In recent years, following mounting pressures to ‘think and act greener’, many organisations have grappled with demonstrating a real commitment to environmental causes. Some businesses have been criticised for ‘greenwashing’ – creating a façade that they are environmentally friendly and sustainable without making any long-term changes or implementing eco-initiatives that will make a real difference to our environment. Whereas, for others, the financial investment required to adapt policies, procedures and product services has proven to be a major obstacle to creating any meaningful change.
Nevertheless, as climate concerns continue to deepen and societal challenges remain ongoing, the spotlight is being shone on businesses to play their part and lead the way in creating lasting change for the environment, futureproofing the health of our planet and protecting our future generations. In recent years, the focus has been rightly placed on environmental, social and governance (ESG) indicators, which in turn has created a framework to analyse and judge an organisation’s pledge to thinking greener, implementing robust sustainable practices, supporting and educating individuals on what it means to make more environmentally friendly decisions and the importance of good governance.
With the emphasis now placed on what an organisation is doing to positively impact the planet, ESG initiatives are rightfully receiving the attention they require and are gaining momentum through stakeholder engagement. Policymakers and regulators are striving for a net-zero future that benefits everyone, while investors and lenders understand that a business with proven sustainability procedures and commitments is better positioned for future returns. Clients, customers and communities support organisations that align with their social and environmental values, while employees want to work in businesses that are taking a proactive and dedicated approach to ESG.
As ESG becomes more prominent, many of the fundamental barriers to pursuing an effective environmental strategy and an ongoing commitment to social responsibility and good governance, are gradually being removed. Regulators, standards bodies, including those in the accounting profession, and global thinktanks are addressing the issues of accountability and governance and the measurement and impact of non-financial performance in business strategy and operations. The growth of ESG has seen it emerge as a unifying framework for these efforts, signalling a collective effort to work toward more sustainable and responsible business practices.
UHY’s united approach to ESG
Subarna Banerjee, managing partner of our London and Nottingham offices and chairman of UHY International, has a genuine passion for ESG and is determined that, as a network, UHY are catalysts for positive change.
“First and foremost, as a person, ESG is something I hold close to my heart,” he says. “it’s an aspiration to leave behind a world not just sustained but thriving, a true testament to our stewardship and our commitment to make a real difference. I want each of us to make the right, environmentally conscious decisions now to leave a prospering and flourishing world for future generations to come. Both personally and professionally, we all have a role to play, and it is our job to be the change we wish to see”.
Roman Seredynski is another leading figure in UHY’s commitment to ESG. As the managing partner of UHY ECA Group, our member firm in Poland, UHY Board director and chair of UHY’s international special interest group for ESG, he is an advocate in promoting best practices across the network and progressing our efforts. He recently stated:
“New standards for ESG reporting are being developed in many countries and regions of the world. In this respect, ESG is in its infancy, but a lot of important work has already been done in the area of sustainability standards. As a global network serving multinational clients, it is of paramount importance that our member firms stay up to date with national and international regulations and standards, both in non-financial reporting and in ESG assurance. Non-financial audits and reporting will become a necessary measurement of business performance, and we aim to be ready to offer our clients the advice and support they need”.
UHY’s collective objective is to increase our understanding of the three pillars of ESG and actively seek initiatives that advance our commitment to these principles. Working together is fundamental to the way we do business. Sharing knowledge and best practice, collaborating and innovating, and enjoying great relationships across the network are the best ways to serve our clients.
Our ESG policy at UHY
In our London office, our ESG action group has been hard at work to develop our policy that detail our ESG plans, progress and achievements to date. This document emphasises our dedication to sustainability, accountability and transparency. Please access our ESG policy here.
