The path to a sustainable enterprise

ESG

The path to a sustainable enterprise includes legal recognition of corporate sustainability activities in accordance with recognized standards and national and international norms

ENSURING COMPLIANCE WITH LAWS AND REGULATIONS AND SPECIFIC CORPORATE STANDARDS IS NOW ONE OF THE MAIN GOALS OF AN ORGANIZATION

Compliance, which in years past concerned only a few specific areas, is now also closely linked to the concept of sustainability.

Each company can take the path that best suits its needs and seize the many opportunities to become sustainable. Some concrete examples are given of how a company can start its sustainable activities by choosing from several alternatives:

align with the provisions of the Taxonomy Regulations. In order to ensure the transition in the financial sector, the European Regulations are designed to improve the reliability and comparability of sustainability information and promote the inflow of capital and private savings into sustainable activities. Certain types of companies, therefore, must necessarily refer to the provisions of these Regulations and modify their business models according to them. In the case of Taxonomy, companies are required to submit precise information in order for their activities to be considered environmentally sustainable. Among the obligations is, for example, to indicate a set of specific KPIs that refer to the environmental objectives referred to in the Taxonomy Regulations.
integrate the Sustainability process with Governance and the Strategic Process. The sustainability development process must necessarily integrate with the identity of the organization and, therefore, with all those aspects that concern both corporate governance (governing bodies, system of delegation, 231 Organizational Model and Internal Control System) and operational and strategic objectives (Business Plan).
foresee within their organizations the new Chief Sustainability Officer (CFO) function. At an early stage, the Chief Sustainability Officer function can be adopted in outsourcing. This mode makes it possible to monitor the organization's sustainable development while ensuring efficiency and flexibility.
stakeholder Engagement according to the AA1000SES standard. It is one of the key processes in the Sustainability Plan. Through the guidelines contained in the AA1000 - Stakeholder Engagement Standard, it is possible to implement a stakeholder engagement process necessary to be able to identify issues that have an impact from an environmental, social and governance perspective.
transforming into a Benefit Society. Transforming the bylaws to obtain the legal status of a Benefit Society allows the company to better adapt to the concept of a Sustainable Society with the resulting benefits both in terms of reputation and from an economic - financial point of view. The transformation to Benefit is only the initial step from which a new path begins.

HOW TO DESIGN AND IMPLEMENT SUSTAINABILITY PLANS?

Establishing a Sustainability Plan means strengthening social credibility and accountability relative to economic activity, redefining organizational processes from a sustainability - oriented perspective, and seeking the necessary sources of funding to support growth and change.