Accounting & Sustainability: Future-proofing the CFO

Daily News Alert

01.08.13

2013: Life on the Edge of the Sustainability Cliff

The Great Recession shook loose the pillars of trust between the public, investment community and companies, particularly among the millennial generation, which increasingly believes that Wall Street no longer serves Main Street and companies care more about profits then people and the planet.

But it would be foolish to paint all companies with the same brush because the last decade also witnessed the rise of sustainability as a defining element of responsible business strategy and performance. Amidst this, as many as six organizations have formed to set standards, collate efforts and discipline corporate sustainability performance metrics, measurement and performance. With several of the six — including the Sustainability Accounting Standards Board, the Global Reporting Initiative, the International Integrated Reporting Council, and the Sustainability Consortium — planning major announcements in 2013, where will they lead corporations — and their sustainability strategies — this year?

Mark Tulay, Program Manager for the Global Initiative for Sustainability Ratings (GISR) makes sense of a crowded field and forecasts the year ahead on Talkback.

Accounting & Sustainability: Future-proofing the CFO

““It is difficult for accountants and engineers to deal with these nebulous things…If money goes out the door I am interested. If it is a notional cost to society I am not.”

It’s intriguing that two of the most outspoken CEOs on the big issues of our day are both former chief financial officers (CFOs): Unilever CEO Paul Polman, a former CFO at Nestlé, and Peter Bakker, now President of the World Business Council for Sustainable Development (WBCSD), who previously was CFO and then CEO of the logistics company TNT.

“CFOs as a species are notable for their conservatism, particularly their resistance to key aspects of the environment, society and governance (ESG) agenda,” writes John Elkington. With financial officers nervous about bringing ESG issues to the Board, believing that available data is not yet sufficiently robust or that colleagues may see the quantification of the related risks and opportunities as spurious or even unethical, how can CSR and sustainability executives help analyze a “more complete view of the true costs and benefits of an organization’s activities“? Elkington reports on a case study and offers valuable pointers on Talkback.

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Press Releases

Posted: January 07, 2013 01:04PM

Survey Shows Market Growth in Impact Investments and Satisfaction Among Investors

Posted: January 07, 2013 11:45AM

Boston College Center for Corporate Citizenship 2013 Film Festival

Posted: January 07, 2013 11:25AM

Cascades Tissue Group Receives Green Seal GS-1 Re-Certification

Posted: January 07, 2013 11:00AM

PR News Announces CSR Awards Finalists at Feb. 11 CSR Awards Luncheon

Posted: January 07, 2013 08:20AM

Interface, Inc. and the Zoological Society of London Pilot in the Philippines Hailed a Success

Events

Posted: January 07, 2013 08:38AM

Corporate Social Responsibility: Strategies to Create Business and Social Value

Posted: January 07, 2013 07:30AM

Social Impact Media Awards (SIMA 2013)

CSRlive Multimedia Picks January 08, 2013

Can the private sector benefit from ‘impact investing’?
Impact investing has come a long way since John Elkington coined the phrase “triple bottom line.” Now, will SR investors outperform their counterparts?

Starbucks Needs More Than a $1 Reusable Cup to Boost Recycling
Last week media outlets were abuzz with Starbucks’ announcement, as promised, that its company-owned stores will sell reusable cups for $1 in order to boost recycling

MGM Resorts presents “Inspiring Our World”
“Inspiring Our World” – an empowering Vegas-style production – was recently performed to advance MGM Resorts International’s commitment to CSR and diversity.

Features