During the last couple of years, many large companies in America have prioritized environmental, social and governance initiatives, much as their counterparts in other regions of the globe have done. This has now come in handy, particularly in light of the announcement made by the U.S. Securities Exchange Commission (“SEC”) in March on climate-related disclosure regulations.
The announcement highlighted the need for companies, both big and small, to get their ducks in a row when it comes to anything climate. At the moment, scrutiny on environmental, social and governance (“ESG”) data is growing. Data collection is a taxing task, however, particularly without any governing framework in place.
To help with this, companies may benefit from putting together an ESG data-collection framework. This is largely supported by data collection, and with finite resources to go around, companies need to be strategic with how they’ll invest funds to improve data collection.
Below are good practices for companies that want to prioritize ESG initiatives.
Identify the individual in charge
Businesses may benefit from picking the team and/or individual who will be in charge of ESG data gathering and reporting. This is primarily because ESG data is obtained from various sources, so having one individual to collect and report accurate, consistent and auditable data would be ideal.
Invest in technology
Directing funds to technology purposely build to collect ESG data can increase the impact of your data-collection team while saving them a lot of time. Investors are advised to do their due diligence and allocate funds to platforms suitable to their business’ current stage of growth.
Enact a reporting framework
The industry already has a number of popular frameworks that businesses can use, including TCFD, GRI or SASB. Companies getting started can use these frameworks as a foundation.
Furnish teams with new skills
Businesses getting started with ESG may benefit from hiring practitioners with backgrounds in ESG reporting, environmental science or corporate social responsibility. They should also consider getting professionals with internal control or assurance backgrounds to help launch audit-ready processes.
These are just a few of the ways businesses can embrace ESG reporting, especially seeing as it isn’t going anywhere. Businesses that focused on bettering their ESG data governance will, in the short- and long-term, be better positioned in comparison to their peers.
Reporting high-quality ESG data will also allow progressive businesses to stay aligned with the expectations of their stakeholders while also gaining a competitive advantage over their counterparts.
It would also be helpful to benchmark with entities such as First tellurium Corp. (CSE: FTEL) (OTCQB: FSTTF), which are committed to incorporating ESG within their operations.
NOTE TO INVESTORS: The latest news and updates relating to First Tellurium Corp. (CSE: FTEL) (OTCQB: FSTTF) are available in the company’s newsroom at https://ibn.fm/FSTTF
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