Challenge
Although our client was aware of the many business benefits of implementing a robust Environmental Social Governance (ESG) initiative, they did not understand their current ESG performance, nor how best to improve any shortcomings.
Approach
We kicked-off the project with a meeting with the management board and project sponsor to understand their aspirations, their business and its impacts.
Key stakeholders were then identified and their needs and expectations acknowledged.
By considering the content and topics of the Global Reporting Initiative (GRI) as well as the Sustainable Accounting Standards Board (SASB) Materiality Matrix, we conducted a materiality assessment specific to the business.
We also cross-referenced the United Nations Sustainable Development Goals.
Solution
We undertook a materiality assessment to identify the priority areas for the company to focus on. Through a documentation review and interviews, we developed an understanding of the company current practices on the issues identified as material.
We were then able to develop an ESG strategy with associated objectives and targets to measure the success or otherwise of the implementation of the strategy.
The proposed strategy was presented to the board, and the benefits to the company highlighted to guarantee the essential buy-in.
Outcome
We conducted a materiality assessment, which helped the company understand and manage their business risk and opportunities and identify the areas to focus resources on.
We designed and developed a successful ESG strategy, which was supported by the Board and Senior Management. Their commitment and support paid dividends in the successful implementation of the initial steps.