A recently conducted survey has determined that more companies are integrating environmental, social and governance (“ESG”) into their risk management, corporate planning and governance strategies. The survey, carried out by Deloitte earlier this year, focused on 300 senior business leaders at companies that generate no less than $500 million in revenue.
The leaders surveyed represented various industries, including oil and gas; financial services; technology, media, and telecommunications; life sciences and health care; and consumer products. The survey’s findings show an increase in the appointment of general counsel teams and chief sustainability officers responsible for sustainability reporting in companies, up 41% and 13% respectively from 2022 data. It also found that 49% of those who responded were carrying out sustainability oversight by including ESG in their disclosure committee reviews. Another 48% were accelerating and adjusting their ESG reporting timelines.
In addition, 50% of the respondents also revealed that they were using new resources to improve measurement and reporting of greenhouse gas emissions. The accounting firm also found that 98% of all respondents had seen their companies make measurable progress toward their sustainability goals set in 2023. Of this number, 60% reported that they had made moderate progress while another 25% admitted to making considerable progress. Another 14% reported that they’d made minimal progress toward their sustainability goals.
Almost all respondents revealed that they were getting ready for increased disclosure requirements. This comes after the Securities and Exchange Commission (“SEC”) approved its climate risk disclosure rule in March.
While the rule hasn’t yet been implemented due to legal issues, it is just one of the many climate rules American companies may possibly need to comply with in the near future. This includes frameworks such as the Corporate Sustainability Reporting Directive, introduced by the European Union, and disclosure requirements proposed by Senate Bills 253 and 261 and introduced by the state of California.
From the survey, Deloitte observed that while the respondents demonstrated overall growth in sustainable strategies to supporting their reporting capabilities for emissions, the findings also signaled a dip in commitment made by executives to invest in new tools or technology to allow for higher-quality and more timely disclosures.
Thus far into the year, only 74% of respondents admitted that they would invest in technology. This is quite a drop from the 99% recorded in 2022. In their report, the accounting firm argued that this drop could be attributed to some companies having already invested in technology and reporting mechanisms over the last couple of years.
With many more companies such as Aston Bay Holdings Ltd. (TSX.V: BAY) (OTCQB: ATBHF) exploring additional ways to incorporate ESG in their operations, the statistics on this metric of ESG jobs and reporting are bound to keep going up over the coming years.
NOTE TO INVESTORS: The latest news and updates relating to Aston Bay Holdings Ltd. (TSX.V: BAY) (OTCQB: ATBHF) are available in the company’s newsroom at https://ibn.fm/ATBHF
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