• #183 How can ISO Standards help with ESG Compliance?

  • Jul 17 2024
  • Duración: 19 m
  • Podcast

#183 How can ISO Standards help with ESG Compliance? Por arte de portada

#183 How can ISO Standards help with ESG Compliance?

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  • ESG compliance has fast become a focus for many organisations looking to address their wider sustainability profile. However, its broad framework has left many scratching their heads on exactly where to start with evaluating and addressing various elements of Environmental, Social, and Governance compliance. For those looking for some direction, you may already have a solid foundation in place if you’re certified to one or many ISO Standards. Today Steph Churchman will explain what ESG is, how it can be scored and what role ISO Standards can play in ESG compliance. You’ll learn · What is ESG? · What scoring systems are available for ESG? · How can ISO Standards support ESG compliance? · What ISO Standards can support each pillar of ESG? Resources · Isologyhub In this episode, we talk about: [00:30] Join the isologyhub – To get access to a suite of ISO related tools, training and templates. Simply head on over to isologyhub.com to either sign-up or book a demo. [02:05] Episode summary: Steph will be breaking down what ESG compliance means, how ISO Standards can support ESG compliance and give some examples of what ISO Standards can support each pillar of ESG. [02:50] What is ESG? – ESG stands for Environmental, Social, and Governance. Analysis and evaluation against these three elements help organisations to consider different areas within their overall sustainability profile. The Environmental section looks at issues surrounding climate change and actions to address an organisation’s environmental responsibility. This includes monitoring and management of your energy consumption, waste management and pollution. It also seeks to tackle how organisations can address, reduce and mitigate their overall environmental impact. The Social aspect is based around the relationships an organisation has with its stakeholders. This is focused on employees and looks at a broad range of topics including employee wellbeing, fair and competitive pay, benefits and human resource related policies. Considerations can also include wider business relationships such as supplier relations, local community and government work. Governance criteria focuses on creating a business environment that is fair, transparent, and accountable. Considerations in this area include board composition, fairness in pay structures and executive compensation, business ethics and risk management. [04:15] An evolution of CSR – CSR (Corporate Social Responsibility) is very similar to ESG, but is less sustainability focused. It also lacked substance in the form of effective and accountable scoring systems that held businesses to account. This is where ESG differs, with many scoring systems, certifications and even mandatory requirements driving businesses to address their compliance. [04:45] ESG scoring – There are many schemes, scoring systems and certifications available for ESG, some of which are specific to industry sectors and company sizes. What one you pick will be up to you (note that some many be mandatory in select countries), however, here are a few examples: The S&P Global ESG Score – This assesses a company's performance and management of ESG risks and opportunities using a combination of company disclosures, media analysis, and industry-specific questionnaires. A score of 0-100 is given based on their findings and are relative within a company’s industry sector. Fitch Ratings ESG Relevance Scores - Fitch Ratings assigns ESG Relevance Scores alongside their traditional credit ratings. These scores assess how ESG factors could impact a company's creditworthiness. Their scores range from 1-5, with 5 indicating the highest ESG relevance to credit risk. MSCI – They offer ESG ratings for a broad range of companies, it’s not really limited by sector or size. They use a letter grade system, going from AAA-CCC, to assess a company's relative ESG risks and opportunities compared to its peers. The scoring for this one assigns companies as either an ESG leader, average or laggard within their industry. [06:10] How can ISO Standards support ESG Compliance – It's important to clarify that there's no single ISO standard that guarantees ESG compliance because ESG is a broad framework. However, ISO standards provide a strong foundation for implementing many aspects of an ESG strategy. [06:35] Supporting ESG – Structure and Framework: ISO standards offer a structured approach to managing environmental, social, and governance practices. This helps companies identify key areas for improvement and develop a systematic plan to address them. [07:10] Supporting ESG – Improved Performance: By following ISO standards, companies can demonstrably improve their environmental performance, social responsibility, and governance structures by putting in frameworks that align with best practice standards [07:30] Supporting ESG – ...
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