There are several motivations for companies to make sustainability a business priority. In some instances, it is a fundamental part of a company’s business model. In others, companies are driven by economic imperatives, or are reacting to adverse events that have already affected the firm negatively, such as allegations of child labour or toxic spills. But whatever an organisation’s disposition towards sustainability may be, there is a growing demand coming from several quarters for companies to be more transparent in their environmental, social, and corporate governance – known as ESG – practices. Business leaders can no longer be complacent and rely on financial performance alone – ESG metrics are increasingly being factored into any evaluation of companies. Investors, regulators, and customers alike are increasingly demanding more transparency from firms.
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