Guidance on improving the quality of ESG information for decision-making
28. June 2019
The World Business Council for Sustainable Development (WBCSD) and FSR - Danish Auditors - have published a first-of-its-kind guidance on how companies can improve the quality of their environment, social and governance (ESG) information by considering the basic building blocks of internal controls. It’s important for companies to pursue investment grade ESG data collection, analysis and reporting. But companies first need to understand the business case for improving the internal control environment and the quality of ESG data.
The guidance offers a series of questions for a company to use to conduct a gap analysis and understand what needs to be improved. It also provides practical suggestions aligned to the COSO Internal Control Framework on how changes can be made within an organization - from establishing a group ESG data manual, through to training workshops and reports to the management.
To be resilient, successful and sustainable, companies must understand the impacts and dependencies of their business models. They must manage risks and take advantage of opportunities in their operating environment. This demands comprehensive information - which starts with reliable data flowing through the business to support internal decision-making.
World Business Council for Sustainable Development| Guidance on improving the quality of ESG information for decision-making