…for boards and political office leaders
Whether an organization or economy is going to stay compliant, be it by its own internal policies, industry-specific regulations or other standards, it is unmistaken rule that its administration is a greater contributor. This may require the leadership of such an organization and other appointees having to champion and be responsible for all compliance issues. In many cases however, the company’s administration ought to equally employ serious commitment to environmental compliance and sustainability issues.
Indeed, the world we acknowledge is moving faster and the earth’s exploding global population has equally exasperated economic development, accompanied by wealth inequality, water and food insecurity, climate change, increased pollution, resource depletion and loss of biodiversity as human encroachment on natural ecosystems continues. These events have all led to unparalleled economic, social and environmental challenges with the COVID-19 pandemic as the latest deadly example.
Climate risks which are on the rise globally due to an increased propensity for drought, wildfires, flood events and landslides has seen governments all over the world increasingly prioritizing policy solutions that seek to support an economic transition through the mitigation by an impact driven policies that address climate change and its effects on the economy.
The underpinning desire by all governments in salvaging its economy, people and planet through sustainable efforts has become a critical and most significant desire lately. Notwithstanding, for most African economies, where there’s deficits in support systems, the need to adequately address issues of climate change implications, poverty, unemployment, diversity and inclusion among other threatening factors, present a major problem for the ecosystem’s development.
And looking at today’s world and the dynamics of business trends, all businesses buy into the notion that, there is one and only social responsibility of businesses and that is to use its resources and engage in activities designed to increase its profits and address the needs of a significant portion of the society in which it operates and what threatens the sustainability of the planet. Notably, a modern economy where businesses strive in growth and profits applies the most extraordinary mechanism for matching human needs and opportunities to the business prospects and fortunes. And if a business or an economy fails to deliver on this purpose to meet the needs of its broader stakeholders on a sustainable basis, then the very existence of the business or the economic system is seen to be at risk.
Understanding Economic Sustainability?
The concept, economic sustainability represents a broad set of decision-making principles and business practices aimed at achieving economic growth without engaging in the harmful environmental trade-offs that historically would accompany growth. Indeed, sustainable development principles create operational systems that consume natural resources slowly enough that future generations cannot use those resources. Here, to speak Economics of Sustainability may point to underscoring the primary concern for organizations to understand the economy and the environment as deeply interlinked complex system working together to impact both how the human economic part of this integrated system which might be transformed and how the sustainability fortunes of the organization would become if they are adhered to.
Besides, economic sustainability can take many forms depending on how an organization adapts, including devising less wasteful systems, prioritizing low-impact economic development such as investing time and money in sustainable businesses to create a waste-free world necessary for shifting concentrations of capital and momentum for the future economy and converting operations to run on energy produced by example solar or wind power rather than fossil fuels as a means of an organization prioritizing the future.
Economic Sustainability and the Impacts on Businesses
A sustainable economy is essential for various reasons, with justifications ranging from high-minded environmentalism to corporate interest. The worldwide reliance on unsustainable practices has a necessary end date since the planet’s natural resources are not infinite. Developing new processes and investing in different resources has essential for any commercial activity to continue for the long haul. The longevity of the global economy again is one significant impact of economic sustainability on businesses. By this, we see that there is the preservation of human life where Climate change caused by the overuse of fossil fuels has created a dire situation for Earth and humans’ ability to inhabit it. By trying to limit energy consumption and adjusting the approach to food production, humans have the opportunity to preserve the planet for posterity.
Secondly, the natural environment has long been a source of discovery and innovation. Therefore, the constant degradation of natural surroundings jeopardizes the opportunity to unearth new compounds and processes that could serve as the basis for new products or other economic benefits. This trend has become a core issue of investors’ and consumers’ behavior, leading to their decisions to consciously only do business with those companies whose practices align with their values.
