ESG embedding: are you ready? A call for Boards, Risk Managers and Internal Auditors

Corporate Sustainability: Risk Managers and Internal Auditors must work closer with Boards of Directors
Boards of Directors need to work closer with Risk Managers and Internal Auditors to meet the sustainability challenges facing corporations. Otherwise, there is an increased risk of not meeting legal obligations and market expectations.
 
“Risk Managers and Internal Auditors are needed for their expertise when it comes to anticipating the effect of double materiality. The two professions can also help the Board in the dialogue with relevant stakeholders. Companies should first assess their level of maturity in terms of overall approach to sustainability”, highlighted Béatrice Richez-Baum, Director General, ecoDa.
 
EFRAG has just delivered the first set of draft standards for European sustainability reporting (ESRS) to the European Commission. The standards underline the urgency for European corporations to meet the sustainability challenge. At board level, more in-depth knowledge of sustainability issues in business operations becomes imperative.
 
“As a prerequisite, risk management and internal audit must support the Board and senior management so that strategy, risk management, policies, governance and culture fulfill the requirements and expectations. In turn, the Board and the C-Suite must give internal audit and risk management the means to do this”, added Pascale Vandenbussche, Secretary General, ECIIA.
 
While new developments regarding enhanced European legislation on corporate sustainability (including EFRAG’s ESRS standards) are emerging, ecoDa representing board members, FERMA representing risk managers and ECIIA for internal auditors describe in a joint paper, why cooperation between the three roles is needed.
 
“A corporate culture that embraces enterprise-wide risk management is a fundamental factor in determining how organisations approach and deal with sustainability. Managing sustainability requires a mature risk management function and processes. And, with our maturity matrix in the paper we guide organisations to gain a better sense of their sustainability journey”, Typhaine Beaupérin, FERMA CEO.
 
Embedding sustainability into business operations requires Boards of Directors, Risk Managers and Internal Auditors to cooperate. A clear understanding between the Risk Management and Internal Audit functions must be developed to support the Board, and deliver on sustainability objectives.

ecoDa Upcoming Webinars

10 October 2022: Corporate Governance: A booster for innovation?

Promoting a more standardised and global approach of governance practices is it the right to support innovation in European companies? How companies can have a different development path if regulators and investors are overly focusing on enforcing hard regulations and standard practices?
This webinar will be moderated by Michael Hilb.
The panel will be composed of Chris Hodge, Gatis Kokins, Annalisa Gigante and Abigail Levrau.
Please register to confirm your participation via this link: https://us02web.zoom.us/webinar/register/WN_u0IA8yehSr2tvR2moTAqow

27 October 2022: Corporate reporting: Internal control 2.0 as the way forward? In cooperation with PwC

The subject of internal control is becoming more predominant in current debates, whether it concerns reflection on corporate reporting, ESRS standards or audit reform debates at national level like in the UK and in the Netherlands. What is meant by internal control? What is the role of internal control for ESG? What lessons from Sarbanes Oxley?
This webinar will be moderated by Rogier Wezenbeek.
The panel will be composed of Rachel Bowden, Maurizio Donvito, Stephen Licence and Anne-Hélène Monsellato.

Please register to confirm your participation via this link: https://us02web.zoom.us/webinar/register/WN_GdVGPzupRp2oaB_6IzYdgg


The European Board Diploma

Gentili Associati,

vi segnaliamo il programma di formazione “The European Board Diploma” organizzato da ecoDa, insieme ad alcuni partners tra cui Nedcommunity, che inizierà il 20 Ottobre 2022.
Il corso consta di 4 appuntamenti, 3 obbligatori (20, 21 e 28 Ottobre) e 1 opzionale (7, 18 e 25 Novemebre).

