EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
How EY can Help
A global pharmaceutical client started the year 2019 believing that its ways of operating were no longer sufficient to meet its stakeholders’ expectations, particularly with respect to environmental and sustainability commitments. From attracting and retaining employees, meeting the demands of clients and maintaining an authentic, purpose-driven brand, to better serving the communities in which it operates, this company had many reasons to evolve its sustainability position.
With EY’s support, the company developed a framework to make sustainability an integral part of its business strategy. The unifying framework and new metrics enabled the company to assess its sustainability initiatives, rework them as needed, track their progress, and include its sustainability strategy in its annual shareholder reporting. The company also strengthened its decision-making for new investments by ensuring sustainability criteria are incorporated into the process. Actions like these, which embed sustainability into core business functions, are what will drive sustainability into the company’s DNA.
Just a few months ago, the company’s board approved the new sustainable development strategy and gave its executive team a mandate to roll it out. While this existing momentum must now cascade from the top levels of the company across dozens of different country offices, in many ways the organization has completed the most difficult part: shifting its understanding of sustainability beyond monetary donations (corporate philanthropy), volunteerism (CSR), or environmental compliance into initiatives that are fully integrated and delivered through the core business.
These efforts can be enhanced and strengthened when like-minded organizations look beyond their own boundaries to advance purpose-driven business more broadly, particularly with regard to tracking and reporting on the non-financial metrics that reflect whether an organization is actually doing what it says. That’s the thinking behind EY’s focus on helping companies define and deliver against their long-term value creation strategies.