Australia spotlight: Why business leaders need to measure ESG impact

Nearly two years of pandemic chaos have given us plenty of time to think about how we live and work. As the world waves goodbye to pandemic restrictions, attention is shifting to action on climate change.

Corporate responsibility is now one of the defining issues of our age. From Business Roundtable redefining the purpose of corporations to benefit all stakeholders, to growing numbers of consumers demanding change, the environmental, social and governance (ESG) efforts of companies now face intense scrutiny.

At a minimum, investors, employees, customers, and partners expect transparency and action. Organizations that respond will reap multiple benefits:

• Improved talent attraction and retention
• Increased shareholder value
• Decreased operating costs
• Higher growth potential

That’s before considering increasing regulations. In 2020, 206 new ESG rules were introduced globally. Government and industry bodies alike are creating ambitious targets with new implications for executive teams and boardrooms across Australia.

The call to measure ESG

The clock is ticking on common standards for measuring sustainability. Double materiality rules have gone into effect in Europe, requiring public companies and investors to disclose the risk their operations pose to people and the planet, alongside profitability.

At the same time, the World Economic Forum’s International Business Council specified 21 core “stakeholder capitalism” metrics to guide executive teams and boards as they embrace these changes.

ESG disclosure developments like these are quickly reverberating across corporate Australia. Stakeholder pressure for organizations to do what’s right and reliably report on progress is impacting every industry.

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