Nearly three in five executives have taken steps towards ESG disclosures by setting up an ESG working group of professionals, a new survey from Deloitte found.
The number shot up from 21% to 57% in just one year, said the report. 81 percent of executives recently noted that new roles and responsibilities have also been created to assist with potential ESG disclosure requirements.
Rather than waiting to react to future disclosure requirements, many companies are proactively implementing changes to help accelerate readiness. This includes creating new roles and responsibilities, according to the report.
According to the survey, executives are expecting more talent attraction and retention by investing in ESG plans. They are also expecting increased efficiencies and ROI and improved stakeholder trust.
The survey found that executives believe stakeholders may question commitment to ESG without reports or data.
It also found that business leaders are feeling employee pressure to act on sustainability. In fact, 52 percent of surveyed executives anticipate talent retention to be a leading benefit of enhanced ESG reporting.
Improve business potential
Proactive ESG disclosure readiness is essential to increasing the potential for successful business outcomes.
Companies that invest in ESG disclosure can expect increase employee retention, better revenue and effective compliance.
How can companies achieve this?
At ClearVUE.Business, we have created several strategies for businesses looking to incorporate environmental responsibility within their growth plans.