Geneva Switzerland, 29 October 2020: Today, the World Business Council for Sustainable Development (WBCSD), in collaboration with DNV GL are issuing a survey for management and board directors to support a research initiative that is designed to explore how leading approaches to stakeholder engagement, materiality and risk management can be brought together to support board-level decision-making.
For boards to ensure day-to-day management of the business is better aligned with long-term value creation, there should be stronger integration of environmental, social and governance (ESG) impacts and dependencies within the overall governance structure.
Effective stakeholder engagement can be a key source of insight to support the understanding and integration of ESG-related issues, what this means in both concept and practice can often be misunderstood or not clearly defined for the board.
As part of our Governance & Internal Oversight project, this work aims to deliver the following outcomes:
- A better understanding of ways in which boards are connecting with stakeholders
- Insight into how effective means of collecting information from stakeholders can be used to inform strategic decision making and other business processes.
- Practical solutions for boards on how they can improve their engagement and relationships with stakeholders.
Complete the survey here to support our research to build insights and material to ensure that boards can successfully adapt to risks and opportunities presented that may impact the achievement of strategic objectives and the viability of the business model.
‘Governance is evolving fast and investors alongside other stakeholders are demanding greater transparency and improved accountability. Sustainable value creation requires companies to manage business performance to ensure the long-term viability of the business. Taking into account the needs of all stakeholders is essential to ensure the long-term success of a company’s business model. We encourage you to complete this survey, which will serve as evidence to support our development of guidance for boards on how they improve their engagement with stakeholders to support long-term value creation.’ said Mario Abela, Director, Redefining Value Program at WBCSD.
Jason Perk, Director at DNV GL added “In an increasingly volatile, uncertain and complex world, boards need the best possible radar screen on what’s driving customer, investor and societal trends. Stakeholder engagement is a key tool to achieve this. I encourage you to share your experience of what is and isn’t working in your organization, so we can all improve.”