| Welcome to our new series of monthly looks at the big issues facing those of us in business working to “make sustainability happen”. If you missed our 2023 trends report, the fifth year running that we’ve got out our crystal balls and put our powers of foresight to the test, you can still find it here.
This time we’re taking a look at the tidal wave of interest in ratings and disclosures, with colleagues reviewing recent news and offering their insights and practical guidance. Eagle-eyed readers may notice one difference: since 2021 Corporate Citizenship has been part of SLR Consulting and now we are deepening the pool of expertise on offer to you, by bringing in perspectives from across the wider group, starting with our colleagues in Finch & Beak.
As my mother used to warn me – be careful what you wish for. Indeed so. After years bemoaning the plethora of voluntary standards and the disinterest of those who matter (regulators and investors), I have to confess to some anxiety about current moves towards standardisation and mandatory reporting. The risk is that we embed a lowest common denominator approach, which inevitably becomes about compliance and box-ticking. News that my former colleagues in the accountancy profession are being parachuted in to help, did little to allay those worries.
The key message from my current colleagues’ analysis here, is that all these numbers and data points must serve a purpose – yes, showing progress towards meaningful goals, but more besides. The real purpose of sustainability reporting should be strategic, that is – looking forward and putting those goals into context. As a bonus this time, they’ve added nine actual examples of companies doing that really well. See if you agree.
You can’t drive a vehicle by only looking in the rear-view mirror. Measures of past performance are necessary, but not sufficient. Let’s focus on looking forward and understanding the terrain on the journey ahead.
Mike Tuffrey | 