70 ESG
Karen Morris Development Director and Deputy CEO
@lancsfoundation
CHARITABLE GIVING ACCELERATES YOUR ESG JOURNEY
Now, more than ever, investors, customers, employees and suppliers are looking to work with businesses who demonstrate strong ESG (Environmental, Social and Governance) credentials.
It’s no longer just about profit. The additional benefits of committing to the development of a robust ESG strategy are many, including improved customer loyalty, competitive advantage, and financial performance.
The Community Foundation for Lancashire is here to support you in meeting your social responsibility objectives, as part of the ‘S’ strand of your ESG journey.
Our team, who are experts in the field of charitable giving, can guide you in the development and delivery of your ESG strategy and objectives, particularly with regard to social and community impact, making it easier to manage and more achievable.
We connect our clients to charities and grass roots community groups who are seeking funding, offering a wealth of experience, knowledge, expertise and bespoke advice. Our aim is to ensure your charitable funding makes a real difference and helps those who need it most.
We work in partnership with you to direct your support, so that it reflects your business values and social and community strategy, providing the necessary evidence on progress and outputs through regular impact reporting.
Working with us, you will be helping to drive as much investment as possible into the voluntary and community sector of Lancashire, in order to enrich the lives of people and grow stronger communities.
We have a number of solutions to suit your social responsibility needs.
To find out more about how we can help contact Karen Morris,
Development Director and Deputy CEO at
karen.morris@
cflm.org.uk or call 07973 409858
Together we can make a difference
POSITIVE G-FORCES
Environmental, social, and governance (ESG) initiatives are becoming increasingly important to the daily operations of businesses of all types and sizes.
Carried out successfully they can enhance the reputation and image of a company, increase sales, aid in recruiting and retention and attract investors.
However, a study carried out earlier this year revealed that only 30 per cent of UK SMEs fully understand what ESG is. The main reason businesses had delayed starting ESG initiatives was that they lacked information on how to act, according to the report by software business Capterra.
Lancaster based TBL Services works with organisations to help them balance profits with environmental and social responsibility.
The company’s mantra is that it is no longer enough for businesses just to be profitable - they also need to contribute to society and help to protect the planet. It helps organisations work more sustainably using the United Nations’ ‘global goals’ as a guide and framework.
Managing director Colin Curtis says: “Those goals help keep things simple and focused. The company’s name TBL means the ‘Triple Bottom Line’: people, planet profit.
“Basically, we help businesses of all sizes develop their strategy. We measure an organisation’s carbon footprint and look at how it can work to get to net zero.
“We help them with their ESG compliance, which it has to be said also brings with it commercial advantages. It’s not just the legal requirements, there is increasing customer and investor pressure.
“And we also help businesses work with their suppliers on this. It is important to get the whole supply chain involved, that’s what creates real sustainability.”
Colin adds: “Most companies are doing good things, but they don’t know how to bring it all together. That’s where the strategy comes in. We’ll help build a strategy that people can be accountable for and that can be measured.”
TBL has a client base that stretches from Lancashire to Silicon Valley. Colin says: “If you get ESG right it will improve your business performance. It really is okay to mention profit and sustainability in the same sentence.”
One aspect of ESG that businesses can find particularly challenging is the ‘G’ – governance. Jane Parry, managing partner at accountants PM+M says: “Good governance is a critical component of ESG.
“Having strong ESG governance practices go hand in hand with strong business practices. Good governance can be achieved by implementing effective policies and procedures that promote transparency, accountability, and ethical behaviour.”
Jane advises that companies review their corporate governance framework and how it operates on a day-to-day basis. However, she
adds: “Good governance is not just about having the right policies and procedures in place to reduce risk, it’s also about the company’s culture and values which bring all the policies to life.
“In my experience, companies with a strong culture of ethics and integrity are more likely to have good governance practices in place and be more successful in the long term.”
She warns the pitfalls of getting governance wrong can be “significant”. Poor governance can lead to a lack of transparency, which can lead to reputational damage. It can also lead to regulatory problems, which can be costly and time- consuming as well as operational inefficiencies that impact on profitability and competitiveness.
Jane adds: “One example of poor governance in a company could be a lack of diversity and inclusion in its leadership and decision- making processes.
“If a company’s top leadership is made up of individuals who are all from similar backgrounds, have similar experiences, and share the same perspectives, there is a high likelihood that they will make decisions that are not reflective of the needs and interests of a diverse range of stakeholders, such as employees, customers, and suppliers.
“This lack of diversity and inclusion could lead to a range of negative consequences, such as lower employee morale, a decline in customer satisfaction, and ultimately, a decrease in the company’s financial performance.
“A lack of diversity and inclusion can also hinder the company’s ability to attract and retain top talent, as potential employees may view the company as unappealing or even hostile to individuals from underrepresented groups.”
Andrew Feeke, corporate finance partner
at accountants MHA Moore and Smalley, says: “ESG policies, and the way these are implemented, are becoming an increasingly important factor in how companies are viewed by customers and staff, as well as potential investors and investees.
“Governance, in particular, is growing in importance as it concerns several key factors which impact a business’s operations and long- term sustainability.
“This includes leadership structure, the diversity of the leadership team and ensuring key decisions are made in a transparent way which is clearly communicated.
“Other factors include cyber and data protection policies, employees’ understanding of company values, as well as measurable factors such as gender pay gap reporting and carbon auditing.”
He adds that investors and buyers are increasingly asking for this type of information as part of their wider due diligence enquiries, often with supporting evidence, which makes governance a key factor in a company’s marketability.
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