The Pre-Read ESG's Role in Value Creation
Dec 27, 2024
Alison Taylor, a clinical associate professor at NYU Stern and author of 'Higher Ground', teams up with Tarynn Zenk, Mastercard's ESG controller. They dive into the crucial emerging role of ESG controllers in ensuring credible corporate disclosures. Tarynn highlights the need for reliable data management to meet growing scrutiny. Alison discusses the shift from shareholder to stakeholder capitalism and the importance of honest engagement with societal issues. Together, they emphasize the rising power of employee activism and the need for businesses to adapt their approaches for sustainability.
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Collaboration is Critical in ESG
- Collaborate early and often with all stakeholders including auditors for smooth ESG reporting and assurance readiness.
- Communicate risks, governance, and progress clearly to align teams and manage resource demands effectively.
Navigating Double Materiality Challenges
- Double materiality requires merging varying definitions of materiality across jurisdictions like the EU and SEC.
- Leveraging existing ERM and FP&A processes enables effective mapping and bridging of these gaps.
Preparing Social Metrics for Assurance
- Prepare social metrics for assurance by clearly documenting processes, definitions, and controls over data collection and reporting.
- Engage business owners early so they understand the rigor and audit expectations of ESG assurance.
