A Call to Action For Businesses
- Ensure you properly embed your ESG strategy with clear governance: Embedding an ESG strategy begins with defining ambition and priorities that are aligned with a company’s business rationale and with national goals. Ideally, there should be one person in charge to oversee and coordinate the full suite of ESG functions with access to people having the right skills and capacity to be able to deliver the strategy.
- See the bigger picture: There are many business opportunities for companies that move quickly to align their ESG priorities with those of their governments. Early adopters may generate new business services and products that could create real value and wider benefits for society.
- Set clear KPIs & invest in robust data collection systems and analysis: KPIs must be set to measure progress and will be underpinned by having robust data collection and reporting systems. This will require investment to ensure alignment with global standards and that capacity is built to collect and report on non financial ESG metrics. Reporting can range from internal ESG reports to those that have been fully audited by a third party.
- Integration is key: ESG is a complex subject and many of the issues are connected. Adopting an integrated approach to ESG and embedding a strategy across different functions are important steps in reorienting businesses towards a value-creation ecosystem. Value indicators includes, environmental sustainability, employee engagement, external partnerships and broader societal wellbeing.