Are you effectively communicating the governance of your ESG strategy to stakeholders? And are you demonstrating that sustainability is aligned with your corporate strategy and financial performance targets? Do stakeholders know whether their priorities are being addressed and how?
BIG develops stakeholder engagement strategies that have helped organizations understand the fundamentals of engaging internal and external stakeholders. Some key things for any organization to consider when building an effective stakeholder engagement strategy are:
- Know who your stakeholders are. Develop a formal process to identify and prioritize stakeholders to determine scalability of influence (impacts) and interest (importance).
- Understand your stakeholders’ critical priorities. Chances are their risks are yours and as such, should be integrated into your risk management framework.
- Balance the needs of all stakeholders. There will sometimes be competing priorities and no one size fits all, but by actively engaging in open dialogue and regular risk assessments to determine what’s most material to the viability of your company–as well as your stakeholders–you will be able to better maintain that balance.
- We don’t all communicate the same way. Enable on-going, targeted communications strategies per stakeholder group and supplement your communications with data, training and measurable actions that demonstrate commitment to support stakeholder issues.
- Transparency is essential. Tell your story and ensure that communications tools (proxies, management information circulars, sustainability reports) are easy to read and easy to navigate.
- If not, why not? There will be times when you cannot address all stakeholder needs, but by actively engaging in regular discussions, you can demonstrate that they have been heard.
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