Tuesday 28 March 2023
If you follow us on LinkedIn, or joined us on our recent webinar, 5 Steps to Building your ESG Management Strategy, you’ll know about our partnership with finance transformation specialists VantagePoint.
As part of this new partnership we’re collaborating to offer ESG Labs, a new bespoke service for business leaders seeking assistance as they introduce robust and compliant ESG strategy to their organisations.
In this blog post, ESG Labs co-designer and facilitator, Kate Daniels, explains what ESG Labs is about and how it can help you get ready for upcoming ESG requirements.
Company leaders are partial to the occasional offsite. Especially in smaller companies with a cogent team, there arises the need to get away from time to time. To reconnect, to engage in some team building, to get everyone’s heads out of the day-to-day minutiae in order to focus on the big picture, the strategic orientation of the company or to direct collective attention toward a new risk or opportunity.
As the world becomes more conscious of the impact of businesses on the environment and society, companies are recognizing the importance of Environmental, Social, and Governance (ESG) considerations to company reputation, ability to attract talent, ability to raise capital, and in securing a social license to operate. ESG Labs, a one-day deep dive experience, can provide a valuable opportunity for companies to understand and improve their ESG practices.
ESG Labs serves as an effective tool for companies to evaluate their ESG performance, identify areas for improvement, and develop strategies to address them. Here are some key areas where ESG Labs can add value:
- A comprehensive overview of ESG considerations: ESG Labs provide companies with a comprehensive overview of the different ESG considerations and how they are interconnected. This includes the environmental impact of operations, social impact on employees, communities and customers, and governance structures and policies. This knowledge can help companies develop a more holistic and grounded approach to ESG.
- Identification of ESG risks and opportunities: ESG Labs help companies identify ESG risks and opportunities that they may not have been aware of before. For example, they may discover that their supply chain is responsible for a significant amount of carbon emissions or that their governance policies are not in line with industry standards. This information can be used to develop strategies to mitigate risks and seize opportunities.
- Engage stakeholders: ESG Labs provide an opportunity for companies to engage with stakeholders, including employees, customers, and investors. By involving stakeholders in the planning process, companies can gain valuable insights and feedback on their ESG practices, as well as build trust and transparency with these groups.
- Develop an ESG roadmap: ESG Labs can help companies develop a clear roadmap for improving their ESG practices. This includes setting targets, identifying metrics for measuring progress, naming the strategy, and developing strong tactics for achieving targets and advancing the strategy. Having a roadmap in place can help companies stay focused and accountable for their ESG efforts.
- Improved reputation: Companies are being held to increasing standards of conduct in their ecosystems and in the broader community. Strong ESG performance builds and protects a company’s reputation and enhances attractiveness to customers and employees.
- Access to capital: Companies with strong ESG practices are far more attractive to investors who prioritize sustainability and social responsibility and who understand the link between strong stewardship and market-beating commercial success. By improving their ESG practices, companies can improve their access to capital, reduce their cost of capital, and support their competitiveness in the market.
ESG Labs can provide a valuable opportunity for companies to evaluate and improve their ESG practices. I have seen firsthand the positive impact that ESG Labs can have on companies, both in terms of their bottom line and their contribution to a more sustainable and responsible future.
So for your next company offsite or leadership retreat, rather than a golf game, a hunting excursion, or an awkward series of psychometrics, you may wish to consider a well-designed, day-long experience for your company leaders that will ultimately serve to not only crystalize your ESG roadmap, but will also direct collective attention toward the articulation and analysis of your material risk, value creation opportunities and role as an ethical corporate actor.
- Contact us at [email protected] for any of your ESG requirements whether it be ESG Labs or ESG training.
- Follow IASeminars on LinkedIn to stay updated with all of our latest ESG and other training news, and follow VantagePoint for insights on ESG from a process, people and systems perspective.
- Check us out - view our series of ESG webinars to see for yourself how we can help you on your way to meaningful ESG compliance.