Erik Hansen

Join us for an insightful webinar hosted by PwC and @IFS focusing on the future of #sustainability reporting under the Corporate Sustainability Reporting Directive (#CSRD). Curious about how this directive will affect your organization? Don't miss this opportunity to hear from experts like Caitlin Keam, and Tom Loukes from PwC UK as they break down the new reporting requirements and share essential steps for achieving CSRD compliance. https://ifs.link/rDT2eq

13

I recently shared an overview of #CSRD, offering practical tips for how manufacturers can prepare for their reporting deadlines and start reducing product footprints now. Check it out! #sustainability https://lnkd.in/eFGSF-YF

59

6 Comments

Understanding the distinction between data availability and data reliability is an important milestone in measuring GHG emissions and sustainability reporting. The more reliable the data, the more accurate the measurement, leading to more effective monitoring of compliance goals.

10

It's great to see California's proactive approach to climate-related financial risk disclosure through the Climate-related Financial Risk Act (SB 261). This law requires companies with business in California and a gross revenue of over $500 million to disclose their climate-related financial risks and methods to mitigate them. The reporting includes physical and transition risks, measures to reduce and adapt to identified risks, and strategy priorities. To learn more on this topic, please review the link below. Our team of professionals would be happy to discuss this with you if interested. https://lnkd.in/e3RypCJh #Disclosure #ESGreporting

13

We are in the reporting season and I thought it is important to have an answer to this question and plan the communication strategy accordingly. The question is who, according to you, should be reading your sustainability disclosures rather than who is reading them. Is your sustainability communication reaching the right audience? #sustainabilitydisclosure #sustainabilityreporting #esgreporting #valuereporting #integratedreport #communicationstrategy Thank you Shashwat DC, for the edits and input.

47

7 Comments

'Impact' has been ushered into corporate reporting and decision-making by regulations (e.g. CSRD) & standards (e.g. TNFD) built on the #doublemateriality principle. Naturally, companies seek a quantitative, objective, scientifically-robust method of assessing impacts (a finance team wouldn't rely on stakeholder opinion alone to build a business case, so why base regulatory-mandated disclosures on surveys and interviews? 😆 ). The Value Balancing Alliance and International Foundation For Valuing Impacts (IFVI) have set standards for measuring impacts for years, and recently published new Impact Statement guidance that is worth checking out

30

California's decision to maintain the original emissions reporting timeline underscores the growing urgency for businesses to prioritize ESG transparency. At Workiva, we're committed to empowering companies with efficient, reliable, and auditable ESG reporting tools, enabling them to navigate evolving regulatory landscapes, meet crucial deadlines, and build stakeholder trust.

4

📉 SEC Quietly Disbands ESG Task Force, But ESG Scrutiny Remains! Recently, the SEC (Securities and Exchange Commission) made headlines by dissolving its ESG Task Force in response to political pressure. But what does this mean? Let’s break it down: 🔍 SEC: The SEC is a U.S. government agency responsible for regulating financial markets and ensuring companies provide truthful information to investors. 🌱 ESG (Environmental, Social, Governance): This framework evaluates a company’s impact on the world through: • Environmental: How they manage their impact on nature (like reducing carbon emissions or managing waste). • Social: How they treat employees, customers, and communities (think diversity, labor practices). • Governance: How well they’re run at the top (including transparency, executive pay, and board decisions). 📑 ESG Task Force: Formed by the SEC, this group was focused on cracking down on companies misrepresenting their ESG efforts. Although the task force has been disbanded, the SEC is still monitoring ESG disclosures across other divisions. 💡 Case in Point: Keurig was fined $1.5M for misleading claims about the recyclability of its products. This serves as a reminder that companies must be careful and truthful in how they report their ESG practices. 💼 Key Takeaway: Businesses should remain diligent in ensuring their ESG claims are accurate and substantiated. Regulatory scrutiny on these matters is far from over! #ESG #SustainableBusiness #CorporateGovernance #SEC #Sustainability #Transparency

1

What's the carbon footprint ❔ ❔ ❔ Thanks Anissa Vasquez for catching me at the Society for Corporate Governance conference. The next conference on our agenda is Climate Week in NYC. If you're there, please give me a carbon footprint to unpack! #carbonaccounting #carbonfootprint #sustainability

