a) Arguments Against Voluntary Disclosure:

1. Competitive Disadvantage: Businesses may fear that disclosing environmental practices could reveal sensitive information to competitors, potentially harming their competitive edge in the market.
2. Cost Implications: The costs associated with gathering, measuring, and reporting environmental data can be substantial. Many entities may view the financial burden as outweighing the benefits of transparency.
3. Lack of Standardization: Without mandatory regulations, businesses may struggle with inconsistencies in reporting practices, leading to difficulties in comparison and evaluation of environmental performance across industries.
4. Legal Liability: Companies may worry that revealing negative information regarding their environmental impact could expose them to litigation or regulatory scrutiny, leading to potential legal challenges.
5. Investor Skepticism: Some investors may question the credibility of voluntary disclosures, perceiving them as attempts to greenwash or improve public relations rather than genuine commitments to sustainability.
6. Limited Stakeholder Interest: Companies may argue that their primary stakeholders are primarily interested in financial performance, making extensive disclosures on environmental practices unnecessary.
7. Internal Resistance: There may be resistance from management or employees who perceive sustainability reporting as an additional burden that detracts from core business activities.
8. Insufficient Expertise: Companies may lack the necessary expertise to effectively report on environmental issues, leading to concerns about accuracy and reliability of the information provided.

(b) Information Disclosed Under GRI Guidelines:

1. Economic Aspects: Entities should report on their economic performance, including revenue, profits, and economic contributions to local communities, alongside any relevant economic risks and opportunities.
2. Environmental Aspects: Information should include data on resource consumption (energy, water), emissions to air and water, waste generation, and any initiatives undertaken to mitigate environmental impacts.
3. Social Aspects: Companies should disclose their approach to labor practices, health and safety, community engagement, and human rights impacts, along with metrics on employee diversity and training programs.
4. Sustainability Goals: Firms may outline their long-term sustainability goals, commitments to reducing carbon footprints, and strategies for enhancing environmental and social performance.
5. Stakeholder Engagement: Entities should report on how they engage with stakeholders regarding sustainability issues, including feedback mechanisms and how stakeholder input influences corporate strategies.
6. Governance Structures: Information about governance structures related to sustainability, such as board responsibilities, sustainability committees, and the integration of sustainability into corporate strategy.
7. Performance Indicators: The use of specific key performance indicators (KPIs) to track and report progress against environmental and social objectives in line with GRI standards.