Increasing awareness of ESG factors has changed the way businesses operate. Companies are expected to be transparent and accountable about their environmental and social impacts. In this blog, we share how companies can do this through Impact Reports and why they’re important.
How do ESG Impact Reports work?
An ESG Impact Report provides an overview of a company’s performance across several ESG dimensions. In these reports, KPIs and metrics are used to assess performance by gathering data on relevant ESG factors and assessing their materiality to the business and stakeholders. For credibility, companies generally adhere to established reporting standards and guidelines, integrate ESG reporting into their corporate reporting, engage with stakeholders during the process, and undergo third-party verification or assurance. Through ESG Impact Reports, companies can understand the key impact drivers and outcomes that their specific business has, allowing both themselves and stakeholders to gain valuable insights into the ESG performance and promote transparency, accountability, and sustainability.
How can Rimm help?
Rimm’s myCSO, an AI-powered ESG solution aligns to the emerging winners among industry frameworks (CSRD, IFRS, UN SDGs, UN Positive Impact Initiative etc.) and involves detailed desktop analysis with input from selected stakeholders (management, Board, investors, colleagues etc.). The Impact Report focuses specifically on the quantified impacts of the UN SDGs, which makes it easy to comprehend impact and address areas of strengths and weaknesses. In businesses, ESG impact reports play an important role in demonstrating transparency, accountability, and sustainability. Businesses can gain a competitive advantage and drive positive change by disclosing their performance across environmental, social, and governance criteria. Developing a sustainable future will increasingly depend on ESG impact reporting as demand for sustainability grows.
Interested to learn more about our solutions? Book a session to talk with our team today.
