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illuminem summarizes for you the essential news of the day. Read the full piece on InDaily or enjoy below:
🗞️ Driving the news: Chief Financial Officers (CFOs) are increasingly focusing on sustainability reporting, especially in light of mandatory sustainability reporting requirements
• The evolution of the CFO role into a Chief Value Officer (CVO) encompasses broader aspects like ESG (Environmental, Social, and Governance) matters, contributing to the organization's long-term financial resilience
🔭 The context: The BDO and ACCA report and webinar discussed the new IFRS S1 and S2 sustainability standards, key ESG drivers for CFOs, and the importance of aligning ESG values with organizational and employee goals
• The emphasis is on moving beyond minimum compliance to add value through sustainability initiatives in various areas like cost savings, innovation, employee satisfaction, and brand awareness
🌍 Why it matters for the planet: Sustainability reporting helps organizations understand and mitigate non-financial risks, such as environmental impacts and social inequalities
• This approach aligns with global sustainability efforts, helping companies reduce their carbon footprint and optimize energy use, contributing positively to the planet
⏭️ What's next: The trend towards comprehensive sustainability reporting is expected to expand, incorporating a wider range of ESG factors
• This shift will likely influence corporate strategies, focusing on holistic reporting and integrating sustainability principles into core company values, driving future business decisions and market positioning
💬 One quote: “While CFOs might wonder about the benefits of ESG investing, recent findings show that such investment does contribute to long-term competitive advantage.” (Dean Hobbs, Principal, Consulting, US Finance Strategy Leader, Deloitte)
📈 One stat: 68% of webinar respondents identified “good corporate citizenship” as the primary opportunity related to sustainability initiatives, followed by staff attraction and retention
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