responsibility
Searching the web on the phrase “images of sustainability” you will find in the images a
consistent theme in a diagram that looks very similar to below. What are the 3 major themes
you discovered? Identify the three by filling in the text boxes in the circles?
In put response here to the three themes:
werrwerweqrq
Step further into sustainability and corporate responsibility reporting by viewing the following
video clip and then answer the respective questions.
Video: The Sustainability Challenge

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Question 7. Section I: ESG and Corporate
Responsibility Reporting
The video you watched identifies why everyone should learn more about sustainability and
corporate responsibility reporting. Near the end of the video, it identifies “What’s in it for
You?” List the 7 items they identify?
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2.
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3.
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4.
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5.
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6.
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7.
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Question 8. Section I: ESG and Corporate
Responsibility Reporting
The Global Reporting Initiative helps organizations report in three (3) ways. Hint: The list is
provided at the end of the video.
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Deloitte LLP, one of the largest accounting and business consulting firms in the world, is one
such organization. Deloitte LLP explicitly discusses the importance of sustainability and
corporate responsibility reporting. To learn about Deloitte’s perspective, go to
Video: Deloitte Sustainability & Climate

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Question 9. Section I: ESG and Corporate
Responsibility Reporting
In Deloitte’s Sustainability and Climate video, it mentions the choices we make today will
determine the quality of life for generations to come. But a better future is possible if we do
what? Hint: 2 items.
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PwC US, another Big-4 accounting firm, discusses ESG and corporate responsibility reporting in
the following video.
Video: ESG: A Window into a Company’s Future

Question 10. Section I: ESG and Corporate
Responsibility Reporting
In PwC’s “ESG: A Window into a Company’s Future” video, it mentions that ESG
reporting metrics provide what?
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As we close Section I, let’s again emphasize the importance of creating a more sustainable
future. The following United Nations video highlights the acceleration of climate change and
how it’s affecting regions of our world.
Video: Climate Change

Question 11. Section I: ESG and Corporate
Responsibility Reporting
The above video provides a discussion of a serious issue regarding the Greenland ice sheet.
Provide below three negative consequences highlighted in the video?
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How does the UN define Climate Change?
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Question 12. Section I: ESG and Corporate
Responsibility Reporting
The advance of ESG reporting creates career opportunities. Run a ChatGPT search on the
following question. How does a career in ____________ merge with a career in ESG
reporting? Open ChatGPT (openai.com), then select “Try on web” to input question.
First, insert your desired field of interest into the blank, such as accounting, finance, or
marketing.
Second, provide the response you find.
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SECTION II: ESG STANDARD SETTING
ORGANIZATIONS AND REPORTING STANDARDS
Question 1. Section II: ESG Standard Setting
Organizations
Go to: GRI – Mission & history (globalreporting.org) Identify GRI’s … why, how and what
… to gain a better understanding of the mission statement.
Why
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How
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What
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Question 2. Section II: ESG Standard Setting
Organizations
Go to: GRI – Mission & history (globalreporting.org) Move down the page to the Timeline of
GRI’s History. Identify the major events in:
2000
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2021
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2022
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Question 3. Section II: ESG Standard Setting
Organizations
Go to: a-short-introduction-to-the-gri-standards.pdf (globalreporting.org) On the second page
of this PDF you will find further details on the GRI Universal, Sector and Topic standards.
Respond to the questions accordingly.
What are the three sections of the
Universal Standards?
Complete the sentence found on page
3 under the GRI Sector Standards.
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The Standards list topics that …
Complete the sentence found on page
4 under the GRI Topic Standards.
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Examples include Standards on …
Question 4. Section II: ESG Standard Setting
Organizations
Here is the direct link if the above did not open:
https://www.ifrs.org/content/dam/ifrs/publications/pdf-standardsissb/english/2023/issued/part-a/issb-2023-a-ifrs-s1-general-requirements-for-disclosure-ofsustainability-related-financial-information.pdf
Go to the Table of Contents of the June 2023 Standard. What is the first Objective of IFRS S1
General Requirements for Disclosure of Sustainability-related Financial Information, found on
page 6 of the Standard?
