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Aside from mitigating the environmental changes caused by the interaction of the industrial world and society with nature, social and governance matters are subjected to increased public and government scrutiny, calling for the promotion of a sustainable performance agenda.
Responsible business and investment – rooted in the 17 SDGs and the ten universal principles of the UN Global Compact – will be essential to achieve transformational change and unite all global stakeholders to end extreme poverty, fight inequality and injustice, and protect our planet. For companies, successful implementation will strengthen the enabling environment for doing business and building markets around the world.
Such an approach is to be rooted and integrated into our business strategies, culture and daily operations, and continue to be adopted in future years through our engagement in collaborative economies driven by three key pillars: environment, society, and governance.
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The first pillar encompasses protecting the environment and the research and development of technologies aimed at preserving the ecosystem while ultimately ending harmful practices and processes. Preventing the dissipation of already limited natural resources is key to the success of a global strategy for sustainability.
This pillar touches on three main aspects. The first one is the awareness and the enforcement of legislation intended to protect people from any harmful effects of industrial processes. Fair access to basic resources by all levels of society is also vital for the population's physical and mental health. The last aspect deals with activation and allows individuals to embrace environmentally sustainable practices while also educating them and raising awareness among society at large.
Both private and public entities find themselves compelled to reassess their practices to fall in line with good governance principles. Performance and accountability are becoming increasingly important. Good governance's achievement ultimately fosters sustainability, allowing companies to reduce risks, mitigate crisis, attract new investors, and strengthen the company's equity.
Apart from the need to abide by regulatory obligations, corporate sustainability brings with it the added benefit of dramatically raising an organization’s corporate profile, as sustainability concerns are increasingly top of mind for consumers and investors across all industries.
The number of companies worldwide including sustainability in their reporting is also increasing. According to a survey carried out by the Governance and Accountability Institute, 90% of S&P 500 Index companies published sustainability reports in 2019. However, the sustainability reporting principle and the need to demonstrate how a business performs not only from a commercial point of view but also from a wider social perspective is applicable to businesses of all sizes.
It is for this reason that an integrated approach to reporting is to be preferred, as it offers a wider and more comprehensive assessment of a company to its stakeholders and investors.
The transition to a sustainable model may be a complex and time-intense process, requiring the execution of feasibility studies and the evaluation of the risks and impacts of change on your operations among others.
To that end, our multidisciplinary team gauges the environmental, operational, social and financial impacts to better inform the decision-making process of our clients.
