ESG is driving the business – Insights from Boardman’s ESG Guide for Boards and Management

ESG is driving the business – Insights from Boardman’s ESG Guide for Boards and Management

In recent years, the concept of Environmental, Social, and Governance (ESG) factors has gained significant traction across industries worldwide. With sustainability becoming a critical concern and regulatory pressures mounting, it is essential for boards of directors and management teams to understand and navigate the complex landscape of ESG.

Boardman, in collaboration with Futurice and PwC, launched an ESG (Environmental, Social, and Governance) Guide for Boards and Management.

Authors of the guide: Aija Bärlund, Sebi Tauciuc, Karin Juslin, Riku Valtasola, and Tiina Puukkoniemi.

The guide is designed to assist directors and management teams of listed, large, and mid-sized companies in understanding the significance of sustainability as a strategic imperative.

Read the ESG Guide for Board and Management here!

Starting on 1.1.2024, a new Corporate Sustainability Reporting Directive (CSRD) will be applied to all large companies in the EU. CSRD introduces mandatory sustainability reporting requirements and expands the scope of reporting requirements.

CSRD is an updated version of Non-Financial Reporting Directive (NFRD). NFRD will be overruled, when CSRD is implemented.

With regulations and reporting requirements on sustainability and ESG indicators increasing, the guide aims to provide valuable insights and help companies navigate in the evolving landscape.

The launch event for the ESG Guide for Boards and Management was held at Futurice’s office on May 30th.

The event, organized in a hybrid format, attracted nearly 200 participants eager to learn and engage in discussions surrounding this crucial topic. The event was moderated by the Chair of Boardman’s Sustainability Forum, Aija Bärlund.

During the event Sebi Tauciuc presented the main subjects covered in the guide.

It served as an opportunity for sustainability experts serving boards of directors and management teams to come together and share their perspectives on the most critical ESG topics that boards should be aware of.

One of the key messages emphasized during the event was the undeniable impact of sustainability on businesses. Karin Juslin, Director of ESG Reporting and Assurance at PwC, highlighted the inevitability of sustainability driving businesses and stressed the need for organizations to proactively address this issue. She stated, “Sustainability is already driving the business, whether we want it or not. It is only a matter of time before it becomes the driving force. We should take a proactive approach and embrace it.”

The ESG Guide for Boards and Management aims to provide companies with an initial understanding of sustainability and assist them in meeting the growing regulatory requirements.

By providing insights into the latest developments in sustainability and ESG, the guide equips board members and management teams with the necessary knowledge to navigate this ever-evolving landscape successfully.

During the event, the authors of the guide, Karin Juslin and Sebi Tauciuc, presented the main subjects covered in the guide.

Karin Juslin emphasized the high expectations placed on organizations to act responsibly and make a positive contribution to society. She highlighted the increased demands from investors, customers, employers, and legal entities, urging companies to recognize the risks and opportunities that sustainability presents.

The event included a discussion between Riku Valtasola, Managing Director of Futurice Finland, and Dr. Carlos Härtel, a Strategy Advisor and former CEO of General Electric Germany.

To provide a comprehensive understanding of the practical implementation of CSR (Corporate Social Responsibility), the event included a discussion between Riku Valtasola, Managing Director of Futurice Finland, and Dr. Carlos Härtel, a Strategy Advisor and former CEO of General Electric Germany. Their dialogue shed light on different perspectives and experiences of ESG at the board level.

Additionally, Tiina Puukkoniemi, Partner and ESG Reporting & Assurance Services Leader at PwC Finland, conducted an interview with Päivi Koivisto, VP of Sustainability at Cargotec, showcasing concrete examples of successful CSR implementation.

Koivisto said that the double materiality assessment is a good way to start handling the Corporate Sustainability Reporting Directive (CSRD). Double materiality means that a company reports how its business activities affect to society and environment, and how sustainability issues affect to its business.

Tiina Puukkoniemi, Partner and ESG Reporting & Assurance Services Leader at PwC Finland, conducted an interview with Päivi Koivisto, VP of Sustainability at Cargotec, showcasing concrete examples of successful CSR implementation.

The launching event of the ESG Guide for Boards and Management served as a platform for meaningful discussions, knowledge sharing, and inspiration for organizations seeking to enhance their sustainability practices.

By disseminating the guide’s valuable insights and real-life examples, Boardman aims to contribute to the broader adoption of sustainable and responsible business practices across various industries.

To access the ESG Guide for Boards and Management and gain valuable insights into sustainability and ESG, interested parties can download the guide from the provided link.

Read the ESG Guide for Board and Management here!

By equipping boards and management teams with the necessary knowledge, this guide can help organizations thrive in an increasingly sustainable and socially responsible business environment.

Sustainability is a mooving target. Sustainability forum will work on various aspecs and topics of it and update the ESG Guide frequently when changes come up.