Top Lessons Learned from the ESG Communications Summit in Toronto

I have just returned from Toronto, where we hosted the first ever "ESG Communications Summit" in Canada. We began researching the event 6 months ago with the goal of hosting a training event for 30-40 attendees. At the end, the event drew over 180 ESG communications enthusiasts and we had a fantastic day filled with amazing content and great interaction on, probably, one of the most relevant topics in today's business world.

I could write a book about all the fantastic lessons I've learned at the Summit, but in this blog post I would like to share with you a few of the most important ones.

1. STRATEGY FIRST APPROACH TO STORYTELLING

The day was kicked off with an interactive keynote address from Alicia Alexandrovicz of Weber Shandwick who reminded us all that when it comes to storytelling in ESG, we need to move from storytelling to storydoing. In addition, in our capacity as communications professionals, we must strive to turn numbers into narratives in order to achieve our goals. An effective ESG storytelling must be backed by meaningful action. We must strive to make a real difference in the world and then tell the story of that difference in an engaging way. Without the right strategy, the story will not have the impact it needs to succeed. We must focus on the strategy first and craft the story around that.

KEY TAKEAWAY: Develop and implement strategies based on collaborative efforts that can achieve both internal and external buy-in.?

2. ACT NOW TO SET SUSTAINABLE GOALS

The ESG concept is more than just a regulation, but rather a way of doing business. Companies that focus on ESG initiatives are committed to creating long-term value and being responsible corporate citizens. These companies are better prepared to face the challenges of a changing world and will have a competitive edge over their peers. As Gemma Pryor, from McDonald's, reminded us, it is imperative for our organizations to champion ESG. It is crucial that we begin setting sustainable goals immediately rather than waiting for them to be set for us. Last but not least, as communicators we must recognize that ESG communications and driving impact are always on, always integrated, and always evolving.

KEY TAKEAWAY: We need to change our mindset from simply being ESG communicators to thinking of ourselves as key motivators of change.

3. DON'T LET THE PERFECT TO BE THE ENEMY OF THE GOOD

Effective ESG communications, as Sarah Chapman pointed out, are all about communicating credible data and backing up what you say. Transparency is key when it comes to ESG communications. Companies must be clear and honest about their activities and provide the data to back up their claims. It's also important to remember that progress is better than perfection when it comes to ESG communications.

KEY TAKEAWAY: Only being transparent is no longer good enough. Especially for investor audiences, people don't just want to hear about your ESG targets, they want details about what you are doing to achieve them, when, and how.

4. TOP COMPANIES INVOLVE EMPLOYEES IN THEIR PURPOSE

As communicators, we must build a culture around ESG with our employees. As Elizabeth Dove and Tania Ferlin noted, we can do this by helping them understand how their individual roles and responsibilities contribute to the company's purpose. We should also create opportunities for employees to engage in activities that support our purpose. Finally, we should recognize and reward employees for their contributions to our ESG efforts. We should also create an environment that encourages employees to speak up and share their ideas on how to better integrate ESG into our work. Regularly engaging with employees to get their feedback on our initiatives is also a great way to ensure that our ESG efforts are effective. Finally, we should provide resources and guidance to help employees make sustainable decisions.

KEY TAKEAWAY: Be proactive. Be consistent. Be inclusive. Be authentic.

5. TRUST IS NOT A RENEWABLE SOURCE

Trust is one of the most important aspects of ESG communications. Trust is a delicate resource that needs to be built and maintained over time. It is based on the integrity of a company's actions, communication, and transparency. If a company is not demonstrating these qualities, trust can easily be eroded and be difficult to regain. As Sevaun Palvetzian pointed out, trust is not a renewable source.

KEY TAKEAWAY: Know the difference between smart business strategy and political football.

6. MAKE YOUR ESG JOURNEY REAL

It is important for companies to communicate their ESG efforts, but they should avoid exaggerating their progress. As Shilpa Tiwari mentioned, an ESG story must be told honestly for it to be successful - brands must be transparent about their work without exaggerating their progress. In many cases, this means being upfront about the areas where work still needs to be completed.

KEY TAKEAWAY: ESG narrative is a powerful story or series of stories, that should drive understanding and inspire action, ultimately making your ESG journey real, relevant and resonant to your stakeholders.??

7. LEGAL RISKS IN ESG COMMUNICATIONS

Most of the speakers at the Summit discussed the need for finance-level standards to be applied to the accuracy of data when communicating ESG information. As for legal risks, while several cases are being brought against governments worldwide, for now the focus of scrutiny and litigation has been on companies in the financial services and energy sectors. Conor Chell advises that the best way to avoid legal liability in regards to your ESG communications is to make data the cornerstone of your strategy.