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Question 5. Section II: ESG Standard Setting
Organizations
Identify the Core Content of IFRS S1 General Requirements for Disclosure of Sustainabilityrelated Financial Information.
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Question 6. Section II: ESG Standard Setting
Organizations
Identify the objective of sustainability-related financial disclosures on Governance.
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Question 7. Section II: ESG Standard Setting
Organizations
Identify the objective of sustainability-related financial disclosures on Risk Management.
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Open the ISSB home page: IFRS – International Sustainability Standards Board. Now click on
“Climate-related Disclosure project,” next open the Published Documents page and select the
“IFRS S2 Climate-related Disclosures.”
Question 8. Section II: ESG Standard Setting
Organizations
Go to the Table of Contents of the June 2023 Standard. What is the Objective of IFRS S2
Climate-related Disclosures?
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Now we learn about the SASB standards using Chipotle’s ESG report. This experience will help
you better understand Chipotle’s Sustainability Report in Section IV.
Once again, go to the link https://www.ifrs.org/, go to the ribbon, and click on “Applying
Standards.” (Note, if you are using a laptop with a small screen, open the drop-down on the
upper right three bars.) Now click on “Issued Standards” > “SASB Standards” > Scroll and click
box labelled “Download the SASB Standards.”
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Question 9.
Section II: ESG Reporting Standards
Under Company Search, insert Chipotle and identify the company’s industry and related
information on that industry. Note, open the read more to get all the necessary information.
Industry
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Now if you were to place an “x’ in the box to the left of the Restaurant category and then at the
bottom of the page, click on “Continue to Download” you would receive the pdf below.
https://www.sasb.org/wp-content/uploads/2018/11/Restaurants_Standard_2018.pdf
Question 10. Section II: ESG Reporting Standards
Using the Sustainability Accounting Standard pdf, identify the purpose of the SASB
Standards, page 4.
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Question 11. Section II: ESG Reporting Standards
How many industry-specific standards has the Sustainability Accounting Standards Board
developed? Page 4, under Overview of SASB Standards.
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Question 12. Section II: ESG Reporting Standards
Reviewing Table 1. Sustainability Disclosure Topics & Accounting Metrics, page 6, identify
the seven topics at the left of the table.
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Question 13. Section II: ESG Reporting Standards
Reviewing Table 2. Activity Metrics, identify the list of topics at the left of the table.
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Question 14. Section II: ESG Reporting Standards
Now move back up to the topic “Food Safety” in Table 1 and identify the three Accounting
Metrics required for disclosure purposes.
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Question 15. Section II: ESG Reporting Standards
Now move down to the topic “Labor Practices” in Table 1 and identify the three Accounting
Metrics required for disclosure purposes.
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SECTION III: ESG SCORES AND INDICES
ESG scores are used to measure company risk beyond what financial analysis can provide. High
ESG scores signal a company’s commitment to best practices in the environmental, social, and
governance areas. ESG scores range from 0-100 and a score of more than 70 is said to be
excellent. A score below 50 signifies poor performance.1
One more point needs to be made and can be found in the Deloitte article link below.
https://www2.deloitte.com/ce/en/pages/about-deloitte/articles/esg-ratings-do-they-addvalue.html
Question 1.
Section III: ESG Scores and Indices
Review the opening paragraphs of the article that you opened above. What does Deloitte
conclude when it comes to ‘the biggest investors’ ESG performance measurement in the third
paragraph?
Aside: Read through the entire article. The write-up provides an excellent summary
regarding many ESG issues faced by companies. The information puts you on a level
playing field to discuss a wide range of topics in a job interview or general conversation
about ESG issues.
READING THIS ARTICLE IS HOW YOU ADVANCE
YOUR PROFESSIONAL CAREER.
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Question 2.
Section III: ESG Scores and Indices
According to Deloitte, there are three types of rating agencies. Name them and describe their
services.
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Like the S&P 500 index that tracks the performance of a select group of 500 companies, the S&P
500 ESG Index tracks the performance of a select group of 500 companies that meet certain
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https://esg.conservice.com/esg-scores-why-they-matter/
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sustainability criteria. To learn more about the S&P 500 ESG Index go to the link below and
answer the questions that follow.
https://www.spglobal.com/spdji/en/documents/education/education-sp-500-esg-index-definingthe-sustainable-core.pdf
Question 3.