48

11 Comments

November 24 – ERM 30-Second Thought to Consider “My First ERM Initiative” I recently thought about my first ERM corporate initiative in late 2009/early 2010 while risk manager for Millipore Corporation. (Note: Merck KGaA acquired Millipore later in 2010) A few thoughts: 1. ERM recommendation had been denied in 2006. Took 4 meetings with a new CFO in 2009 to win approval for this initial ERM initiative. Lesson Learned: Don’t give up on ERM. 2. The survey targeted a diverse group of 40 upper middle management employees who were asked: “what keeps you awake at night?" They were guided through 8 categories of risks…shown 50 examples of risks …urged not to confine themselves to those examples…or to think about just their specific areas. 30 employees responded. Lessons Learned: Format was too loose. Better route would have been to assign specific subject matter expert (SME) ownership/accountability for risks. One owner per risk through risk universe, rather than “roundtable” format. 100% participation should have been secured, not the 75% participation, to ensure that no risk was being missed. 3. 175 risks were identified across 34 unique risk categories. Lessons Learned: Way too many risks and categories, again a reflection of the “think-tank” survey format. Impossible to aggregate and work through. A more reasonable universe of risks and digestible number of categories would have been the way to go. 4. In rating risks, participants were told to “ignore any controls in place”, asked “how often losses are expected to occur?” and requested to rate the “effectiveness of current controls”    Lessons Learned: Risk ratings are more impactful if provided on both an inherent (no controls) and residual (controls in place), for both severity and likelihood. Likelihood should focus on significant events, not all events (i.e. fender-benders). Instead of “control effectiveness”, actual control impact is real-life and automatically calculated by taking the differential between inherent and residual risk ratings. 5. The five (5) key findings from the Millipore survey were great: Data Center Concentration; Limited Manufacturing Sites; Supply Sole Sourcing; Contingency Planning and Customer Concentration. Study was proposed for all 5 items. Lessons Learned: While end result did surface legitimate risk-related issues of concern, survey was undeniably a one-shot deal. No ERM governance structure and process established; no way of knowing whether the ERM process would be repeated in future years. Three takeaways: Clear assignment of risk ownership is vital, both for accountability and follow-through. The ERM risk rating mechanism demands precision in order to ensure consistency and transparency. ERM is best established as a process – not a one shot deal – to embed it in the organization and align it with the risk governance structure.

7

The demand for reliable emissions data is growing at a rapid pace given evolving disclosure requirements, tax obligations, and mounting stakeholder and consumer expectations. Discover how robust GHG accounting practices - supported by enabling technologies - can enhance non-financial reporting credibility, mitigate greenwashing risks, and open new avenues for investment and growth. #DeloitteSAP #Carbon #Sustainability Sophia Leonora Mendelsohn   https://bit.ly/3Vk8hRc

66

2 Comments

Our own Carol Ho, PE has written a very informative article about the changing ESG landscape. Check it out, and let us know if we can help you navigate the new rules and practices. Way to go Carol!

1

Excited to share our 2023 IFS Sustainability report and initiatives for a global impact in environmental, social, and governance aspects. 🌍 Check out our carbon emissions report, setting 2030 #ScienceBasedTargets approved by SBTi. 📄 Increasing female managers to 31.91% shows progress in gender diversity commitment. 📈 Embedding #sustainability in our innovations with the IFS Cloud Emission Tracker, aiding organizations to measure their carbon footprint and utilize #IFSCloud capabilities. 🌱 Proud of our 17.2% employee engagement in #CSR volunteering days, reflecting our joint efforts in making a positive community impact. 🤝 💜 Read the full report here: https://ifs.link/o3VOlK #ScienceBasedTargets #sustainability #IFSCloud #CSR

5

Exciting news for #sustainabilityreporting! The #GRI and #IFRS Foundation have joined forces to create a unified global system #interoperability This collaboration aims to simplify sustainability reporting, making it more efficient, comparable, and transparent. What does this mean for businesses?  Streamlined reporting: No more juggling multiple standards. Increased comparability: Benchmark your ESG performance against peers. Enhanced credibility: Gain stakeholder trust with standardised reporting. TRST01™ perspective: This collaboration is a significant step towards greater #transparency and #accountability in ESG reporting. It will help to level the playing field for companies of all sizes, ensuring that everyone can access the information they need to make informed investment decisions. 💡 This is a game-changer for sustainability reporting! It's a step towards a more sustainable global economy. Let's embrace this opportunity to drive positive change! #sustainability #GRI #IFRS #ESG #reporting #collaboration 🤝 https://lnkd.in/gii4VygY Shiva Shankar, Anuj Kumar Sahu, Sourav Mohapatra

14

Check out this new Sustainability Benchmarking report by Persefoni and the Financial Education & Research Foundation!

13

Thrilled to share this powerful resource with my network. For any business looking to better understand the key requirements of #climate disclosure laws across global jurisdictions, and if your company is covered- this tool is for you!

15

1 Comment

Glad I had the opportunity to speak to Charlie King at Sustainability Magazine about the importance of collaboration in the energy transition and how Schneider Electric is engaging our partner ecosystem to decarbonize their operations. https://lnkd.in/gvSCHgqQ As I explained, I believe we're at a point where all the stars are starting to align - green policy is ramping up, there are more digital energy solutions on the market than ever before, and investment in the energy transition is set to grow by 21% per year by 2033. To harness this momentum to maintain their license to operate and even differentiate, organizations need to work not only on their operation but their value chain (with suppliers AND customers) to decarbonize. We see our role reinforced to empower anyone willing to get there, and I strongly believe there is a way to make this in a smart and business-friendly manner. Done right, this can build resilience and build the needed mindset to accelerate our collective journey to Net-Zero. #Sustainaility #Growth #ESG #PartneringForSustainability

50

5 Comments