ESG is the driving forve behind future-focused corporate strategies.
Workiva’s Amplify event in November 2023 turned out to be a sort of three-day mini-Slush for hundreds of enthusiasts of annual and CSRD reporting. The panel session I was invited to as a speaker proved to be one of the most sought-after. We discussed connecting design, storytelling and ESG – here are the key takeaways from the discussion:
ESG and Sustainability are more than buzzwords. ESG topics are not just buzzwords; they’ve become the driving force behind future-focused corporate strategies.
Reporting is stronger than ever. Despite whispers of its decline, reporting is not only alive but thriving, especially in Europe and the signs show that the rest of the world will follow at some point.
Maximizing impactful communication. Effectively harnessing the power of reports is key to engaging stakeholders. With the upcoming legislation Reports can provide the canvas to craft compelling narratives – and the data to back it all up. There is more transparent and comparable data on sustainability for the companies to use in their marketing and communications. Soon we will see who are truly sustainable.
Tech is your ally. Reporting can be demanding, but technology stands ready to streamline the process, including ensuring the accuracy of your data.
You need to start the journey now
But here’s the catch: If you’re aiming to navigate the CSRD landscape with finesse – you need to start now. CSRD mandates that companies embark on a crucial journey. It begins with a thorough examination of how you and your stakeholders perceive sustainability through a comprehensive Double Materiality Analysis. This critical step helps identify which sustainability aspects are relevant to your company, guiding what should be included in your future reports.
Next, it’s essential to align this analysis with your existing reports, sustainability data, policies, strategies, and governance. This will enable you to leverage your current resources to comply with the new regulations as efficiently as possible. But that’s not all – the final step involves aligning your business and strategy to seamlessly collect the remaining required data in harmony with the CSRD standards.
Based on our experience at Miltton, this roadmap typically spans up to two years of preparation. Ensuring compliance with CSRD is a journey worth embarking on now, setting your company on a path to sustainable success.
Procrastination isn’t your friend here; action is. Here’s the roadmap:
Let strategy lead the way: Ensure that your sustainability strategy is the North Star guiding your reporting endeavors.
Weave stories into reports: Your reports aren’t just dry collections of numbers; they’re stories waiting to be told. Make them not only informative but engaging to your target audiences.
Remember your why: Reporting isn’t a checkbox exercise; it’s a tool to elevate your business. Help people see why it matters.
I personally think of reporting as a kind of protection for business. It’s not just about compliance; it’s about creating a better, more sustainable future for your company. As sustainability becomes more crucial, reporting is not fading away; it’s evolving and growing. Embrace this transformation, and you’ll be steering your business toward a brighter tomorrow.
You are not reporting just for the sake of it; you’re doing it to supercharge your business.
Camilla Linniemi leads the reporting business at Miltton in Helsinki. We produce around 100 reports yearly. She participated in Workiva’s yearly Amplify EMEA event in Amsterdam in November 2023 with hundreds of like-minded reporting enthusiasts.