Section III: ESG Scores and Indices
When and why was the S&P 500 ESG Index established?
When
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Why
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Question 4.
Section III: ESG Scores and Indices
Review the ESG pyramid, Exhibit 1, on page 3 of the article. Identify how the S&P ESG Index
is formulated? (Hint, response in the paragraph after Exhibit 1.)
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Question 5.
Section III: ESG Scores and Indices
How is the S&P 500 ESG Index constructed and identify the two objectives that surround its
index methodology? (Hint, search on the work ‘constructed.’)
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Question 6.
Section III: ESG Scores and Indices
For what reasons are companies excluded from the S&P 500 ESG Index? (Hint, search on the
work ‘Exclusions.’)
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The Morningstar Sustainability Indexes offer a broad exposure to equity and fix income markets
with significantly lower ESG risk. That is, Morningstar provides several different sustainability
investing options based on many different ESG criteria.
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Open https://indexes.morningstar.com/page/esg and move through the page. You will find
different investing index options. Answer the following to gain a perspective on the different
indexes.
Question 7.
Section III: ESG Scores and Indices
The Morningstar Global Sustainable Activities Involvement Indexes enable targeted exposure
to important global themes. Select the ‘learn more’ button, move down this page and identify
four different global indexes. The page lists several.
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Question 8.
Section III: ESG Scores and Indices
The Morningstar Sustainability Indexes provide broad, diversified exposure to equity and
fixed income markets with significantly lowered ESG risk. Select the ‘learn more’ button,
move down this page and identify the three different indexes.
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Open: ESG Risk Ratings (sustainalytics.com) and move down the page to the “Introduction to
the ESG Risk Ratings” video. View the video and respond to the following question.
Question 9.
Section III: ESG Scores and Indices
What are the three core building blocks of Sustainalytics’ ESG risk rating?
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Question 10. Section III: ESG Scores and Indices
What are the meanings of risk exposure and risk management according to the video?
Risk exposure
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Risk management
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Question 11. Section III: ESG Scores and Indices
The overall risk ratings are used differently according to need. Identify the six applications
presented in the video.
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SECTION IV: CHIPOTLE 2022 SUSTAINABILITY
REPORT
Now that you see Chipotle’s commitment to a more sustainable world, go to the following link
and download Chipotle’s 2022 Sustainability Report. You need the report to answer questions in
this section. This is a large PDF file, so be patient in the download process. Note that Chipotle
issues a full report in the even years and an update in the odd years. We are fortunate to be
analyzing its most current sustainability report for 2022.
https://www.chipotle.com/about-us/sustainability
To begin, read “A Letter from Our Chairman and CEO,” page 3 (report page), and answer the
following question.
Question 1. Section IV: Chipotle 2022 ESG Report “A
Letter from Our Chairman and CEO”
According to Chipotle CEO Brian Niccol, what is the company’s greatest priority?
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Now read “About this Report,” page 4, and answer the next two questions.
Question 2. Section IV: Chipotle 2022 ESG Report “About
this Report”
The data provided in this report covers what reporting period?
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Question 3. Section IV: Chipotle 2022 ESG Report “About
this Report”
The reporting of this information is in reference to what reporting standards and frameworks?
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Question 4.
Chipotle”
Section IV: Chipotle 2022 ESG Report “About
What are Chipotle’s five key fundamental strategies (page 6)?
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Question 5.
Chipotle”
Section IV: Chipotle 2022 ESG Report “About
As of December 2022, identify the Human Capital that Chipotle employs (page 6).
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Question 6. Section IV: Chipotle 2022 ESG Report
“Materiality”
How does Chipotle prioritize issues for strategic planning purposes (page 7)?
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Question 7. Section IV: Chipotle 2022 ESG Report
“Innovation”
List four advancements in Chipotle’s operations because of technology and then briefly
provide a sentence or two of Chipotle’s discussion of these advancements (page 8).
Technology
Sentence or two
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Question 8.
Chipotle”
Section IV: Chipotle 2022 ESG Report “About
What are Chipotle’s three ESG GOALS (page 14)?
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.
Question 9.
& Animals”
Section IV: Chipotle 2022 ESG Report “Food
Identify below Chipotle’s 3 “Food & Animal” goals and progress made in reaching those goals
(page 17)?
Goals
Progress toward Goals
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Question 10. Section IV: Chipotle 2022 ESG Report
“Suppliers”
How does Chipotle ensure that its suppliers are committed to sourcing ingredients that are
grown, raised, and harvested with respect for people, animals, and the land (page 20)?
Food,
Beverage, and
Paper
Procurement
Practices
Animal
Welfare
Packaging
Suppliers
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Question 11. Section IV: Chipotle 2022 ESG Report
“Suppliers”
Chipotle does business with suppliers who uphold the same principles. As a result, suppliers
comply with all applicable laws, regulations, customs, and industry standards relating to
employment and human rights, including but not limited to (page 21):
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Question 12. Section IV: Chipotle 2022 ESG Report
“Supplier Code of Conduct”
Chipotle requires all suppliers to follow its Supplier Code of Conduct. Identify the component
parts of the Code (page 22).
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Question 13. Section IV: Chipotle 2022 ESG Report “Young
Farmers”
What are the top challenges of young farmers today (page 24)?
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Question 14. Section IV: Chipotle 2022 ESG Report “Young
Farmers”
What commitments has Chipotle made to ensure the future of young farmers (page 25)?
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Question 15. Section IV: Chipotle 2022 ESG Report
“Supplier Demographics”
Identify the states/countries where Chipotle’s beef, dairy, chicken, and pork product suppliers
are located (page 30).
Beef
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Dairy
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Chicken
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Pork
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Question 16. Section IV: Chipotle 2022 ESG Report “Food
Safety”
Identify the three requirements of Chipotle suppliers to mitigate food safety risk (page 40)?
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Question 17. Section IV: Chipotle 2022 ESG Report “Food
Safety”
How does Chipotle’s Advanced Electronic System track menu ingredients between suppliers
and individual restaurants (page 45)?
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Question 18. Section IV: Chipotle 2022 ESG Report
“People”
Identify Chipotle’s 4 “People” goals and progress made in reaching those goals (page 49).
Goals
Progress towards Goals
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Question 19. Section IV: Chipotle 2022 ESG Report
“People”
What “Career Path” is available to employees in restaurant development (page 52)?
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Question 20. Section IV: Chipotle 2022 ESG Report
“Diversity, Equity, & Inclusion”
Chipotle’s DEI Initiatives are centered around 4 Pillars (page 61). What are these?
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Question 21. Section IV: Chipotle 2022 ESG Report
“Diversity, Equity, & Inclusion”
Chipotle identifies six Employee Resource Groups that support its DEI initiatives. Name these
groups and briefly discuss their purpose (page 66)?
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Question 22. Section IV: Chipotle 2022 ESG Report “Board
of Directors”
Chipotle’s Board of Directors oversees the management of its operations. Identify the number
of Directors on the Board as well as the number of independent directors on the Board (page
77).
Number of Members?
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Number of non-independent
Directors on Board?
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Question 23. Section IV: Chipotle 2022 ESG Report “Code
of Ethics”
Most companies have a Code of Ethics that employees must sign as part of their on-boarding
program. Chipotle is no exception. Identify the six sections that comprise Chipotle’s Code of
Ethics (page 80).
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Question 24. Section IV: Chipotle 2022 ESG Report “A
Letter from Our Head of Sustainability”
According to Lisa Shibata, what has changed recently from Chipotle’s previous sustainability
reports?
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Question 25. Section IV: Chipotle 2022 ESG Report
“Environment”
Identify Chipotle’s 8 “Environment” goals and progress made in reaching those goals.
Goals
Progress Toward Reaching Goal
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Question 26. Section IV: Chipotle 2022 ESG Report
“Environment”
Identify 5 environmental metrics Chipotle accomplished during 2022 (page 86).
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To better understand the impact of greenhouse gas emissions, go to the video link below.

