Protect your business against ESG risks
In recent years the tide of social consciousness for business has shown signs of shifting in a more socially beneficial direction, signaled by the popularisation of acronyms such as CSR (Corporate Social Responsibility), ESG (Environment, Social, and Governance), and D&I (Diversity & Inclusion).
Meanwhile, modern economists have written much about the replacement of Milton Friedman’s shareholder benefitting approach with a multi-stakeholder benefitting approach that seeks to recognize a corporation’s responsibilities to employees, customers, communities, and the planet as well.
Businesses can no longer focus narrowly on short-term profits but instead must pursue strategies that deliver performance across traditionally non-financial dimensions. The argument now is that ultimately, all risk is financial risk.
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Effective misconduct reporting and resolution is critical to integrity
- Within the Ethics & Compliance field, it’s increasingly clear that the function plays a key role in helping organizations navigate the waters of bias, diversity, and equity as well as growing concerns such as ESG (Environment, Social, and Governance).
- A true measure of a company’s integrity can be taken from an exercise in observation – where bullying or harassment flourish, you will likely find neglected safety protocols, careless use of protected data, environmentally damaging behavior and incidents of white-collar crime.
- Institutional investors such as BlackRock, the world’s largest asset manager, are pressuring companies they invest in to disclose their long-term environmental risks. Nasdaq is trying to make board diversity a listing requirement.