The webinar titled "ESG Reporting for Small and Mid-Cap Companies," hosted by the ASX, featured several speakers who shared insights on ESG (Environmental, Social, and Governance) reporting. The speakers included Roland Hill, the Managing Director and CEO of FYI Resources Limited, Giri Tenneti, Senior Manager of Listed Company Services at ASX, Daniela Jaramillo, Head of Sustainable Investing at Fidelity International Australia, and Dr. Tim Siegenbeek van Heukelom, Chief Impact Officer at Socialsuite.
The ASX invited Socialsuite, a recognized expert in ESG reporting, to present during the webinar, showcasing the importance placed on their expertise. Dr. Tim Siegenbeek van Heukelom, Chief Impact Officer at Socialsuite, shared valuable insights with the attendees.
The webinar provided guidance for small and mid-cap companies on starting their ESG journey and highlighted key matters to consider and take action on. Here is a summary of the top matters discussed:
Timing: Companies should evaluate whether it is the right time to start reporting on ESG. Even if it's not an immediate requirement, it is advisable to have ESG on the agenda for future considerations.
Materiality: Identify the most material risks and impacts for the organization. This includes factors such as policy changes, regulations, investor and customer demands, reputation, physical risks, and transition risks. Focus on mitigating immediate investor concerns and determine the ESG metrics that are most material for the business.
Opportunities: Explore the potential ESG opportunities for the organization. Consider customer concerns, investor analysis, changing landscapes, and new innovations. View ESG as a positive business strategy that can create value, rather than just a burden for compliance.
Leverage existing state: Assess the current baseline of the organization. Determine what resources and initiatives can be leveraged and showcased as strengths. Identify areas where the organization is already advanced and position it as a leader.
Seek help: Identify sources of support and guidance. Utilize shareholders, customers, experts, industry groups, and collaborations to seek assistance and expertise in ESG reporting.
Communication: Utilize a recognized ESG framework for reporting progress. Communicate the organization's journey in a genuine, credible, and transparent manner. Report progress frequently, ideally on a quarterly basis, and disclose annually. Consider releasing standardized ESG reports every year.
Build internal capacity and embed ESG: Share knowledge within the organization and ensure that everyone feels empowered to contribute to the ESG agenda. Embed ESG practices and considerations across the business to create a comprehensive approach.
The full webinar can be view on the following link: