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Although there’s a wide range of governance structures surrounding ESG, finance is getting more involved as investors show more interest.
CFOs and other members of leadership are beginning to integrate finance into their ESG strategy, as finance functions have the skillset to make the reporting process more reliable, as well as efficiently compile and analyze related data. Finance today is inputting, processing, compiling, controlling and analyzing data. Even if they are not subject matter experts in ESG, they are subject matter experts in reporting information to investors.
The ESG reporting requirements discussed in the first part of the series will increase the demands on the finance function. Here are two recommendations for CFOs to build on their skills and past successes in supporting ESG disclosures:
- Expand the role of finance
- Understand if your current operating model is ready for the increase reporting requirements
Summary
View our second video in the Beyond the Bottom-Line video series to learn more about this topic and under why ESG is becoming the finance function’s responsibility.
About our Beyond the Bottom-Line series:
To support the Canadian market with this significant shift in reporting, sustainability leaders across EY Canada have come together to produce the “Beyond the Bottom-Line” series. It is intended to help CFOs and their team of finance professionals based on our experiences in the market, discussions with preparers, investors, standard setters and other stakeholders. The Beyond the Bottom-Line series will delve into the pressing matters front and centre of the minds of Canadian finance teams, such as covering target operating models, implementation roadmaps, data integration and quality, and more.