It’s not just Her Majesty that is growing impatient with progress on climate change, as one of the current ‘hot topics’ on agendas, it’s becoming ever more apparent that ESG is here to stay.
Regulation is having a global impact however with over 48 different standards it is understandably difficult to create consistency and confidence within ESG programmes. With the need to create a local uniform approach it is evident that adhering to the Task Force on Climate Related Financial Disclosures (‘TCFD’) will allow for a future proofed, best practice approach.
The TCFD paves the way for capturing risk but also carefully considers articulating targets and metrics, prior to which companies must first understand their ESG values and practices. A lot of information is reported so far after the event that we tend to look back and ‘react’ rather than being proactive and forecasting.
ESG regulation currently indicates that it is not ‘what’ you’re doing but how you’re communicating and reporting on it that matters. We fully hope and envisage that there will be a gradual shift toward the right balance of ‘what’ you’re doing and ‘how’ you’re reporting on it to align regulation with international standards, highlighting the core value of the importance on ESG.
It is important that ESG continues to move in the positive direction it already is and doesn’t stay stagnant as a ‘box ticking’ exercise. The ‘what’ creates huge benefits for more than just the climate, reputation comes hand in hand with ESG and is hard to value but ultimately reputation is your biggest stakeholder.
At Aspida we haven’t hesitated and have implemented many ESG positive schemes including an office E-bike, a sustainability starter pack for staff, a CSR schedule and a Green Appraisal Scheme which encourages ESG awareness and motivation from all associates including suppliers, colleagues, partners, clients and staff. The scheme captures all areas of the UN 17 SDGs but envelopes our local environment at heart.
We offer a Climate Risk Assessment (CRA) for Guernsey companies, to assist directors to commence their ESG journey and more pressingly to assist them in complying with the new GFSC Guernsey Finance Sector Code of Corporate Governance requirement, which asks boards of companies to consider the impact of climate change on their strategy and risk profile and, where they judge it appropriate, make climate change related disclosures.
For more information on how our experts can assist you with your CRA, please get in touch with us at email@example.com
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