Greenwash or substantive?

How do you know if a company's claims about being sustainable are true, or just greenwash?
That's a current debate discussed in a current Ethical Corporation article. Do you ask companies to verify that the facts of a claim are correct? Or are you verifying that what a company is making is progress in line with what its stakeholders want it to do?
If you use a straightforward lists of quantifiable measures, does the whole exercise become a tickbox exercise unresponsive to what stakeholders actually want? The alternative of being responsive to stakeholders could lead to the danger of maybe offering output that is less consistent and comparable with other companies.
It seems that a bit of both would have value. Sustainability is already a rather fuzzy term in need of some trustworthy data, but we can all think of examples of where an obsession with hitting the numbers can lead to losing sight of what's important.

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