ESG Strategy Development

To formulate a comprehensive ESG strategy, you require both internal and external stakeholders. Employees and community members, investors and regulators are all part of the equation. ESG initiatives can add value for your company regardless of whether you’re trying to reduce your carbon footprint, enhance manufacturing processes, or to develop the skills and capabilities of your workforce. A successful ESG strategy shows people that your business is run with integrity.

Find ESG concerns that are important by conducting an assessment of the importance and consulting with stakeholders. These issues may directly impact your company’s operations, the health of your environment or the reputation of your brand. The perspectives of stakeholders can aid you in identifying these issues and assess the potential impact of each on your business.

Develop measurable goals and plans to implement ESG initiatives. This includes a timetable and milestones, with responsibilities assigned by team members. Select an ESG framework for reporting and disclosure that best suits your industry location, management style and location. There are a variety of ESG-related frameworks to choose from which include the UN Sustainable Development Goals and numerous SEC disclosure requirements.

Establish a team who can communicate the ESG message within their teams. This group should represent all departments of the company, from the upper management to shop floor staff. Their perspectives and experiences will serve as a lens to assess ESG initiatives, set goals and ensure accountability.

Review and revise your ESG strategies to ensure that they are aligned with the ever-changing board document management systems regulations as well as industry standards and stakeholder demands as well as technology. This will enable you to address unforeseen risks and controversy that could negatively impact your business.