Some key learnings from the discussion were:
- Incorporating sustainability and ESG into purpose and strategy is not a separate exercise
For a purpose-driven organization, its purpose and strategy are fundamentally based on doing the right thing for society and various stakeholders. With this premise, embedding sustainability and ESG is not done in isolation; it is a core part of how an organization responds to challenges, risks, and opportunities affecting value creation in the context of the needs and expectations of stakeholders, and in line with planetary boundaries. Sustainability and ESG affect all organizations of all sizes and across all industries and sectors, including the public sector, and accountants serving as board directors are at the center of sustainability discussions.
- Aligning sustainability and ESG priorities throughout the organization can be a challenge
Boards are the stewards of long-term value and have an obligation to be bold in setting the strategy and embedding a culture that embraces sustainability and ESG and encourages innovation. But a key challenge for boards is ensuring a common understanding of, and alignment on, sustainability and ESG priorities throughout the organization. CFOs and finance functions have an important role to play in supporting the board by helping to break down organizational siloes and foster anintegrated mindsetto think, measure, manage and report in a more integrated manner.
