DIVERSITY AND INCLUSION
One challenge in the financial markets is some still feel ESG is a PR stunt and not a real strategy to be imbedded at the core operations and the ethics and culture of a business . “ Climate crisis is real , ESG is real and demonstrating ESG commitments is the direction of travel ”, she says firmly .
“ ESG serves a purpose , it ’ s about corporate transparency and demonstrating a business ’ commitment to people and planet . It ’ s hard to ignore what ’ s going on around the world and the need for change is imperative – while currently ESG is being driven from large institutions like BlackRock we are seeing a rise in ESG being built into the decision making of more smaller investment firms , the capital available to companies with a robust sustainability strategy is growing . With the rise of stakeholder capitalism and digitalisation , everyone has a public voice and platform and transparency of companies ESG commitments can help avoid negative press and lose out on ESG focused capital .” Regulators and investors alike are examining company policies on diversity and inclusion . Shareholders and potential shareholders want to see how companies have responded to Covid-19 . How can accountability be enforced ? “ D & I are key to the success of a business . It can be challenging in specific sectors that can be dominated by different diversity groups , however it is important that at a top level , business review the diversity of the board , their colleagues across all business areas to ensure they work with a diversly skilled team ”, says Perry . “ By being transparent on their D & I and helping to raise awareness and education and training around ESG , companies can prove that they are engaging with ESG commitments .”
Diversity is a strength across the sectors . The Sustainable Procurement Pledge wants to ensure that support of diversity is more than just a box-ticking exercise , by inviting those in the industry to get involved and make a pledge to support organisational change .
“ As far as Diversity is concerned , the same arguments around social justice and performance apply to Procurement ”, explains Thomas Udesen , Chief Procurement Officer at Bayer and Co-Founder of The Sustainable Procurement Pledge . “ Our organisations should mirror the markets where we operate and we should use the power we hold to reduce inequality . As so often , impact happens when ambitions are lived from the top , when things are hardwired into your decision making and when good behaviour is celebrated and rewarded .”
MOVING FORWARD WITH DIVERSITY
The post-pandemic world might be kinder than the one it left behind . As the world has lost too many lives and so much time , we can grow back stronger , more willing to engage with those a little bit different to us , to be integrated and to listen , as we push to meet The Sustainable Development Goals .
As Udesen says , organisations must use their power to reduce inequality in the workplace and their supply chains . “ There is a lot of work [ to do ] and asking questions that have not been asked before is a good starting point ”, Perry adds . “ and transparency is a good thing , it ’ s key to positive and progressive development .”
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