Although ESG has been steadily gaining traction in the corporate world and becoming a top priority for many businesses, many law firms are lagging behind.
This may be because ESG has developed outside of a regulatory landscape. But legislation is beginning to catch up and law firms, as key corporate service providers, are being expected to consult and strategize on ESG for their clients. Companies are relying on their lawyers’ skills to implement internal ESG goals.
Since the UK Modern Slavery Act came into force, it is estimated that the number of people trapped in forced labour or forced marriages has actually increased, with the number now believed to have reached over 50 million. A mixture of armed conflict, climate change and the global pandemic has made modern slavery a growing challenge, despite an increase in regulations in many countries.
With the UK and other countries set to strengthen their regulations, in this webinar, we look at whether businesses are doing enough to eradicate modern slavery.
The webinar covered:
What businesses are currently doing well and how they can improve
MSA best practice
How modern slavery compliance can enhance your ESG programme
Guidance on producing annual modern slavery statements
Processes and tools to help you stay on top of your supply chains
Reducing carbon emissions is something every business needs to take into account. Whether because of regulation, ESG, upcoming legislation, being a listed business or just good corporate citizenship, reducing emissions will help businesses become more sustainable, and tackle the climate crisis.
Measuring and understanding those emissions can be tricky, particularly if a business is new to this. Some companies, particularly office based professional services firms, might not consider they have a large amount of emissions to be reduced, beyond more sustainable electricity and reducing business travel.
Gone are the days when businesses were only expected to generate profits and it was up to non-profits to solve society’s problems. Today, businesses are also expected to have a positive impact on society and the environment. One way companies are filling this new role is through the B Corp certification.
What is a B Corp?
A certified B corporation, or B Corp, is a designation for companies that meet high standards of social and environmental performance, transparency, and accountability. These companies have demonstrated commitment to the triple bottom line: people, planet, and profit.
There are three key aspects of a B Corp:
The company has demonstrated high social and environmental performance through the B Impact Assessment, which covers the company’s impact on its workers, community, environment, and customers
The company has made a legal commitment to be accountable to all stakeholders, not just shareholders. Traditional corporations are legally obliged to serve the financial interests of shareholders or company owners. However, B Corps must also create value for all stakeholders, meaning those impacted by business decisions such as customers, employees, and community members
The company exhibits transparency by publishing its performance and impact assessment on the B Lab website
Today, many companies are choosing to demonstrate their social and environmental values with the B Corp certification. Globally, there are nearly 6,000 B Corps in 85 countries covering 158 industries.
Environmental, social and governance strategies for professional services
VinciWorks is pleased to publish a new guide, free to download, focusing on what professional services, and in particular the legal sector, should be considering when it comes to ESG.
In this guide, we look at how firms can successfully demonstrate their ESG commitments, what ESG means in particular for the legal industry, and different strategies and ideas for environmental, social and governance initiatives.
The guide also features an analysis on how to help clients consider ESG, how other firms are spearheading ESG, the so-called ‘Carbon Brainprint,’ also known as Scope 4 or ‘avoided’ emissions, and some key legal cases concerning ESG, and the risk of doing nothing.
The ethnicity pay gap means the difference in the average pay between an employee from an ethnic minority background, compared to a ‘white’ employee.
The ethnicity pay gap concept is particularly used by British companies. In the UK, around 85% of the population is considered to be white ethnicity. This figure amalgamates the different categories of ethnic origin in the British Isles, such as White British, White Scottish, White Irish, and White Other.
Now more than ever, companies are expected to have a positive impact on society and the planet. Customers are increasingly considering sustainability in their purchases, with upwards of 75% of millennials reporting they do so. Investors also expect companies to understand these issues, with the value of sustainable fund assets doubling over the last two years to $2.7 trillion according to Morningstar.
But addressing these stakeholders and attempting corporate sustainability can be an alphabet soup of different terms, topics, and targets. Two of the most common buzzwords are CSR and ESG. While they are often used synonymously, CSR and ESG are distinct concepts. In this article, we will explore their definitions, whether we need both, and how they are evolving.
ESG – Environmental, Social and Governance – helps businesses measure their impact on the world. It goes broader than profit and loss and is more detailed than corporate social responsibility.
Over the past year, we have fielded hundreds of questions during our ESG webinars. From how to get started to understanding how to choose the proper ESG framework, businesses at all stages in their ESG journey have unanswered questions.
In this webinar, Director of Learning and Content Nick Henderson and Director of Product Alona Stern answered attendees’ ESG questions.
If your clients are asking what they should do about ESG, the answer can be rather complicated. Many clients do not need to do anything. Regulation, although coming, is rather light on ESG. Regulation tends to focus on specific areas of ESG, such as modern slavery statements or gender pay gap reporting.
Even as more regulation around ESG comes, such as emissions reporting for listed companies, there is a wider context of ESG. Beyond the letter of the law, many companies are figuring out their ESG programmes from pressures outside of straightforward regulation. More often than not, ESG is coming from investor pressure.
An environmental sustainability policy helps organisations clarify their commitment to managing its environmental impact. It can also serve as a valuable component of your ESG toolbox.
How to write an environmental policy template
An organisation should first carry out an environmental assessment to identify the main environmental issues relevant to their business and write the policy based on that. They should then clarify their objectives with regard to reducing the way they manage the environmental effects of their operations. The policy should include information about the organisation’s operations, a statement of commitment with regard to environmental goals, the organisation’s expectations with regard to environmental issues when working with suppliers and contractors, a statement of intention to comply with local regulations, a statement regarding environmental training in your organisation, information about how your organisation monitors its progress in this area.
An environmental sustainability policy can help provide a vision for employees to understand their roles and responsibilities. It can also help improve company decisions, reduce costs, and improve efficiency across the organisation.
Additionally, having such a policy can help improve relationships with customers and suppliers who want to see a commitment to sustainability.
Having an environmental sustainability policy is a valuable way for a company to clarify its commitment to managing its environmental impact. It can also serve as a valuable component of your ESG toolbox.
