This piece was contributed by Dr. Kevin Hale and Dr. Steven Kaszak, Assistant Professors of Accounting within CSB.
To many the term ESG reporting is a foreign concept that holds little significance to their every day lives. But should the business world be paying more attention to ESG reporting data? To break it down, ESG reporting stands for environmental, social and governance reporting. Traditionally ESG reporting allows companies to identify and manage risk and opportunities related to their environmental and social impact. This allows firms to build trust with stakeholders and hopefully draw in long-term investors. While an organization may create a corporate culture that empowers its employees to engage in socially responsible behaviors, it publishes an ESG report to communicate its performance to interested parties and to increase transparency.
The ESG information reported is dependent upon different organizational factors such as the company’s industry, size, and location. For example, Live Oak Bank’s 2021 ESG report includes information regarding:
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