For all companies, Environmental, Social and Governance (ESG) issues have become key business considerations. Corporate policies and practices are closely watched by investors, employees, customers, government officials and other stakeholders. That’s why it has the urgency to be implemented in companies. Visit: Data Integration for Effortless Carbon Emission Monitoring and Reporting
According to a global survey from NAVEX Global in December 2020, 88% of publicly traded companies, 79% of venture and private equity-backed companies, and 67% of privately-owned companies had ESG initiatives in place.
Environmental, Social and Governance
The Importance of ESG
Financial performance
Impact a company’s financial performance in a number of ways. For example, companies with strong environmental performance may be able to reduce their operating costs. Companies with strong social performance may be able to attract and retain customers and employees. And companies with strong governance performance may be able to reduce their risk of compliance violations.
Reputation
Impact a company’s reputation. Companies with this performance are seen as more responsible and trustworthy. This can lead to increased customer loyalty, employee engagement, and investor confidence.
Talent attraction and retention
Impact a company’s ability to attract and retain talent. Millennials and Gen Z are increasingly looking for companies that are committed to sustainability.
Key Components
ESG monitoring is the process of collecting and analyzing data on its factors. This data can be used to track progress, identify risks, and make informed decisions.
The key components include:
- Data collection: The first step is to collect data on its factors. This data can come from a variety of sources, including internal records, external reports, and surveys.
- Data analysis: Once data has been collected, it needs to be analyzed to identify trends and identify areas for improvement.
- Reporting: The results should be reported to stakeholders, including employees, customers, investors, and regulators.
Practical Guide to Starting ESG Management
Here are some practical steps that companies can take to start or improve their ESG management:
- Set clear goals
- Assess your current state
- Choose the right tools and technologies
- Get buy-in from stakeholders
- Measure your progress
- Take action through reducing
Satuplatform is Your Solution to Improve ESG Performance
Satuplatform is an all-in-one platform that provides comprehensive solutions for ESG management, carbon accounting, and sustainability reporting.
Satuplatform can help companies to:
- Automate ESG data collection and analysis
- Get real-time insights into ESG performance
- Communicate ESG results to stakeholders
- Build audit-grade sustainability report & disclosure using a ready-to-go template
Contact Satuplatform and get a FREE DEMO now! Create a sustainable, competitive, and responsible business with Satuplatform.