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Question 27. Section IV: Chipotle 2022 ESG Report
“Climate Change”
After watching the video found in the link above, what is “Net Zero”
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Question 28. Section IV: Chipotle 2022 ESG Report
“Greenhouse Emissions Goal”
What is Chipotle’s goal when it comes to Scope 1, 2, and 3 emissions as stated in its 2022
ESG Report (page 89)?
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Question 29. Section IV: Chipotle 2022 ESG Report “Scope
3 Greenhouse Emissions”
Chipotle focuses on seven Scope 3 categories as they relate to its supply chain partners, page
92. Identify them.
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Question 30. Section IV: Chipotle 2022 ESG Report
“Waste”
Identify the specific areas of “Waste” that Chipotle focused on in 2022 (pages 99+).
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Question 31. Section IV: Chipotle 2022 ESG Report “TCFD
Disclosures”
What is Management’s role in assessing and managing climate-related risks and opportunities
(page 115)?
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Question 32. Section IV: Chipotle 2022 ESG Report “TCFD
Disclosures”
When you consider Climate-related risks they are categorized based on time horizons. Identify
these horizons and give an example of the Chronic Physical Risk (page 116)?
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Question 33. Section IV: Chipotle 2022 ESG Report “SASB
Disclosures”
If you consider the SASB Indicator “Food Safety”, where in the Report does Chipotle address
“percentage of restaurants inspected by a food safety oversight body” (page 121)?
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If you consider the SASB Indicator “Supply Chain Management & Food Sourcing” where in
the Report does Chipotle address “percentage of eggs that originated in a cage-free
environment” (page 122)?
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Question 34. Section IV: Chipotle 2022 ESG Report “GRI
Disclosures”
Consider GRI Standard 201 Economic Performance 2016. Where is this standard addressed in
the Report (locations – page 125)?
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Question 35. Section IV: Chipotle 2022 ESG Report “GRI
Disclosures”
Consider GRI Standard 306 Waste 2020. Where is this standard addressed in the Report
(locations – page 127)?
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Question 36. Section IV: Chipotle 2022 ESG Report “GRI
Disclosures”
Consider GRI Standard 416 Customer Health and Safety 2016. Where is this standard
addressed in the Report (locations), page 129? Identify 3 locations.
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Section V: Your Conclusion
Completing this workbook has greatly expanded your understanding of Chipotle’s initiatives
around ESG and corporate responsibility. The standards and ESG frameworks guide and direct a
company on how to systematically report on sustainability and corporate responsibility practices.
You now possess the skills to systematically research a company’s ESG and corporate
responsibility initiatives.
MEMO PREPARATION
To conclude, prepare a one-page memo that discusses your opinion of Chipotle’s 2022
Sustainability Report. Were you impressed by Chipotle’s ESG strategy, initiatives, and related
outcomes? Conclude your memo with an idea of how you can also be a difference maker, similar
(but much smaller scale) to Brad Pitt, Serena Williams, and others described in the early section
“To the Student”.
Begin your memo stating your conclusion. Follow with two to three paragraphs
addressing qualitative and quantitative findings in support of your conclusion.
A memo consists of the following components:
To: (your instructor) Click here to enter text.
From: (you) Click here to enter text.
Date: Click here to enter text.
RE: (phrase identifying what the memo addresses) Click here to enter text.
Begin your memorandum here: Click here to enter text.
SUBMISSION OF YOUR PROJECT
Print the completed project solution template or submit an electronic copy of the completed
project solution template to your professor.
CONCLUDING COMMENTS
At the beginning of this project, you were visiting various websites, and answering general
questions about ESG and corporate responsibility. Next, you were exposed to global standard
setting organizations, reporting standards, ESG scores and ESG indices. Finally, you reviewed
Chipotle’s most current ESG report. All of this is accomplished while answering questions along
the way. The project closed with your written evaluation of Chipotle’s ESG corporate
responsibility efforts and outcomes. The experience of working through this project develops a
comprehensive working knowledge about ESG and corporate responsibility.
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Eleazar Herrera: Fall, Ramaswamy
Watch the Deloitte video link below one more time. You should have a much greater
appreciation, insight, and knowledge about company sustainability and corporate responsibility
practices and reporting. We hope it placed a smile on your face when you witnessed Chipotle’s
efforts.

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