The impact of climate change on Development
Direct climate-related risks to the private sector affect core business operations and this for instance in extreme weather conditions increasingly cause business interruptions and damage to physical assets. The obvious change in temperature impacts affect staff health, crop and livestock productivity etc. Water scarcity equally pose challenges for river transport, industrial cooling and hydro-electricity. The Sectors which are mainly affected include agriculture, infrastructure operators and tourism.
Meanwhile, indirect climate-related risks also occur through other market changes with sectors particularly affected including food retail, finance and insurance. The negative impacts seen here are that, supply chains get disrupted with, where challenges to agricultural production and increased competition for some resources become rampant. Under market demand conditions too, there is always a significant shift in change as customers respond to climate change conditions whether positively or negatively. These climate change risks affect the private sector participation in economic development and sustainability when it’s not addressed.
Essentially, the impact on and role of the private sector climate change poses not only a direct threat to individuals and communities, but also threatens the private sector itself as a key contributor to job creation, economic growth and poverty reduction. Therefore, climate change effects do not only impacts negatively but positively create markets for private enterprises. In agriculture for example, climate and drought would mean resilient seeds, and new irrigation technologies becoming more important consideration. Again, the change in climate conditions will demand investment in new technologies to deal with disaster risk management and resilient structures. Demand will increase for climate change information, adaptation and risk management consulting services.
Nevertheless, most companies within the private sector space are not experienced in quantifying how the ecosystems contribute to their businesses and often underestimate the consequences climate change has on the ecosystem and services they depend on. It is an issue that, policy and regulatory environment that firms operate in also can be a challenge and a barrier for economic development through private sector contribution. A lack of clear understanding of climate issues, policy direction from government for instance may lead many businesses wander which way forward in dealing with the risks associated with climate change and its impacts.
The obvious issue is that, uncertainty about climate change and impacts make it more difficult to secure financing by most private sector companies and this eventually curtails business efforts. This is especially so for SMEs, which already face limited access to credit. On another front, in dealing with issues of climate change with the underlying benefits for expanding existing markets and creating new markets for adaptation, relevant products and services, it is fundamental to tackle policy issues relevant in setting an enabling environment for sustainability of the private sector for development.
Towards Sustainable Development.
The notion of a sustainable economy development presents the most powerful and significant economic imperative that may lead any country out of crisis, establish plans and objectives and set them on to a path of progress and growth. The adoption of the Sustainable Development Goals by countries provide a universal framework for addressing some of the world’s most pressing social and environmental challenges. Essentially, the SDGs refer directly to economic growth, sustainable industrialization, innovation, sustainable production, financing, human development and planet protection. Hence, the SDG’s impact is an initiative focused on eliminating barriers and driving integrity for economic and or national investment.
Of course, sustainable growth and development thrive on good governance and effective leadership. Therefore, the collection of all methods through which individuals and institutions, both public and private ought to deploy to manage the shared concerns of the people ought to be driven on good governance.
The term sustainability is considered as meeting the needs of the present without compromising the ability of future generations to meet their own needs. Inherent to sustainability issues are the ideas that people should not degrade the environment for short-term profits or gains. It is obviously necessary to admit that for life to exist, there is the need to build a more sustainable world through ethical, responsible and accountable business to protect it. The noble effort to be environmentally and socially responsible calls for a sustainable leadership effort and the conscientious determination to impact the broader long-term goal of building a more sustainable world through specific processes, methods and frameworks to guide the conducts of businesses.
That notwithstanding, sustainable leadership and management pursuits must be seen as important and necessary to enhance the developmental and promotional agenda of a better global world. Having said that, sustainable leadership ought to define the principle of mindful actions and behaviors that embrace a global world-view to recognize the connection between the planet and humanity, thereby effecting positive environmental and social change through personal and organization choices. Sustainable leadership again must ensure both political and business leaders manage the economy and or companies with environment, society and long-term sustainable development goals in mind. In view of addressing people and process management under sustainability effort, leadership should focus much attention to pursue innovation, detail guides to prevent problems, promote speed and engage steps that promote understanding of sustainability visions, support structures and collaboration.
