Navigating ESG: Strengthening Governance for Long-Term Success

October 11, 2023 01:00 AM AEDT | By 3BL

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Navigating ESG: Strengthening Governance for Long-Term Success — Image source: Kalkine Media

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Originally published on CFO

CFOs play an essential role as companies gear up to comply with the growing demand for disclosure of climate-related data and other environmental, social, and corporate governance (ESG) metrics. Although formal SEC climate disclosure guidance is most applicable to public companies, the impact will be felt far and wide among private and mid-sized companies, and the time to prepare is now.

Middle-market companies are likely already feeling pressure from stakeholders, with consumers, vendors, employees, and boards pushing for visibility into ESG-related initiatives. At this point, it’s not uncommon for middle-market companies to receive requests from vendors to report specific ESG metrics. Those requests will only increase as vendors and companies upstream initiate or develop their ESG strategies and look to their supply chains to influence and improve the metrics for which they have stated goals and targets. CFOs will be responsible for integrating sustainability practices into their companies’ policies, procedures, financial reporting, and decision-making processes.

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