Harvard Case - An ESG Puzzle
"An ESG Puzzle" Harvard business case study is written by Susana Martinez Meyers, Raluca Valeria Ratiu. It deals with the challenges in the field of Accounting. The case study is 6 page(s) long and it was first published on : Jan 12, 2021
At Fern Fort University, we recommend that Fern Fort University (FFU) adopt a comprehensive ESG strategy that integrates environmental, social, and governance considerations into its core operations and decision-making processes. This strategy should be guided by a robust framework that addresses the specific challenges and opportunities presented by the case study and aligns with the university's mission, values, and long-term sustainability goals.
2. Background
The case study focuses on Fern Fort University (FFU), a private university facing increasing pressure to address environmental and social concerns. FFU's board of trustees is grappling with the need to adopt a comprehensive ESG strategy to enhance its reputation, attract talent, and secure funding. The university faces challenges related to its energy consumption, waste management, diversity and inclusion initiatives, and governance practices.
The main protagonists are:
- The Board of Trustees: Responsible for overseeing the university's strategic direction and financial performance.
- The President: Leading the university's day-to-day operations and implementing the board's directives.
- The Sustainability Committee: A group of faculty, staff, and students tasked with developing and implementing sustainability initiatives.
3. Analysis of the Case Study
We can analyze the case using a framework that integrates strategic, financial, and operational considerations:
Strategic Framework:
- Mission Alignment: FFU's ESG strategy should be aligned with its mission to provide a high-quality education and contribute to society.
- Competitive Advantage: A strong ESG strategy can differentiate FFU from its competitors and attract students, faculty, and donors who prioritize sustainability and social responsibility.
- Stakeholder Engagement: FFU needs to engage with various stakeholders, including students, faculty, staff, alumni, investors, and the local community, to build consensus and support for its ESG initiatives.
Financial Framework:
- Cost Analysis: FFU should conduct a thorough cost analysis to identify the financial implications of implementing its ESG initiatives. This analysis should consider both the upfront costs and potential long-term savings.
- Financial Performance Measurement: FFU should develop key performance indicators (KPIs) to track the financial impact of its ESG initiatives. This could include metrics such as energy savings, waste reduction, and investment returns.
- Investment Opportunities: FFU should explore investment opportunities in sustainable technologies and businesses that align with its ESG goals.
Operational Framework:
- Change Management: FFU needs to implement effective change management processes to ensure that its ESG initiatives are successfully adopted by all stakeholders.
- Employee Engagement: FFU should engage its employees in developing and implementing its ESG strategy. This could involve providing training, setting performance targets, and recognizing employee contributions.
- Data Collection and Reporting: FFU should establish robust data collection and reporting systems to track its progress on its ESG goals. This data can be used to inform decision-making, identify areas for improvement, and demonstrate accountability to stakeholders.
4. Recommendations
1. Develop a Comprehensive ESG Strategy:
- Establish a dedicated ESG committee: Composed of representatives from various departments, including finance, operations, human resources, and sustainability.
- Conduct a materiality assessment: To identify the most important ESG issues for FFU, based on its stakeholders' expectations, industry best practices, and the university's own priorities.
- Set ambitious but achievable ESG goals: These goals should be specific, measurable, achievable, relevant, and time-bound (SMART).
- Develop a roadmap for implementing the ESG strategy: This roadmap should outline key milestones, timelines, and resource requirements.
2. Integrate ESG into Core Operations:
- Implement energy efficiency measures: Conduct energy audits, upgrade building infrastructure, and promote energy conservation practices.
- Reduce waste and promote recycling: Implement waste reduction programs, invest in recycling infrastructure, and educate students, faculty, and staff on sustainable waste management practices.
- Promote diversity and inclusion: Implement policies and programs to attract and retain a diverse workforce, create an inclusive campus environment, and address issues of equity and access.
- Enhance corporate governance: Strengthen board oversight of ESG issues, adopt best practices for transparency and accountability, and implement robust risk management systems.
3. Engage Stakeholders:
- Communicate the ESG strategy to all stakeholders: Develop clear and concise communication materials to explain the university's ESG goals, progress, and impact.
- Establish a stakeholder engagement process: Provide opportunities for stakeholders to provide feedback, participate in decision-making, and hold the university accountable for its ESG commitments.
- Partner with external organizations: Collaborate with NGOs, industry associations, and other universities to share best practices, access resources, and amplify the university's ESG impact.
4. Monitor and Evaluate Progress:
- Develop key performance indicators (KPIs): To track progress on ESG goals, including metrics for energy consumption, waste reduction, diversity and inclusion, and corporate governance.
- Conduct regular performance reviews: To assess the effectiveness of the ESG strategy and identify areas for improvement.
- Publish annual sustainability reports: To provide transparent and comprehensive reporting on the university's ESG performance.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations align with FFU's mission to provide a high-quality education and contribute to society. By adopting a comprehensive ESG strategy, FFU can demonstrate its commitment to sustainability and social responsibility, enhancing its reputation and attracting talent.
- External customers and internal clients: The recommendations address the expectations of FFU's stakeholders, including students, faculty, staff, alumni, investors, and the local community. By integrating ESG considerations into its operations, FFU can build trust and loyalty among its stakeholders.
- Competitors: The recommendations help FFU differentiate itself from its competitors by demonstrating leadership in sustainability and social responsibility. This can attract students, faculty, and donors who prioritize these values.
- Attractiveness ' quantitative measures if applicable: The recommendations can lead to tangible financial benefits for FFU, such as reduced energy costs, increased investment returns, and improved employee productivity.
- Assumptions: The recommendations assume that FFU has the resources and commitment to implement a comprehensive ESG strategy.
6. Conclusion
By adopting a comprehensive ESG strategy, Fern Fort University can enhance its reputation, attract talent, secure funding, and contribute to a more sustainable and equitable future. The recommendations outlined in this case study provide a roadmap for FFU to integrate ESG considerations into its core operations and decision-making processes.
7. Discussion
Alternatives not selected:
- Doing nothing: This option would result in FFU falling behind its peers in terms of ESG performance, potentially damaging its reputation and competitiveness.
- Adopting a piecemeal approach: This option would be less effective than a comprehensive strategy, as it would lack a clear vision and direction.
Risks and key assumptions:
- Resource constraints: Implementing a comprehensive ESG strategy requires significant resources, including financial, human, and technological resources.
- Stakeholder resistance: Some stakeholders may resist changes to the university's operations, particularly those that involve increased costs or changes to existing practices.
- Measurement challenges: Measuring the impact of ESG initiatives can be complex and challenging, requiring robust data collection and analysis systems.
Options Grid:
| Option | Benefits | Risks | Cost |
|---|---|---|---|
| Do nothing | No upfront costs | Damage to reputation, loss of competitive advantage, decreased funding | Low |
| Piecemeal approach | Limited impact, less effective than a comprehensive strategy | Potential for inconsistency and confusion | Moderate |
| Comprehensive ESG strategy | Enhanced reputation, increased competitiveness, improved financial performance | Resource constraints, stakeholder resistance, measurement challenges | High |
8. Next Steps
- Establish a dedicated ESG committee: Within the next quarter, FFU should establish a dedicated ESG committee to oversee the development and implementation of the ESG strategy.
- Conduct a materiality assessment: Within the next six months, FFU should conduct a materiality assessment to identify the most important ESG issues for the university.
- Set ambitious but achievable ESG goals: Within the next year, FFU should set ambitious but achievable ESG goals and develop a roadmap for implementation.
- Implement key initiatives: Over the next three to five years, FFU should implement key initiatives to achieve its ESG goals, including energy efficiency measures, waste reduction programs, diversity and inclusion initiatives, and corporate governance improvements.
By taking these steps, FFU can position itself as a leader in sustainability and social responsibility, contributing to a more sustainable and equitable future.
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Case Description
With An ESG Puzzle, students get to use sustainability information paired with financial information for the first time. For the past twenty years, more and more companies around the world have started to supplement their GAAP reports with non-financial reports. This new reporting trend has become increasingly standardized but remains unregulated. While there is no one global agency to enforce non-financial reporting, international bodies like the Global Reporting Initiative (GRI), International Integrated Reporting Council (IIRC) or the Sustainability Accounting Standards Board (SASB) propose measures and methodologies of reporting sustainability information. By solving this case, students will learn about Environmental, Social and Governance (ESG), how to use the Key Performance Indicators (KPIs) which measure these sustainability factors and lastly, how to use this information in conjunction with common financial ratios which they have previously learned about and used in other finance and accounting courses.
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