To create a comprehensive ESG strategy, you must have external and internal stakeholders. Employees, community members, investors and regulators are all stakeholders. If your company is trying to reduce carbon footprints, boost the efficiency of its manufacturing processes or build the skills and capabilities of its workforce, there are opportunities to generate value through your ESG initiatives. A well-planned ESG strategy shows customers that your business is operated with integrity.

Find the most important ESG issues by conducting a materiality assessment and involving stakeholders. These concerns could be directly linked to the activities of your company and the health of your environment, or the reputation of your brand. Stakeholders’ perspectives will help you prioritize these issues and assess the potential impact each one has on your business.

Set measurable goals and create roadmaps to implement ESG initiatives. This includes a timeline and milestones with the roles assigned to team members. Select an ESG framework for disclosure and reporting that best fits your business, location and management style. There are a variety of ESG-related frameworks to choose from including the UN Sustainable Development Goals and diverse SEC disclosure requirements.

Create a team of champions who can help spread the ESG message to their teams. This group should represent all aspects of the business from the top management down to shop floor personnel. Their perspectives and experiences can serve as lenses to concentrate on ESG initiatives, establish targets and ensure accountability.

Always review and refine Your ESG strategy to ensure it is aligned with the latest regulations and industry norms, stakeholder concerns and technology. This will allow you to deal with unforeseen risks and controversies which could have a negative impact on your business.

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