Every company has been disrupted by covid-19 and its economic upheaval. Add climate change, and the racial/gender justice movements, and you have the ESG era, for environment, social and governance. How are companies adapting, and trying to thrive? Here are 6 ways from Deloitte's Kristen Sullivan.
: At the board level as well as the management level, the rules of engagement have changed forever, she said. “It’s just put very central on the board’s agenda, on the agenda of senior leadership, a recognition that, in order to earn a license to operate and really that license to grow into the future, that there needs to be a much more intentional, systematic, well-governed approach to understanding… on the environment and the society around the company.
A good summary of Sullivan’s take on the post-covid, ESG-focused economy is in how she described its impact on management decision-making overall: “Truly to be effective, it needs to be embedded into the infrastructure, into the management systems,” suggesting that leaders answer the question, “How do you really intentionally focus on ESG to inform strategic choices?”
This includes what she called assessing the “transition risk,” or the risks incurred by transitioning its business, regardless of industry, to thrive in a clean energy, climate-resilient economy, and also to seize opportunities in that transition. “I do think that there is just a clarity now that to really not just manage the downside risk….This is all about the future and driving value and I think that’s tremendously inspiring.”
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