David Fatscher, Senior Engagement Consultant – ESG Reporting, at BSI, shares new guidance for navigating and implementing the new principles of ESG.
With companies’ sustainability performance facing increased stakeholder scrutiny, the landscape for reporting against a growing number of environmental, social and governance (ESG) indicators is a confusing one. Despite efforts to consolidate, there remains an ‘acronym soup’ of mandatory and voluntary frameworks which businesses must navigate so that communication of progress is consistent, comparable and credible.
One specific concern for larger businesses is understanding how ESG data can best meet these multiple (and frequently disparate) disclosure requirements, so the process of harvesting becomes more streamlined. If they are successful, ESG reporting will be seen less as an annual box-ticking ‘burden’ and more an opportunity to mine decision-useful information that drives strategic change. For smaller companies, the struggle is even more daunting. Their size may mean they are not obliged to report, but their clients - who have been mandated - now demand details on everything from greenhouse gas emissions to labour practices.
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