The difference between CSR and ESG
Helee Lev, Goby's CRO, explains some of the differences between CSR (Corporate Social Responsibility) and ESG (Environmental, Social, Governance) and highlights the ways that ESG creates a more in-depth and meaningful reporting framework.
I've personally seen a shift lately from this notion of CSR reporting to ESG reporting. And what does that really mean?
There's a lot of increased pressure from CSR reporting being like "good for you, good job guys!" to ESG reporting being a more forefront, serious metric and indicator of financial performance.
So, how do you make your ESG reporting more meaningful than the legacy CSR reporting that felt a little bit "fluffier"?
First of all, pick and align with a framework that makes sense for you and gives your ESG reporting initiatives some teeth.
Second, understand the material concepts that are important and impactful to your business and incorporate them in your ESG policies and reporting.
Lastly, be sure to relate any ESG initiatives back to financial statements or risk, again, to give it more teeth and meaning than just "good for you, green team".
It's exciting to see the evolution of the ESG concepts in our market, and in our space as they take more forefront priority in our new world.