Delivering our expertise and insights (IV)
Excited and honored to have participated in a special panel during the Global Compact Network Hellas members' event, discussing key topics around double materiality and the CSRD directive.
In today’s evolving business landscape, understanding double materiality is crucial for companies aiming to align financial success with genuine social and environmental impact. During the discussion, I shared my perspectives on how companies can transition from passive compliance to becoming active drivers of sustainability—creating true value not only for shareholders but for all stakeholders.
A huge thank you to the Global Compact Network Hellas for the opportunity to be part of this meaningful conversation. Special appreciation goes out to my co-panelist, Stavroula Aggelopoulou for her insightful contributions and the engaging dialogue we shared.
Below are key insights from my statements on the benefits of a Double Materiality Assessment (DMA):
- Understanding Real Impacts: DMA confronts companies with their true environmental, human and human rights impacts, highlighting risks and opportunities that may not have been previously recognised and are important for their sustainability in the future.
- Becoming Active Agents: DMA makes companies to change their perspective, understanding the positive or negative impact they have tend to deal with or exploit it respectively. Through this process they become active agents of change from passive observers of impacts
- Collaboration with Stakeholders: Through DMA companies are discovering that to have a clear picture of their impact, is critical to work with all their key stakeholders, from employees to local communities.
- Link to Business Growth: DMA links Sustainable Development Strategy with Business Development and Performance. The improvement of environmental and social indicators (e.g. carbon reduction or improving employee well-being) related to impact management can contribute to economic sustainability and competitive advantage.
- Rethinking Corporate Responsibility: DMA enables companies to rethink the concept of corporate responsibility, not as a communication practice but as a real commitment to create value for all stakeholders. This process leads to the creation of a more resilient and responsible business model, which is the main goal of the CSRD.
- Aligning with Social and Environmental Demands: DMA acts as a compass that guides companies towards adopting policies and practices that are in line with modern social and environmental requirements. The bottom line is that real success is not only measured by economic indicators, but by the positive impact on the planet and the people around us.
#Sustainability #DoubleMateriality #CSRD #UNGlobalCompact #CorporateResponsibility #SustainableFuture #Integratedreporting #Integratedthinking #SustainableDevelopment
The gold award for best ESG report is in no small part down to the wonderful Lucie Brailsford. Thank you for all you do for Smiths, Lucie!