Tra gli speakers parteciperanno anche due dei nostri Associati, Michele Siri e Livia Piermattei, i cui intereventi sono:

20 October 2022 – 11:00: Pillar 2 European Diversity in Corporate Governance
Tailor-made Corporate Governance starts by an understanding of the different Corporate Governance models.
Insights on key features of national Corporate Governance models in Europe, Roger Barker,
Director of Policy and Governance, Institute of Directors, Gudrun Timm, Partner and Director, Carpe Diem International, Michele Siri, Professor of business law at the University of Genoa (Italy) and director of the
Genoa Centre for Law and Finance, Lena Henningsson, Director, StableTable Scandinavia AB
Chairman, Lund University School of Economics and Management

20 October 2022 – 15:55 Case study 1: Credible action on sustainability as lever for business success (With Embedding project and Livia Piermattei, Board Member, Board Advisor for a Sustainable Performance, Amundi SGR spa) – Examining effective board oversight of credible sustainability performance

In allegato troverete tutta la documentazione relativa al corso.


ecoDa – EU Alerts 32

It Includes:

EUROPEAN INSTITUTIONS DEVELOPMENTS

  • Council: Compromise proposal on the CSDD by the Presidency
  • EESC: Opinion on the CSDD Commission proposal

INTERNATIONAL DEVELOPMENTS

  • BlackRock: 2022 voting spotlight
  • Japan: Regulator published ESG code of conduct (Minerva Analytics)

EUROPEAN DEVELOPMENTS

  • Responses to EFRAG consultation on the first set of draft ESR
  • Accountancy Europe
  • ESMA

NATIONAL DEVELOPMENTS

  • France: Legal inventory of extra-financial instruments adopted by large companies
  • UK: Further improvement needed under new climate rules
  • Luxembourg: Study on non-executive directors and the concept of independence

ARTICLE

EU corporate due diligence proposal: game changer or paper tiger? (European Jacques Delors)

The EU Alert is available for download here.

ecoDa – EU Alerts 28

It Includes:
EUROPEAN INSTITUTIONS DEVELOPMENTS

CSRD: Consolidated text public
ESMA: Letter on ISSB’ Exposure Drafts
CJUE: Judgement on software in diesel vehicles

INTERNATIONAL DEVELOPMENTS
US: Business Roundtable concerned with the SEC’s disclosure proposal
UN combats greenwashing with new panel (Minerva Analytics)

NATIONAL DEVELOPMENTS
UK: Next steps to reform the UK’s audit and corporate governance framework
UK: Regulator to review impact of ESG ratings on firms (Board Agenda)
Netherlands: The rise of stakeholder committees (Lexology)

ecoDa News


  • ecoDa European Board DiplomaLearn more about this ecoDa brand-new board education programme. Registrations are open;
  • 25th of July: ecoDa  call on DNF ISSB topics

The EU Alert is available for download here.

ecoDa – EU Alerts 27

It Includes:

EUROPEAN INSTITUTIONS DEVELOPMENTS
EU Taxonomy: The Complementary Delegated Act approved
EC: Reports to improve the quality of financial advice and direct SMEs to alternative funding providers

INTERNATIONAL DEVELOPMENTS
OECD: Climate change and corporate governance
OECD: Remuneration of boards of directors and executive management in state-owned enterprises
US: Shareholders back away from green petitions in US proxy voting season (Financial Times)

NATIONAL DEVELOPMENTS
UK: The influence of the UK Stewardship Code 2020 on practice and reporting (FRC)

France: Launch of the “Business Climate Convention Academy” (Novethic)

ARTICLE
The proposed CSDD won’t end our societal sustainability stalemate (University of Oxford)

ecoDa News

  • 5th of July: ecoDa’s team meet DG GROW representatives to discuss accompanying measures the European Commission could develop as part of the CSDD;
  • 12th of July: ecoDa’s Task Force on EFRAG consultation meeting;
  • 14th of July: Béatrice Richez-Baum moderating a GNDI Global Conference’s panel on diversity and inclusion.

The EU Alert is available for download here.

ecoDa – EU Alerts 24

It includes:

Taxonomy: MEPs object to Commission’s plan to include gas and nuclear activities
Coreper: Vote on the provisional agreement on Women on boards
EBA: Guidelines on role and responsibilities of the AML/CFT compliance officer
US: SEC looks at stricter rules for index providers (Financial Times)
Basel Committee: Principles for effective management and supervision of climate-related financial risks
BlackRock doesn’t want to be ‘environmental police’ (Bloomberg)
UN compaign toughens standards for company net-zero plans (Reuters)
A record number of companies are committing to and setting science-based climate targets (STBi)
EU Business Biodiversity Platform: Consultation on biodiversity measurement standards
UK: Plans to curb corporate crime (Financial Times)

  • 17th of June: Béatrice Richez-Baum speaking at ESAE event on conflit resolution and governance review in associations;
  • 21st of June: ecoDa’s team will meet FESE to discuss the CSDD;
  • 24th of June: ecoDa’s Task Force on EFRAG Consultation meeting.

The EU Alert is available for download here.

ecoDa – Eu Alert 20

EUROPEAN INSTITUTIONS DEVELOPMENTS

Corporate Sustainability Due Diligence Directive: Update
European Green Bond Standard: new measures to reduce greenwashing
Ban on products made with forces labour: EP recommendations

INTERNATIONAL DEVELOPMENTS

More shareholders rejecting companies’ executive pay program

NATIONAL DEVELOPMENTS

France: BNP Paribas’ general assembly disturbed by NGOs (Les Echos)
France: Total takes further climate commitments as a result of investors’ pressures (Les Echos)

WEBINAR

EC: Capital Markets Union: investing for a stronger, prosperous and sustainable European Union

ecoDa News

The EU Alert is available for download here.

Webinar 23 Maggio – How can a focus on governance help reimagine corporate integrity? ecoDa, EY, INSEAD

Cari Associati,
vi segnaliamo il webinar “How can a focus on governance help reimagine corporate integrity?” organizzato da ecoDa insieme a EY e INSEAD Corporate Governance Centre in programma per il 23 maggio alle ore 11:00 – 12:00 CET.

Per registrarti CLICCA QUI.

ecoDa – EU Alert 19

It Includes:

EUROPEAN INSTITUTIONS DEVELOPMENTS


Provisional agreement on the Digital Operational Resilience Act
Corporate taxation: Commission proposed tax incentive for equity
New rules on cybersecurity

INTERNATIONAL DEVELOPMENTS


Climate change: Blackrock steps back (CNBC)
NACD: Comments to the SEC proposed rules on cybersecurity risk management, strategy, governance and incident disclosure

EUROPEAN DEVELOPMENTS


ecoDa: Reactions to ATAD III

WEBINAR


SABS Standards Board public meeting

ecoDa News


  • 16th of May: Béatrice Richez-Baum, ecoDa’s DG, speaking at the Legal Committee of the French Institute of Directors;
  • 20th of May: Béatrice Richez-Baum, ecoDa’s DG, speaking at a conference organized by PUBLIKA, the internal think tank of the SKEMA Business School in partnership with the ONUDI;
  • SAVE THE DATE23rd of May (11.00 to 12.00 CET): ecoDa and EY will organize a webinar on How can a focus on governance can help reimagine corporate integrity?“;
  • SAVE THE DATE14th of June (6.00 to 8.00pm CET in Brussels): ecoDa and Chapter Zero Brussels invite you to a discussion between policy makers and European board members to discuss the EU Green Deal; You can already express your interest to attend at policy@ecoda.eu;
  • REMINDER- SAVE THE DATE: 13-14 July: GNDI Global Conference. To celebrate the 10th anniversary of the GNDI, which ecoDa is part of, the network will be host a 24-hour virtual event, where Abigail Levrau (Chair of ecoDa’s Corporate Governance Dialogue Advisory Committee), Michael Hilb (ecoDa Board Member) and Béatrice Richez-Baum (ecoDa’s DG) will intervene;
  • ecoDa is delighted to welcome a new member institute, the Financial Experts Association e.V. (FEA), which represents German and international non-executive directors in supervisory and advisory boards.

The EU Alert is available for download here.