Challenge
Due to customer requests and investor pressure, the Client needed to develop a sustainability program despite limited resources in a very cyclical business environment. As a trusted customer to many large publicly traded companies, the Client was struggling to keep abreast of latest sustainability trends, customer requests for information and investor requests for ESG data.
Solution
FSI developed a fit for purpose strategy for the Client through our Fractional Chief Sustainability Officer service. We conducted a materiality assessment on behalf of the company to isolate the material issues that were most relevant to the Company and then developed a reporting and supplier engagement strategy that included an annual sustainability report and Ecovadis submission. As corporate governance and business ethics topped the list of issues surveyed in the materiality assessment, we also developed a Business Responsibility Council from multiple departments across the company to meet quarterly and discuss sustainability issues and progress across the firm.
Impact
The Client is now in its second year of working with FSI on a Fractional CSO basis. Together we have completed our first Ecovadis assessment, just missing a bronze medal in our first year of disclosure. The Responsibility Council has developed an ESG scorecard that is completed quarterly and informs management on potential risks and opportunities through an ESG lens. The sustainability work with FSI has enhanced customer and community relationships. They receive the full benefits of an experienced sustainability professional at a cost that is considerably less than an investment of a full-time headcount.