Harvard Case - Environmental, Social, and Governance (ESG) Reporting in the US: How to Prepare and Communicate Evolving Requirements
"Environmental, Social, and Governance (ESG) Reporting in the US: How to Prepare and Communicate Evolving Requirements" Harvard business case study is written by Tiffany Rasmussen. It deals with the challenges in the field of Accounting. The case study is 11 page(s) long and it was first published on : Jan 1, 2024
At Fern Fort University, we recommend a comprehensive approach to ESG reporting that aligns with evolving regulatory requirements, stakeholder expectations, and the university's mission. This approach involves:
- Developing a robust ESG framework: This framework should clearly define the university's ESG priorities, identify relevant metrics, and establish a transparent reporting process.
- Integrating ESG considerations into core business operations: ESG principles should be embedded into all aspects of the university's operations, from academic programs and research to procurement and investment decisions.
- Enhancing communication and transparency: The university must proactively communicate its ESG performance to stakeholders through clear, concise, and accessible reporting mechanisms.
2. Background
The case study 'Environmental, Social, and Governance (ESG) Reporting in the US: How to Prepare and Communicate Evolving Requirements' focuses on Fern Fort University, a private institution facing increasing pressure to adopt a more comprehensive ESG reporting framework. The university currently provides limited information on its environmental and social impact, relying primarily on its annual report for disclosure. This approach is inadequate in the face of evolving regulatory requirements and stakeholder expectations.
The main protagonists are:
- Dr. Emily Carter: The university's president, who recognizes the growing importance of ESG reporting and seeks to implement a more robust framework.
- Mr. John Adams: The university's chief financial officer, responsible for overseeing financial reporting and concerned about the potential costs and complexities associated with ESG reporting.
- Ms. Sarah Jones: The university's sustainability director, advocating for a more comprehensive approach to ESG reporting that aligns with the university's mission and values.
3. Analysis of the Case Study
To analyze the situation, we can utilize the Triple Bottom Line Framework, which considers the university's economic, environmental, and social performance.
Economic Performance:
- Financial statements: The university needs to ensure its financial statements accurately reflect its ESG performance, including investments in sustainable initiatives and the financial impact of environmental and social risks.
- Cost accounting: Implementing activity-based costing can help the university understand the true cost of its environmental and social impacts, providing valuable insights for decision-making.
- Budgeting and financial performance measurement: The university should incorporate ESG considerations into its budgeting process and develop key performance indicators (KPIs) to track progress towards its ESG goals.
Environmental Performance:
- Environmental sustainability: The university should develop a clear environmental sustainability strategy that addresses its carbon footprint, energy consumption, waste management, and water usage.
- Asset management: The university should assess the environmental impact of its assets, including buildings, equipment, and investments, and implement strategies for reducing their footprint.
- Emerging markets: The university should consider the environmental implications of its global activities and ensure compliance with international environmental regulations.
Social Performance:
- Corporate social responsibility: The university should define its social responsibility commitments, including diversity and inclusion, ethical sourcing, and community engagement.
- Employee incentives: The university should align employee incentives with its ESG goals, encouraging employees to contribute to its social and environmental performance.
- Organizational culture: The university should foster a culture of ethical conduct and social responsibility, promoting transparency and accountability.
4. Recommendations
Develop a comprehensive ESG framework:
- Define ESG priorities: Identify the university's key ESG areas of focus, aligning them with its mission, values, and stakeholder expectations.
- Establish reporting standards: Adopt a recognized ESG reporting framework, such as the Global Reporting Initiative (GRI) or the Sustainability Accounting Standards Board (SASB), to ensure consistency and comparability.
- Identify relevant metrics: Develop a set of measurable and actionable KPIs to track progress towards ESG goals.
- Implement a transparent reporting process: Establish clear procedures for collecting, verifying, and reporting ESG data.
Integrate ESG considerations into core business operations:
- Academic programs and research: Incorporate ESG principles into curriculum development, research projects, and faculty hiring.
- Procurement: Develop sustainable procurement policies that prioritize ethical sourcing and environmental considerations.
- Investments: Align investment decisions with ESG principles, considering the environmental and social impact of investments.
- Operations: Implement energy-efficient practices, reduce waste, and promote sustainable transportation options.
Enhance communication and transparency:
- Develop a dedicated ESG report: Publish a comprehensive ESG report that provides detailed information on the university's performance across all ESG areas.
- Utilize multiple communication channels: Disseminate ESG information through the university's website, social media platforms, and annual reports.
- Engage with stakeholders: Actively engage with stakeholders, including students, faculty, alumni, investors, and the community, to gather feedback and build trust.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations align with the university's mission to promote education, research, and community engagement, while also addressing its environmental and social responsibilities.
- External customers and internal clients: The recommendations consider the needs of various stakeholders, including students, faculty, alumni, investors, and the community, ensuring transparency and accountability.
- Competitors: The recommendations help the university stay ahead of its peers by demonstrating its commitment to ESG principles, attracting students, faculty, and investors who value sustainability.
- Attractiveness: Implementing a robust ESG framework can enhance the university's reputation, attract talent, and improve its financial performance by reducing costs and mitigating risks.
6. Conclusion
By adopting a comprehensive approach to ESG reporting, Fern Fort University can demonstrate its commitment to sustainability, enhance its reputation, attract stakeholders, and contribute to a more sustainable future. This approach requires a collaborative effort from all stakeholders, including the university's leadership, faculty, staff, and students.
7. Discussion
Alternatives:
- Maintaining the status quo: This option would risk falling behind competitors and failing to meet evolving stakeholder expectations.
- Focusing solely on financial reporting: This approach would neglect the growing importance of ESG reporting and fail to address the university's environmental and social responsibilities.
Risks:
- Cost and complexity: Implementing a robust ESG framework may require significant resources and expertise.
- Data collection and reporting challenges: Gathering and verifying ESG data can be challenging, requiring robust internal controls and data management systems.
- Stakeholder backlash: If the university's ESG performance falls short of expectations, it could face negative publicity and stakeholder pressure.
Key assumptions:
- The university is committed to sustainability: The recommendations assume that the university is genuinely committed to ESG principles and willing to invest the necessary resources.
- Stakeholders value ESG reporting: The recommendations assume that stakeholders, including students, faculty, investors, and the community, value ESG reporting and consider it a key factor in their decision-making.
- Regulatory requirements will continue to evolve: The recommendations assume that ESG reporting requirements will continue to evolve, necessitating a flexible and adaptable approach.
8. Next Steps
- Form a cross-functional ESG task force: This task force should include representatives from various departments, including finance, sustainability, academic affairs, and communications.
- Develop a comprehensive ESG strategy: The task force should develop a clear strategy outlining the university's ESG priorities, goals, and action plan.
- Implement a pilot ESG reporting program: The university should pilot a limited ESG reporting program to test its processes and gather feedback before implementing a full-scale program.
- Communicate progress to stakeholders: The university should proactively communicate its ESG progress to stakeholders through regular updates and reports.
By taking these steps, Fern Fort University can effectively navigate the evolving landscape of ESG reporting and position itself as a leader in sustainability.
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Case Description
The measurement and reporting of environmental, social, and governance (ESG) metrics, often called sustainability metrics, have been in flux. That leaves business leaders to figure out how to best prepare ESG reporting and communicate to stakeholders including employees, customers, and investors. One set of globally consistent ESG reporting standards would be advantageous. American accounting and financial reporting leaders have long faced the challenge of staying current on changing reporting requirements. So, how should US-based businesses-many with a global reach-report ESG metrics? Also, how should companies communicate with transparency to those who both love and loath ESG?
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