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Five Steps to Good Sustainability Reporting a Practical Guide for Companies

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Five Steps to Good Sustainability Reporting a Practical Guide for Companies Five Steps to Good Sustainability Reporting A Practical Guide for Companies Five Steps to Good Sustainability Reporting 1 Five Steps to Good Sustainability Reporting A Practical Guide for Companies NOVEMBER 2020 ABOUT THIS REPORT The report is based on BSR’s long experience working on sustainability reporting with companies, a literature review, and interviews with member companies. Any errors are those of the authors. Please direct comments or questions to [email protected]. This report was researched and written by Nina Hatch and Adam Fishman, with input from Dunstan Allison-Hope. The authors wish to thank the companies featured in case studies for sharing their perspectives and for participating in this exercise. DISCLAIMER BSR publishes occasional papers as a contribution to the understanding of the role of business in society and the trends related to corporate social responsibility (CSR) and responsible business practices. BSR maintains a policy of not acting as a representative of its membership, nor does it endorse specific policies or standards. The views expressed in this publication are those of its authors and do not reflect those of BSR members. Five Steps to Good Sustainability Reporting 2 Contents Introduction 4 Step 1: Set Priorities and Develop Strategy 7 1.1 Materiality: Conduct/Review 8 1.2 Set Strategy, Pillars, Ambition, and Goals 11 1.3 Benchmark: What Are Peers Doing 14 Step 2: Build the Structure and Gather Data 15 2.1 Identify Key Audiences for The Report 16 2.2 Assess Gaps against Standards and Frameworks 18 2.3 Develop High-Level Content Outline Organized around Material Issues and Strategic Priorities 22 2.4 Set Reporting Governance 22 Step 4: Finalize and Communicate 33 Step 3: Develop and Revise Content 24 4.1 Liaise with Communications for Production 34 3.1 Collate Data 25 4.2 Publish and Communicate Internally and Externally 35 3.2 Draft and Iterate 27 3.3 Apply Necessary Standards—Create an Index 29 Step 5: Review Learnings and Iterate 37 5.1 Review the Process: How Did You Do? 38 3.4 Garner Final Approvals 31 5.2 Set a Longer-Term Reporting Approach/Plan 38 Concluding Thoughts 40 Five Steps to Good Sustainability Reporting 3 Introduction Sustainability reporting and disclosure on meet these expectations, it underlines the prospect Standards Board (SASB), International Integrated Environmental, Social, and Governance (ESG) of lower cost of capital tied to sustainability Reporting Council (IIRC), and Taskforce on Climate- issues is increasing globally. Twenty percent of performance. related Financial Disclosures (TCFD). The principles S&P 500 companies published sustainability apply throughout the reporting process and are reports in 2011, and eight years later, that number Internally, sustainability reporting can clarify and tagged where especially relevant. Using this five- reached 90 percent in 2019. Sustainability improve a company’s performance on sustainability step guide and implementing these principles will reporting has moved from a “nice to have” issues. Reporting helps crystallize strategic help you achieve a best-in-class report. to an expectation of all companies. BSR sees priorities, demonstrate how these priorities are sustainability reporting as achieving two embedded in business priorities, and pinpoint compelling outcomes: informed decision-making areas where change, continuous improvement, or by stakeholders and improved sustainability innovation is needed to set strategies, meet goals, performance by companies. Companies that or align with peers. Disclosure against reporting disclose information in a sustainability report do frameworks’ requirements demands identifying so because it provides clear external and internal key sustainability risks and opportunities, which benefits. helps to increase awareness and management of vulnerabilities. Reporting can alert companies Externally, disclosure expectations are increasing. to emerging issues or trends, allowing for early Sustainability reporting helps companies meet management of risks and improved performance disclosure requirements—whether regulatory, on opportunities. Finally, highlighting strong insurance-related, or customer-specific—and sustainability programs attracts new purpose-driven improve relationships with stakeholders who talent, improves retention, and increases employee expect, or would like to review, the company’s motivation. sustainability data. Reporting provides critical information for stakeholders to evaluate So how can you produce a good sustainability performance and make decisions (e.g. whether to report? BSR’s experiences, as consultants and invest). Reporting also helps companies enhance