The approach to managing people and environment sustainably borders on the issues of citizens’ engagement, public communication and reporting. On the other hand, environmental leadership must drive all initiatives to encompass ethical leadership, process and systems alignment, systems thinking and effective supply chains. The summary concern for sustainable leadership is the growing evidence that sustainable practices must result in improved economic and financial performance and think long-term growth, economic prosperity, profitability, citizen’s loyalty and stewardship.
Subscribing to SDG’s and Good Governance:
Government’s tasks are regarded as more general, generic, economic and social concerns that political institutions and other players ought to manage. The notion of governance envisions an approach to resolving societal challenges.
As outlined in the United Nations Sustainable Development Goals, the potential for economic growth from the socio-economic dimensions call for sound economic policies, deepened good governance protocols and political commitments to see things happening. Obviously, the rapid advancement of some economies and their growing scale and complexity, new challenges for government and industry in promoting long-term sustainable growth, particularly for decent work, responsible production and consumption, reduced inequalities and digitalization are all causes for which sustainable development principles ought to be the guiding path for economic emancipation.
That said, there is no sustainable economic development without good governance. As observed, good governance is fundamentally critical to public administration and business management practices. It seeks to establish and maintain an environment that promotes robust and equitable growth of the business, economy as well as serving a necessary component of effective economic policy direction. Much more, Good governance principles define the commitment to democratic ideals, norms, practices, trustworthy services, honest business approaches and procedures to drive in institutional support, the political and socio-economic connections and efforts to bring about sustainable development and transformation.
Economic growth, the role of Good Governance
Good governance remains an important component of effective economic policy since it contributes to the maintenance of an environment that promotes robust and equitable growth. The concept describes the process of public administration that optimizes public interests. One of its key characteristics is a type of collaborative administration of public life conducted by both citizens and the state and a new connection between civil society and the political State.
Good governance can only be accomplished in a free and democratic political system since it is impossible to attain without them. Previous research studies have shown that individuals are happier with their lives in nations with higher levels of governance quality. Because good governance is an effective and constructive collaboration between citizens and the State, the foundation to its sustainability lies in authorities engaging in political reforms and effective administration.
The continual process of balancing competing or divergent interests and taking coordinated action, encompasses both official organizations and regimes with authority to compel compliance and informal agreements that individuals and institutions have agreed to or believe are in their best interests speaks to good governance. It is a process rather than a collection of rules or activity, the process of governance which is based on cooperation rather than control; and incorporates both the private and public sectors and is not a formal institution but ongoing interaction.
Meanwhile, there is always a movement or actors that drive the need for good governance becoming the cornerstone for economic emancipation. A reform movement seeks to modify or enhance specific elements of society progressively through advocacy for drastic or fundamental improvements and change. Good governance operates on the foundational principles of transparency, rule of law, legitimacy, accountability, effectiveness, and responsiveness without which greater growth of socio-economic development of a nation remains an illusion.
The ultimate goal of the SDGs is to enable individuals, organizations, communities and people to achieve their full potential. They do so by promoting sustainable development and improve the quality of life. The mediating roles of social reforms and ESG sustainability framework are considered crucial concepts and pathways towards a sustainable economy.
The goal of governance is to maximize the public interest through guiding, steering, and regulating actions of people through the use of various institutions and relationships. As it is defined, good governance expresses the commitment to democratic ideals, norms and practices, trustworthiness services, just and honest business and the procedures and institutions that drive political and socioeconomic connections.
By good governance principles, the capacity of government to provide policy and institutional enabling environments is imperative. Good governance leads to efficiency in the prioritization of government services to align with standardized requirements to meet the general good of the citizens. From good governance comes accountability which ensures that, citizens remain responsible for their actions and responsibilities. It seeks to promote and foster gender quality, expression of personal freedom, deprivation, offers instruments to alleviate poverty, fear and create a safe atmosphere for productivity devoid of violence as well as protecting the environment.
