ESG - fast becoming a key focus for businesses
So, what is it?
ESG, short for Environmental, Social and (Corporate) Governance, is a term being used to define an organisation’s focus on its environmental and social impact, rather than simply its financial bottom line.
Historically those matters that make up ESG were often considered largely aspirational, but that is no longer the case.
Whilst some see it as a fad or even a distraction, ultimately whatever the terminology and whatever your view of ESG, there is no getting away from the fact that Stakeholders (including customers, employees, and shareholders) are now more focused than ever on sustainable business practices.
With that in mind, ESG will only continue to grow in importance over the next few years and understanding what it is and how your business can adapt now may offer great opportunities.
Whilst the terminology of ESG is relatively new, many of factors that sit within the ambit of ESG are already matters that businesses and organisations would, or should, be dealing with.
TLB LAW & CO can help your business understand ESG in Australia and get you ahead of the curve with respect to your obligations, what ESG concerns your specific business may have, and how you may want to address those concerns. We can assist by advising you on what it means and if desired, working as your legal support as you position your business as a leader in the ESG landscape by providing:
- Advice on director and officer fiduciary duties and ethics, and governance structures
- Specific advice for implementing policies and procedures for ESG in Australia such as whistle-blower protections and reporting, diversity and inclusion, anti-bribery, and anti-corruption
- Advice regarding labour & employment laws, human rights, and modern slavery obligations
- Supply Chain risks and supplier relationships
- Consumer law advice
As more and more companies start to adopt ESG practices, the pressure on companies from stakeholders continues to grow. In turn this will have a flow on effect to smaller businesses. We have experience with large to medium sized businesses including reporting entities under the Modern Slavery Act, as well as smaller businesses who want trusted advice on these matters.
There is no ‘one-size fits-all’ approach to ESG, and our team is here to assist you to formulate and implement an ESG strategy tailored to your industry and stakeholder’s key concerns.
Now is the time to take the first step with one of our expert lawyers who understand the landscape surrounding ESG.
Contact us today for a no-obligation consult.
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