How to successfully engage stakeholders with your ESG efforts
Nicole Phillips, a Goby ESG Consultant, explains why engaging stakeholders is important and provides some tips and strategies for getting your various groups of stakeholders engaged with your ESG efforts.
Hi my name is Nicole Phillips, I am an ESG consultant with Goby and today I'll be talking about stakeholder engagement.
So recently there's been an increased interest in non-financial issues from investors who believe that positive environmental, social, and governance contributions can be extremely beneficial to long term performance of a company. And now more than ever investors are linking long term value and profit to ESG performance.
And while that is fantastic and definitely a step in the right direction, meaningful stakeholder engagement means including various groups and focusing on a multitude of topics that are important.
Companies are really only truly successful in their sustainability ventures when all stakeholders are engaged.
So, how do we get all different stakeholders engaged?
A couple different ideas are conducting stakeholder focus groups. Combining different groups of stakeholders will benefit both parties and you know have ideas come out of those discussions. Share some blog posts after you have those discussions, have different stakeholders write blog posts and share them across the board.
Holding community meetings to dive into the deeper issues that really matter to stakeholders is also another idea to try to create a community around these issues, and really have that "we're all in this together" attitude will help dive deeper into some of those problems.
One of the first step that I always suggest is to conduct a materiality assessment, especially when there's so many different groups of stakeholders at your company. It's paramount to have a dialogue about what's important to them and identify the largest area of largest potential impact.
So topics on this materiality assessment can vary but you know some ideas are corporate governance, transparency, diversity and inclusion, climate change resilience, energy and water management.