Evolution of ESG standards and compliance Framework
Governance standards concern practices and procedures adopted and implemented within a business to ensure it follows the laws and standards set out by its relevant stakeholders. These standards are measures by actions a business takes to ensure fair and transparent management, information disclosure, prevention of corruption, enabling diversity, and creating equal opportunity, transparent decision- making processes, cybersecurity, privacy, etc.
ESG is a formalized strategy that measures goals and processes for tracking, managing and reporting risk. An ESG program documents a company’s impact on the environment and on different stakeholders as well as its approach to governance and how it assesses potential business risks and opportunities in each of the three areas.
As public awareness of environmental and human rights issues has grown, ESG standards have gained popularity. They are now increasingly viewed as a necessary, and in some cases even mandated, way of conducting business and running an economy. Business success and economic prosperity are no longer considered in isolation from social and environmental sustainability rather, they are viewed as an interconnected aspect of the long- term success of companies and nations.
Social turmoil surrounding these, and many other similar historical events, had led to a re-evaluation of the role and responsibilities of businesses and ways economies had to be structured. This movement challenged the predominant perception at the time that companies must act in their self-interest of only generating monetary profit. It started promoting a different vision of the company’s value which can be seen through practices that positively impact its employees, the broader public and the environment
Against this backdrop, the evolution of standards for monitoring, influencing, and controlling business’s environmental and social impact is also seen as heavily intertwined with major historic man-made ecological disasters or social upheavals concerning labor rights. In the 1970s for instance, a worldwide uprising against the apartheid regime in South Africa led to one of the most prominent examples of selective disinvestment.
In fact, by considering ESG factors, investors can get a more holistic view of the companies they want to invest in. Consequently, ESG investing can successfully pave the way for businesses to transition into a sustainable future. ESG-conscious investors and consumers can motivate firms to adopt sustainable practices. They can also play a role in addressing social and environmental issues by investing in businesses and encourage innovation that can positively impact these problems. Again, ESG-conscious investors can even strongly advocate for legislative changes promoting sustainable practices such as transitioning to a low-carbon economy or improved labor standards.
Building a Social case for ESG Sustainability and Compliance:
The essence of identifying changes in stakeholder social well-being relative to the implementation of sustainability principles in any organization or economy embraces coherence, integration actualization, contribution and acceptance. The social impact guide for compliance include governance, human rights, knowledge management, product design and built environment, equity and ethics, philanthropy and responsibility.
It is well known fact that, ESG initiatives are an important area of growth for companies and economies that hold companies and nations responsible and accountable for their management of environmental, social and governance concerns. Notwithstanding the numerous challenges leadership confronts with regards to ESG readiness, to integrate ESG operations to align with economic structures, identifying the right standards and metrics for consistent measurement, culture and or business norms is certainly costly and uneasy.
Meanwhile, ESG compliance presents its own benefits in mitigating risk of litigations, long term value creation, attract talent, helping companies make better informed business decisions, better positioning to proactively manage risks, build trust with stakeholders and shareholders, provide increased visibility into planning, identification and management of operational risks. ESG certainly can help bolster the bottom line of organizations.
It’s also easier for companies with well-managed ESG strategies to adapt to changes in regulatory and legal requirements, as well as the effects of climate change, depletion of natural resources and other environmental issues. In addition, ESG initiatives can increase employee engagement, make it easier to hire and retain workers, reduce business risks and improve the standing of companies in the communities where they have operations
What are ESG and why they are imperative business standards?
ESG standards evaluate businesses’ sustainability and impact on environmental, social and governance issues far beyond their financial performance. Some of the standards are imposed by laws and regulations of the country where the business operates, and others result from stakeholders’ expectations and investors’ pressure due to growing concerns regarding human rights and environmental issues. But first, we need to break down and explain what it stands for.
