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How do you learn from the best practices and feedback of other ESG reporters?

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ESG reporting is the process of disclosing environmental, social and governance (ESG) performance and impacts to stakeholders. It can help businesses demonstrate their commitment to sustainability, manage risks and opportunities, and improve their reputation and trust. But how do you learn from the best practices and feedback of other ESG reporters? Here are some tips to help you improve your ESG reporting skills.

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Gunjan Patel

Microsoft | Former SAP | TISS, Mumbai | CSR & Social Impact, Philanthropies | Tech for Social Inclusion | Accessibility…
Tahmina Day, MBA, CERP

Sustainability Leader | Risk Strategist | Head of ESG
Daniel Maximilian Da Costa

CEO en Latin American Quality Institute | Certificaciones | Responsabilidad Total

1 Benchmark your report

One way to learn from others is to benchmark your ESG report against the standards and frameworks that are relevant for your industry and region. For example, you can use the Global Reporting Initiative (GRI) Standards, the Sustainability Accounting Standards Board (SASB) Standards, or the Task Force on Climate-related Financial Disclosures (TCFD) Recommendations. These frameworks provide guidance and indicators for reporting on various ESG topics, such as climate change, human rights, diversity, and ethics. By benchmarking your report, you can identify your strengths and weaknesses, compare your performance with your peers, and set goals and targets for improvement.

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2 Seek external assurance

Another way to learn from others is to seek external assurance for your ESG report. External assurance is the process of verifying the accuracy, completeness, and reliability of your ESG data and disclosures by an independent third-party. It can help you enhance the credibility and quality of your report, as well as identify areas for improvement and recommendations for best practices. External assurance can also help you comply with the expectations and requirements of your stakeholders, such as investors, regulators, customers, and NGOs. You can choose from different levels and types of assurance, depending on your needs and budget.

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Gunjan Patel

Microsoft | Former SAP | TISS, Mumbai | CSR & Social Impact, Philanthropies | Tech for Social Inclusion | Accessibility & Disability Inclusion | Green Skills & Sustainability | Social Entrepreneurship | Volunteering
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I believe that getting assurance from the external organisations is one of ways to obtain feedback and compare the ESG practices and KPI measurement / tracking. The 3rd party then can also help benchmark with companies in similar domain, country or business profile

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3 Join a network or platform

A third way to learn from others is to join a network or platform that connects you with other ESG reporters and experts. For example, you can join the Corporate Reporting Dialogue (CRD), a coalition of 17 international organizations that promote greater alignment and coherence in corporate reporting. Or you can join the World Business Council for Sustainable Development (WBCSD), a global network of more than 200 leading companies that collaborate on sustainability issues and solutions. By joining a network or platform, you can access resources, tools, and guidance for ESG reporting, as well as exchange insights, experiences, and feedback with your peers and mentors.

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Gunjan Patel

Microsoft | Former SAP | TISS, Mumbai | CSR & Social Impact, Philanthropies | Tech for Social Inclusion | Accessibility & Disability Inclusion | Green Skills & Sustainability | Social Entrepreneurship | Volunteering
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It will always be helpful to learn from peers or stakeholders through professional network. Being a part of professional network group is one of the ways to learn about the best practices.

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4 Follow the trends and best practices

A fourth way to learn from others is to follow the trends and best practices in ESG reporting. ESG reporting is constantly evolving and changing, as new issues, expectations, and innovations emerge. You need to keep up with the latest developments and standards in your industry and region, as well as the global context. You can follow the trends and best practices by reading reports, articles, blogs, podcasts, and newsletters from reputable sources, such as the GRI, the SASB, the TCFD, or the CRD. You can also attend webinars, workshops, conferences, and events that showcase the best examples and practices of ESG reporting.

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Tahmina Day, MBA, CERP

Sustainability Leader | Risk Strategist | Head of ESG
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Remember that we are transitioning from voluntary ESG reporting to regulatory that will be mandated by the soon-to-be legislation, such as ESRS in EU and the SEC Climate Risk Disclosure Proposal in the US. The IFRS’ ISSB is planning to issue the first set of global voluntary ESG standards that have the potential to be adopted as national legislation in several countries as well. The best way to stay up to date with latest developments in the voluntary and regulatory ESG reporting frameworks is to subscribe to news from the standard-setting organizations as well publications, such as ESG Today.

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5 Solicit feedback and engage stakeholders

A fifth way to learn from others is to solicit feedback and engage stakeholders on your ESG report. Stakeholders are the individuals or groups that are affected by or have an interest in your business activities and impacts. They can include investors, customers, employees, suppliers, regulators, communities, NGOs, and media. By soliciting feedback and engaging stakeholders, you can understand their needs, expectations, and perspectives on your ESG performance and reporting. You can also build relationships, trust, and dialogue with them, as well as address any concerns or questions they may have. You can solicit feedback and engage stakeholders through surveys, interviews, focus groups, roundtables, or online platforms.

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6 Learn from your mistakes and successes

A sixth way to learn from others is to learn from your mistakes and successes in ESG reporting. ESG reporting is a continuous learning process that requires reflection, evaluation, and improvement. You need to monitor and measure the results and impacts of your ESG report, as well as the feedback and responses from your stakeholders. You need to analyze what worked well and what did not, what challenges and opportunities you faced, and what lessons and insights you gained. You need to apply what you learned to your next ESG report, as well as to your overall ESG strategy and management.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Daniel Maximilian Da Costa

CEO en Latin American Quality Institute | Certificaciones | Responsabilidad Total
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Para mejorar los reportes de ESG, explora informes líderes para entender sus prácticas y desafíos. Participa en eventos de sustentabilidad para aprender de expertos y captar tendencias. Fortalece tu conocimiento con cursos y certificaciones en ESG. Conéctate en redes profesionales para intercambiar ideas. Considera consultoría especializada para perspectivas externas. Haz benchmarking con reportes de sectores similares para identificar áreas de innovación. Solicita feedback a stakeholders para ajustes precisos. Mantente informado con publicaciones especializadas. La adaptación y el aprendizaje continuo son esenciales debido a la naturaleza cambiante de las expectativas en ESG.

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Tahmina Day, MBA, CERP

Sustainability Leader | Risk Strategist | Head of ESG
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For publicly traded companies, a good source of feedback can be the analysts and investors’ calls and inquiries. Analysts and institutional investors research many corporate ESG reports and have developed a good understanding of what constitutes an informative and well-structured sustainability report. It’s important not to get defensive and be open to constructive feedback.

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How do you learn from the best practices and feedback of other ESG reporters?

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2

3

4

5

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1 Benchmark your report

2 Seek external assurance

3 Join a network or platform

4 Follow the trends and best practices

5 Solicit feedback and engage stakeholders

6 Learn from your mistakes and successes

7 Here’s what else to consider

Sustainability

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How do you learn from the best practices and feedback of other ESG reporters?

1

2

3

4

5

6

7

1 Benchmark your report

2 Seek external assurance

3 Join a network or platform

4 Follow the trends and best practices

5 Solicit feedback and engage stakeholders

6 Learn from your mistakes and successes

7 Here’s what else to consider

Sustainability

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