ESG reporting can increase competitive advantage alongside compliance

Daniel Jeczmien, CEO and Co-Founder of associate member and ESG platform provider Omnevue (previously ESGgen) looks at the growing importance of ESG reporting in today’s business landscape.

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In today's rapidly evolving landscape, environmental, social, and governance (ESG) considerations are increasingly valuable. ESG regulation is changing as regulators and governments wise up to its importance. As best practice continues to develop, accountants and business leaders need to keep abreast of changes to ensure that, where regulation is mandatory, they are on the right side of compliance.

The release of the International Sustainability Standards Board (ISSB) Standards by the IFRS Foundation last month, marks a significant milestone in the realm of sustainability-related disclosures. The reality is that small and medium sized enterprises (SMEs) must soon be ready to disclose their non-financial data. Large companies and financial institutions are already requesting ESG data from the SMEs in their value chains. Our research shows that 63% of SMEs have received such a request in the last six months.

Getting comfortable with ESG and deciding how your business can find value in non-financial data, will also bring a competitive advantage now.

In 2022, we proudly partnered with the BVRLA and have since onboarded 10 members in a pilot program. This collaboration reflects the shared commitment of both organisations to promote sustainability and ESG integration in the vehicle leasing industry.

Our partnership has helped prepare a growing group of forward-thinking BVRLA members for the disclosure regulations that are coming our way, specifically around CO2e emissions.

Our vueESG solution empowers businesses to easily respond to disclosure questionnaires from suppliers, clients, banks, and investors. It not only simplifies the process but also provides a deep understanding of their ESG data, resulting in informed decision-making.

By measuring, tracking, and managing ESG performance, businesses can enjoy a range of benefits, including:

  1. Streamlined ESG Data Management: vueESG simplifies the process of collecting, organising, and analysing ESG data. The intuitive user interface and robust data management capabilities make it easy for companies to monitor their environmental impact, social initiatives, and governance practices.
  2. Regulatory Compliance: As the government tightens regulations around ESG reporting, vueESG ensures that firms are well-prepared to meet these obligations. The platform aligns with evolving standards, generating comprehensive and accurate reports in line with International Accounting Standards. This therefore enables companies to stay ahead of regulatory changes and avoid penalties associated with non-compliance.
  3. Competitive Advantage: By demonstrating a strong commitment to ESG principles through vueESG, businesses can differentiate themselves from competitors. The ability to showcase sustainability initiatives and progress helps attract lucrative contracts from Government, PLCs and other environmentally conscious customers and partners who prioritise working with socially responsible organisations.
  4. Data-Driven Insights: vueESG provides valuable insights through its advanced analytics and reporting features. Companies can uncover trends, identify areas for improvement, and make data-driven decisions to optimise their ESG strategies. This empowers businesses to set ambitious sustainability goals and track progress effectively.

Omnevue’s ESG Data reporting platform helps businesses with their ESG management and gain a competitive edge in the industry.

BVRLA members can take advantage of the exclusive BVRLA discount. Contact [email protected] to get your 10% discount.

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