Environmental standards concern businesses’ impact on the environment through their consumption of energy and raw materials, i.e., the resources they need to operate. These standards cover many factors, including how businesses contribute to climate change, pollution, waste, natural resource depletion, etc. For instance, business strategies to reduce negative environmental impact can involve goals of reducing greenhouse gas emissions, investing in renewable energy, and promoting the use of sustainable resources. On the other hand, every business needs energy and resources and is affected by the environment’s state, including floods, droughts, and biodiversity devastation.
Social standards concern the impact businesses make on society. Every company operates within a broader, diverse community, so its operations and social issues are deeply intertwined. These factors are related to labor and human rights, inclusion, equality, and community development.
The ESG framework impacts on Corporate Sustainability
Most studies have been aimed at ESG investing with financial motives, ESG materially can affect financial performance in myriad ways. Better management of environmental and social factors can generate new opportunities, minimize ESG risk and decrease costs. The real case scenario is that, the growth in sustainable investing has made the appeal of ethical funds to shareholder groups with different priorities, having significant or less direct impact on corporate finances.
To make a justification for this assertion, consumers who want to make sustainable choices now decide to purchase goods and services from companies they believe are environmentally and socially responsible and are making an immediate contribution at the bottom line. In the value chain for instance, good governance could mean stronger relationship with suppliers, leading to reliable goods provision, increased efficiency and attractive credit terms. Digging deeper, environmental policies could protect natural resources, safeguarding raw materials feeding into the supply chain. On the hindsight, relocating production facilities is considered a strategy that could reduce both pollution and transport costs with guaranteed resource supply cutting exposure to volatility in those markets.
ESG, a performance impact strategy for human capital development
ESG performance as a driver of employee satisfaction is an important piece of what makes a company a great place to work. Research has proven that, employers that have high employee satisfaction are attractive employment destination. This is making ESG performance a competitive advantage for engaging and attracting employees.
Hence, staffing is another area where ESG can have a financial impact. Fair pay, employee perks, receptive management and clear corporate purpose would all ensure a satisfied workforce. This means greater productivity and the attraction and retention of talent, reducing the costs associated with staff turnover.
In consequence, while the spotlight has been on environmental issues so far, the “S” in ESG, has great impact on people and employment. The concern for homeworking, mental health and employee engagement have landed all HR’s agenda squarely on the list of boardroom priorities and provide an opportunity for HR leaders to take the lead in recovering the efforts. How companies do this in a way that embarks resilience for long term performance will be part of what investors look at when making their assessments under the ESG lens. To transform and build effective HR policy decision for a sustainable future means that, it aligns its policy framework for the purpose of a more successful people and happier lives.
The need for ESG compliance
(i) ESG framework ensures Firm Performance:
ESG is the integration of firm performance regarding its economic, environmental, social and corporate governance performance. With this, individuals and institutional investors pursue attractive financial returns that associate with a positive impact on communities and the environment. It is argued that investment in ESG is insurance for reputational risks. Therefore, an ESG rating reduces the residual risk of the firm through its non-accounting parameters.
Several studies have also provided evidence to the correlative impact ESG has on a firm’s performance. One such viewpoint is the Stakeholder theory which suggests that CSR and ESG activities can improve the relationship between firms and their stakeholder. The resource-based view also assumes that a firm’s resources are invaluable, unique, imitable and non-substitutable. Such resources allow them to conduct CSR activities to develop their brand image and public reputation thereby boosting their appeal to employees, enhance customer trust and subsequently strengthen their competitive advantage and improve the firm’s financial performance.
(ii)The ESG is a Risk Mitigation concept
ESG is now part of investment requirements and it describes the performance of investment and fund portfolios relatively to using environment, social and governance as critical benchmarks. ESG analysis is said to provide insight into the long-term prospects of companies even as the quality of portfolios are measured against ESG factors and are reported to shareholders. Again, investors often find new market opportunities with companies that place the management of ESG factors at the core of its business.
(iii) ESG impacts Sustainable Economic Growth:
ESG investing is part of the growing awareness of sustainable development. Recently, investors, lenders and other stakeholders around the world have increasingly incorporated environmental, social and governance factors into their business decisions. To integrate ESG aspects into decisions, stakeholders must be able to accurately capture ESG-related information disclosed by companies.
It is the consideration of extra-financial information to enable better decisions that, if done properly, should lead to sustainable economic growth. From an investment perspective, incorporating ESG analysis alongside traditional financial factors adds to holistic understanding of risk, opportunities and long-term value outcomes.
As a result, for most business leaders, ESG has become a top priority. This is not because of a deep-rooted ethical or moral stance as some critics of ESG like to claim, although this should always be an important consideration. Rather, it is because ESG risks are now one of the largest threats facing businesses and they could have a significant impact on their long-term performance and profitability, including their ability to raise new capital and impact growth of economy.
Across the same tangent, an increase of firms’ ESG performance is associated with a positive, statistically significant effect on living standards in a country. As research has proven, a firms’ average social performance has a statistically significant positive effect on growth in GDP per capita in both developed and emerging economies. This however drives home the assertion that, the rapid acceleration of the sustainable-transition journey to embrace ESG framework points to economic emancipation and transformation because there is every indication that traces ESG disclosure as a way forward market-oriented policy and regulatory instrument of change for the economic good.
As already put forward, the more ESG initiatives take advantage of what the country has to offer, the more efficient and effective its socio-economic fortunes will be. Commitment to the ideals of ESG leads to economic development and its relative impacts on increases in individual resources, reduction in dependency on families and a means to cultivate individual uniqueness and responsibility. To that effect, ESG compliance remains a strategic economic tool, imperatively significant to spur socio-economic development and transformation of the country.
Just as ESG is an inextricable part of how one does business, its individual elements are themselves intertwined. For example, social criteria overlaps with environmental criteria and governance when companies seek to comply with environmental laws and broader concerns about sustainability. Indeed, excelling in governance calls for mastering not just the letter of laws but also their spirit such as getting in front of violations before they occur, or ensuring transparency and dialogue with regulators instead of formalistically submitting a report and letting the results speak for themselves.
Furthermore, customers, employees, and other stakeholders expect businesses to contribute to the overall effort due to growing awareness of sustainability importance. For instance, recent research shows that consumers are shifting their spending toward products with ESG-related labels and are even likely to spend more for such products. An increasing number of people, especially newer generations, are likely to base their decisions on whether they will invest, work for, or buy services or products from a business based on its practices and values. The importance of ESG standards will likely continue to grow, and those businesses that fall behind will stay behind.
Pushing for ESG Sustainability Leadership among Ghana’s Political and Business Leaders:
To speak leadership and corporate sustainability is to talk about building strategy, structure, systems, programs and actions. Sustainability must fully be integrated into all aspects of corporate strategy such that, companies cannot have a separate sustainability strategy and expect to be truly impactful.
To better understand the role of leadership in sustainable issues, is to essentially engage political leaders, board level-talent, the recruitment of practices that leverage the deep expertise in sustainable leadership and corporate governance practices. Evidence emerged from research suggests that sustainability issues are a matter for board of directors concern and that those that have been successful, intimate clearly the steps or roadmap toward progress, touching on issues as wide ranging as board culture, risk management and corporate purpose.
While the corporate strategy is developed by the executive team, our political leaders need to be engaged and aligned throughout the entire process and ensure that sustainability is always at the front and center of the issues. There must be a holistic approach to capture both the potential benefits of being more sustainable as well as the risk. From risk management perspectives, the cost of non-conformance with sustainability standards and leadership awareness is just going to be less with education and strict enforcement.
Upholding governance practices
In context, our Ghanaian companies must operate to the highest ethical standards by conducting business activities in accordance with code of business conduct and ethics. This must ensure the maintenance of strong stakeholder relationships through transparency and active engagement.
Mitigate the impact of operations on the environment
Secondly, it is advisable for political leaders to strive to minimize the environmental impact of operations and improve the efficient use of resources over time through concerted efforts, guided by policy frameworks that significantly have positive impact on the environment, its citizenry and stakeholders.
Be good corporate Leaders
Acting good citizens and leaders would ensure the interest, safety and well-being of the nation because its political leaders seek to integrate into national decisions policies to address environmental concerns.
Manage misaligned compliance and economic Goals
Every organization operates with certain operational or business culture. This may be how the organization speaks to the world, how it is identified with branding and so on. These attributes inevitably speak to the grand scheme of things when defining such organizations goals. Therefore, formulating any compliance rule must seek to consider these parameters as essential keys for the organizations success. Moreover, a conducive and supportive compliance framework aligned with the organizational goals bringing harmony and avoiding the herculean task of the organization remaining non-compliant.
Deal with Lack of Compliance Culture
Compliance failure is also a product of an incorrect understanding of the compliance program’s function by many organizations. If a company views its compliance program as just another mechanic or obligation among the many legal requirements in place, a gap is created. This disconnect affects education and compliance training all through the institution thereby increasing its risk exposure. For this reason, it is important to instill compliance culture for without it, employees are not regularly trained or taught how to navigate real-life situations while operating within regulation.
ESG and the future of Business and Country:
The consideration of shifting attitudes towards social responsibility both from consumers and businesses as well as the rise of ESG investing in general, have clearly necessitated why this framework is gaining traction. In fact, investors claim that, sound investing are as a results of the integration of ESG factors into the business and that, driving sustainable and socially responsible investing business, ethics and corporate governance are now moving to the forefront as metrics to identify how well a company is performing. With this initiative backed by the increasingly demand of investors to see that environmental issues being factored into the financial portfolios, aiming at responding to the differentiating services of the environment, social and governance as criteria for screening workflow define the future of businesses and country.
The need for ESG Training and Development
How business leaders integrate ESG within their business strategy is essential as mentioned earlier but there is knowledge gap to fix this. Therefore, advocating ESG training will provide knowledge as to how to correctly identify and prioritize ESG issues that are material to the organization and the country political leaders. The training will provide the platform to understand how to manage ESG risk through oversight and management, governance and organizational structure.
Typically, ESG training is vital to understand and
- Gain insight into what is meant by ESG integration and how it is implemented through a review of the history of the movement and interactive discussions of examples of its application across a range of sectors.
- Explore changing patterns in corporate and stakeholder activism, gaining an understanding of the business case for social responsibility.
- Unpack the links between social and political strategy and identify the key factors that help board members and shareholders actively monitor ESG risks and position firms to seize ESG opportunities.
- Understand why business leaders should care about climate change by learning about what is needed to make a smooth transition to a net-zero economy, with corresponding risks and opportunities for businesses.
- Acquire a powerful conceptual foundation for how ESG factors influence business and economic value
- Increase capacity to engage in and lead ESG conversations and analyses
- Extend understanding of ESG to prepare for the next wave of risks and opportunities for our businesses both small and big
- Build the skills to examine ESG factors from both internal and external stakeholder perspectives
- Evaluate corporate authenticity when building policy to separate green from greenwash
In conclusion however, it is said that when leadership or key members only talk and take no ownership of the compliance programs, they essentially create a culture that normalizes regulation’s undervaluing. Indeed, senior management and political leader’s failure responsibility to build and nurture a culture of ESG compliance is one of the most common reasons for environmental abuse and failure.
Discovery….Thinking solutions, shaping visions.
Frank is the CEO and Strategic Partner of AQUABEV Investment and Discovery Consulting Group. He is an Executive Director and the Lead Coach in Leadership Development and best Business Management practices for Discovery Leadership Masterclass.
Rev. Koomson, Esq. is an ordained Minister, a legal Practitioner, a HoD at Pentecost University and a Director, Ghana Chamber of ESG and Sustainability Leadership