researchers, suggest that best-in-class sustainability their reputation and perceived trustworthiness. reporting follows 10 principles on content and Finally, investors are increasingly calling for quality. The principles combine and draw on companies to make their sustainability risks and features of several prominent reporting standards opportunities transparent in a standardized way. and frameworks, namely GRI (formerly Global Not only does sustainability reporting aim to Reporting Initiative), the Sustainability Accounting Five Steps to Good Sustainability Reporting 4 Five Steps to Good Sustainability Reporting 5.1 Review the Process: How 1.1 Materiality: Conduct Review Did You Do? 1.2 Set Strategy, Pillars, Ambition, and Goals 5.2 Set a Longer-Term 1.3 Benchmark: What Are Peers Doing Reporting Approach/Plan STEP 5 STEP 1 Review Set Priorities Learnings and Develop and Iterate Strategy FIVE STEPS TO GOOD SUSTAINABILITY 2.1 Identify Key Audiences for STEP 4 STEP 2 REPORTING the Report Finalize and Build the 4.1 Liaise with Structure 2.2 Assess Gaps against Standards and Communicate Frameworks Communications for and Gather Production 2.3 Develop High-Level Content Outline Data 4.2 Publish and Organized around Material Issues and Strategic Priorities Communicate STEP 3 Internally and Externally 2.4 Set Reporting Governance Develop and Revise Content 3.1 Collate Data 3.2 Draft and Iterate 3.3 Apply Necessary Standards—Create an Index 3.4 Garner Final Approvals Five Steps to Good Sustainability Reporting 5 BSR’s 10 Principles of Good Reporting Report Content PRINCIPLE 1 PRINCIPLE 2 PRINCIPLE 3 PRINCIPLE 4 PRINCIPLE 5 MATERIALITY AND STRATEGIC AND SUSTAINABILITY KEY PERFORMANCE COMPLETENESS CONCISENESS FORWARD-LOOKING CONTEXT INDICATORS AND NARRATIVE Reporting is focused, succinct, Similar to financial reporting, Readers are able to understand Good reports provide key Report addresses all material and guided by material issues sustainability reporting and interpret company performance indicators issues with appropriate depth/ determined via regular, multi- provides both a snapshot performance in the broader (KPIs) and key performance detail based on importance stakeholder assessments. of the reporting period and sustainability context, such as narratives (KPNs). The KPNs to the business and stake- Information is presented in a clear indication of future the achievement of Sustainable are directly linked to the KPIs holders. The reporting period the format and cadence most strategy, goals, programs, and Development Goals, the two- and explain past and future and boundary are clearly appropriate for its audience(s), direction. degree pathway on climate trends in performance. stated and are wide enough to referencing relevant standards change, and the realization allow accurate assessment of (IIRC, SASB, GRI, etc.) for of international human rights. economic, environmental, and consistency and comparability. Depending on the company, the social performance. The report describes where sustainability context could be in the value chain the issue is relevant at the local, national, BSR Vision material. regional, or global level. Report Quality PRINCIPLE 6 PRINCIPLE 7 PRINCIPLE 8 PRINCIPLE 9 PRINCIPLE 10 STAKEHOLDER BALANCE ASSURANCE CONSISTENCY AND CONNECTIVITY OF ENGAGEMENT COMPARABILITY INFORMATION Key internal and external The report provides Sustainability information should Reports are issued on an annual The company’s overall sustainability stakeholders are identified balanced discussion of be handled with the same level basis in formats that allow disclosures adhere to BSR’s triangle and engaged on a regular and successes, challenges, and of rigor as financial information. comparability between years so of reporting (page 19). The top of structured basis. The results shortcomings. Good reports Quantitative data and relevant that readers can ascertain the triangle comprises succinct of these engagements are also share learnings, best company statements should be company progress over time. information relevant for multiple communicated transparently, practices, and plans for assured by objective third parties Metrics should also align with audiences, and as one moves down and company responses to improving performance in where possible. The report clearly industry and global best practice the triangle, the target audience BSR Vision feedback are clear. the future. and accurately describes any to allow comparability across narrows to those with expertise in external review it received. companies. Frameworks and a specific field. Individual reports standards, such as the IIRC, serve different audiences yet are SASB, GRI, etc., provide useful connected to each other as part of guidance. a greater triangular whole. FiveFive StepsSteps toto GoodGood SustainabilitySustainability ReportingReporting 66 STEP 1 STEP 1 Set
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