Expanding the "G" in ESG
Corporate purpose and stakeholder capitalism are crystallizing attention and galvanizing action by businesses to meet rising challenges and expectations. These twin agendas have been gaining traction with a still limited but growing number of companies, mostly large multinationals that have long been committed to corporate responsibility and sustainability. That traction appears to be accelerating amidst a convergence of global crises including climate change, economic instability, social inequality and a global pandemic. The question now is whether the views of stakeholders will be heeded and corporate purpose will be demonstrated — whether statements will translate into actions and commitments into impacts towards the business of a better world.
The answer is the growing interest of businesses in SDG 16pointing to an expansive approach of the “G” in ESG. Transformational governance is not a new legal concept but a prism through which businesses can expand their understanding of the “G”. It demonstrates how businesses can assess and implement SDG 16 through three interrelated dimensions: Conventional Governance, Sustainable Governance and Global Governance.
This webinar will provide an overview of the UN Global Compact's new tool “SDG 16 Business Framework: Inspiring Transformational Governance." The tool was launched this year to accomplish SDG 16 and accelerate business action on ESG. It provides companies with guidance on strengthening business culture, ethics and performance and supporting public institutions, laws and systems. Goal 16 of the Sustainable Development Goals includes 12 specific targets that promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions.