The Rise of the 'S' in ESG: Social Practices Companies Can Implement To Improve ESG Performance
Highlights
• The importance of the “S” in ESG has increased in recent years for a number of reasons, including: changing consumer attitudes, greater attention to social issues, regulatory pressure, investor demand, and financial performance
• Companies can implement social practices to improve ESG performance, such as promoting diversity, equity, and inclusion; combatting forced labor and human trafficking; and applying responsible and ethical supply chain practices
• Implementation of effective social practices is integral to development of successful environmental and governance strategies
Environmental, social, and governance (ESG) criteria have become increasingly important in assessing a company's ethical and sustainability performance. While the environmental and governance aspects often receive the most attention, it is crucial not to overlook the “S,” or social, component – a company's impact on society and its stakeholders.
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