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ESG

ESG: Understanding its Impact on Business

ESG stands for Environmental, Social, and Governance.
It’s about the things a company does that aren’t just about making money.
It’s about being a good neighbor, treating employees well, and taking care of the planet.

ESG is important for businesses because it can affect how people feel about the company.
Customers, employees, and people who care about the company might think differently about it if they know the company is doing things to help the environment, treat people right, and make sure everything is fair.

Why should you care?

Because starting FY 2023 SEC will mandatory require public companies’ Disclosure to be included in annual reports and audited financial statements, e.g., in Form 10-K.
Public companies Will HAVE TO OBTAIN an attestation report from an independent attestation service provider covering, at minimum, Scope 1 & 2 GHG emissions disclosures. Much of this disclosure currently occurs outside company filings.

Here is the schedule for when the different sizes of public companies will have to provide ESG disclosure:

  • Large accelerated filers ($700M +) would be expected to report on the proposed disclosure above (save Scope 3 emissions) by the fiscal year 2023, i.e. filed in 2024. Scope 3 emissions, where required, would need to be reported the following year by large accelerated filers (i.e., the fiscal year 2024, filed in 2025).

  • Accelerated and non-accelerated filers (>$250M and <$700M) would need to report each of these data sets one year after large accelerated filers, respectively.

  • Smaller reporting companies (those with <$250 million in public float) are exempted from Scope 3 disclosures and would be required to report all other climate data at a further one-year lag from accelerated and non-accelerated filers. Staggered deadlines based on filer status would also be in place for assurance requirements on all reported data.

    • Now, when I got your attention, what is ESG in the nutshell?

    Environmental impact means how the company affects the world around us, like the air and water. Companies that care about the environment are becoming more important to customers and employees. This is especially true in industries like farming, energy, and transportation.

    Social responsibility is about how a company treats people, like its employees and the communities where it does business. Companies that are good to people are liked more by employees, customers, and others who care about the company. This can lead to good things like people being happy to work there, customers being loyal, and the company has a good reputation.

    Governance means the way a company is run and the rules it follows. Good governance means being honest and fair, and making sure everything is done the right way. Companies that follow good governance practices are less likely to get into trouble and more likely to have a good reputation.

    In short, ESG is important for businesses because it affects how people feel about the company. Companies that do things right will have happier employees, happier customers, and a better reputation.

    If you are interested in learning more about ESG and how it affects your business, or if you need help with your ESG reporting, consider scheduling a free consultation. Our team of experts can help you understand the importance of ESG and provide guidance on how to effectively incorporate ESG considerations into your business practices. With our help, you can ensure that your company is making a positive impact on the environment, society, and governance and that you are well-positioned for long-term success. Contact us today to schedule your free consultation and learn more about ESG.

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