WHEN discussing ESG — environmental, social and governance criteria — the spotlight often shines on the environmental and governance aspects. Companies rush to announce net zero commitments or unveil sophisticated governance structures.
Yet, the 'S' in ESG — the social pillar — quietly anchors the framework, influencing how businesses interact with employees, customers and communities. Overlooking this critical aspect is a morally and strategically missed opportunity for companies seeking long-term success.The heart of the social pillar addresses labor standards, diversity and inclusion, community engagement and employee well-being.
Larry Fink, CEO of BlackRock, has consistently emphasized that companies failing to address social risks could face long-term financial consequences. Social factors like poor labor practices or weak diversity policies pose reputational and operational risks that can scare off capital. By embracing social responsibility, businesses mitigate risks and attract socially conscious investors.
The 'S' In ESG Matters: Addressing Social Impact In Corporate Governance And Sustainability
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