Lawyers say ESG tools help companies combat racial inequality

The lawyers – Adam Emmerich, David Silk and Sabastian Niles – argue in a post on Harvard Law School’s Forum on Corporate Governance that implementing a strong ESG oversight and governance framework can help boards and management decide when and how to speak out on racial injustice and inequity to meet expectations of investors and stakeholders.

The trio note that an increase in racial justice awareness last summer sparked by the police killing of George Floyd encouraged corporate America to step up its efforts to combat racial inequity. Over the past year, organisations have sought to improve diversity through various initiatives and targets. That has included an uptick in hiring for diversity, equity and inclusion (DEI) roles, the expansion of the internal DEI function and commitments such as periodic anti-bias training and audits of progress on DEI targets.

Here is a good example of how companies can utilize the principles of DEI and ESG in their business practices. The cornerstone principles are about respecting and valuing people’s differences. Basically, just treating others in an appropriate way. Equally, Inclusion is about making sure that people feel comfortable to be themselves, freely. The last 18 months have driven this idea home and sparked a worldwide shift towards inclusion. Thank you President Trump for showing the world what NOT to do.

Diversity Equity and Inclusion (DE&I) is an emerging field devoted to increasing awareness about “invisible” forms of discrimination among employees. While it does not pertain to race, culture or gender – these “visible” forms of discrimination that DE&I encourages people to become aware of are those regarding disabilities, mental health, neurodiversity and chronic disease. All are part of the Social aspects of good governance through ESG principles.

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What is ESG for Companies in Vancouver,BC?

ESG has been around for decades. Recent events have accelerated the need for businesses to make changes.  Environment, Social and Governance may well determine your future success, or failure. Whether you have business in Vancouver or anywhere else.

The term ESG investing was first coined in 2004. It was a part of a study by the UN Global Compact. ESG stands for environmental, social and governance, the 3 cornerstone indicators for investors. The report proposed that “Who Cares Wins.” In 2005, the UN Principles for Responsible Investment, or (UN PRI). The report detailed a plan for investment designed to make life fairer for all and save the planet.

Do ESG Investment Principles Matter in Vancouver?

E, S & G are 3 pillars of ethics measurement for a business or enterprise. They are factors which are driving investor decisions around the world. ESG criteria measure non-financial features which determine how attractive you are for investment. A low ESG score may prevent a company from getting a sustainability score. A low sustainability score will most likely prevent any relevant confidence by investors.

If you have a business in Vancouver, then you will want to read further. If you are looking for investment or want to list on an Exchange, then you will want to examine your portfolio. You will need to establish a Score for potential ESG compliance issues.

What is CSR for Companies in Vancouver?

CSR stands for Corporate Social Responsibility. It is a measurement of a company’s ethical impact on the society it serves. This can include positive impacts like philanthropic endeavours or negative impacts like pollution. It is a report which shows a company’s contributions to the greater community of Vancouver.

The CSR Policy should cover many core elements with regular reporting. These include care for all stakeholders and ethical functioning. There should be a section on respect for Workers’ Rights and Welfare and Human Rights. It should detail all aspects which show respect for Environment.  Finally, the report should include activities for Social and Inclusive Development.

What is DEI for Business in British Columbia

The world has changed and smart companies are changing within it. Diversity, equity and inclusion are terms which are a part of your ESG. Many companies implement these strategies through governance. With the direct effects will be seen in social and environmental actions. They are programs which encourage the participation of diverse groups of people.

Workplace diversity includes people of different genders, races and ethnicities. It also includes abilities and disabilities, religion, culture, age and sexual orientations. socioeconomic status, language or political perspective. The goal is to create more inclusive working environments for everyone.

A good outline for a Diversity, Equity and Inclusion plan will include a DEI Strategic Plan. It will also include a leadership commitment to the plan. It will address the recruitment and hiring of diverse talent. This could include neurodiverse candidates. It will require reporting on inclusive performance management. It will detail equitable and inclusive culture. The report will conclude with highlights listing the effects on the marketplace. It will also outline community impact. There is an increasing demand for reporting for companies in Vancouver, the Island and around the world

You may also want to read What is Diversity, Equity and Inclusion?