What to consider when choosing your ESG Advisory?

ESG, or Environmental, Social and Corporate Governance, is a critical part of any modern business operation. It is paramount to the success of the business and its ability to create value for shareholders. Yet, with the rapid expansion of the industry, many organizations are still left scrambling to find the right ESG advisory for their specific needs. Many factors go into making an ESG Advisory, but there are a few key considerations that any good advisor should take into account:

1. What are your specific ESG goals?

The first step is to ensure that the ESG Advisory has a genuine understanding of the ESG landscape and can provide comprehensive insights into the various ESG frameworks and reporting standards. ESG goals can be highly specific and differ significantly from one organization to the next. As such, ESG Advisory must be able to tailor its services to meet the specific goals and objectives of the client.

2. Do they have a robust ESG methodology?

ESG methodologies are constantly evolving and becoming more sophisticated. It is important to choose an ESG Advisory with a robust and up-to-date ESG methodology that can be applied to the specific circumstances of the client. The ESG Advisory should also be able to provide evidence of successful ESG implementation in similar organizations. When considering ESG methodologies, look for those that are comprehensive, yet flexible enough to be customized to the client's specific needs.

3. What is their ESG reporting experience?

The reporting requirements of different ESG frameworks can be onerous, and the ESG Advisory should have significant experience in ESG reporting. Ideally, the ESG Advisory should have a team of ESG reporting experts who are familiar with the various ESG reporting standards and can provide guidance on the most effective way to report ESG data.

4. Do they have a global ESG network?

As the world becomes more interconnected, ESG issues are becoming increasingly complex. Organizations not only have to consider local and national regulations but also international treaties, trade agreements, and NGO initiatives. Picking an ESG Advisory with a strong global ESG network can provide essential insight into the complex intersections of national and global regulations, and help the organization identify the best approach for their specific circumstances.

5. How will they consult?

The ESG Advisory should be able to provide consultation services to ensure that the client is on track with its ESG goals. While not always required, a consultation can take many forms, ranging from regular updates and guidance, to in-depth and comprehensive workshops on the different aspects of the business operation. The ESG consulting team should be able to provide an unbiased assessment of the ESG landscape and help identify ways to increase value for shareholders.

6. Do they have a proven track record of building partnerships?

Once an organization has committed to integrating ESG Solutions into its business operation, it becomes particularly important that collaboration with external partners is established early on and continues throughout the lifecycle of the project. An ESG Advisory should be able to work with external partners and source solutions to complex problems while ensuring that internal stakeholders are integrated into decision-making.

The values that a business holds dear should always take precedence over its bottom line. In an ESG Advisory, these values are of paramount importance. You should hire the ESG Advisory with the utmost respect for their ability to help a business uphold its values most effectively.

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