The interface and/or overlap of ESG criteria across the different functions in a business is increasingly becoming more defined and goal-oriented. The realisation that robust ESG management is critical to business sustainability has settled in, and ESG is now integral to business continuity. There are no two ways around the fact that ESG information is “material” from an economic perspective. It is a profound philosophical leap.
The outright shift from shareholder capitalism to stakeholder capitalism has been the primary reason for this paradigm shift. Long-term sustainability, business benefits arising out of value creation for the larger stakeholder groups instead of just shareholders and aligning business objectives with global sustainable development themes are some of the prominent trends we see today.
The ESG concept goes beyond stakeholder centricity as well. Corporate entities—whether large or small—are substantially ready to invest in the ESG ecosystem, which essentially helps in futureproofing business. The ESG concept is clearly facilitating in building a resilient strategy for long-term business sustenance. This intrinsic motivation eventually addresses stakeholders’ needs and, more importantly, the need of a company.
The regulatory environment is also a strong facilitator, and one can see its influence in the Indian market with the Business Responsibility and Sustainability Reporting (BRSR) structure introduced by the Securities and Exchange Board of India. Considering the sustainability and climate challenges across the world, the entire focus has not only been on doing business more responsibly but also on demonstrating it through its impact.
هذه القصة مأخوذة من طبعة July 2023 من Outlook Business.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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هذه القصة مأخوذة من طبعة July 2023 من Outlook Business.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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