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Consumer expectations around ESG are evolving. Based on a PwC global survey, it was found that 83% of consumers think companies should be actively shaping ESG best practices while 86% of employees prefer to support or work for companies that care about the same issues they do. As the post-pandemic recovery is taking shape, this article discloses that 76% of consumers said they would discontinue relations with companies which treat employees, communities and the environment poorly. Mauritians are starting to take environmental considerations more seriously, and this suggests that the wave of sustainable consumption will soon reach the shore. It is now up to businesses to ask, 'How much does the public care about ESG?'.
At PwC, we believe that sustainability and climate change should be at the heart of every business. The effects of climate change and the transition to a low carbon economy are already having a significant impact on the financial services sector.
We’re at a turning point. Financial factors are no longer viewed as the pre-eminent drivers of value, and sustainability has become strategic - a board and CEO level issue. To succeed, businesses have to respond to important issues facing the world today.
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Companies are facing new pressure to measure, disclose and improve on ESG-related issues across three clear categories:
Environmental: carbon emissions, water and waste management, raw material sourcing, climate change vulnerability
Social: diversity, equity and inclusion, labor management, data privacy and security, community relations
Governance: board governance, business ethics, intellectual property protection
Are you ready for the ESG revolution?
Description: Societal need and business opportunity are coming together to transform the way companies approach strategy, drive performance, and report results. The management implications are significant - as is the potential for bold leaders to reinvent and inspire their organisations.
The tone at the top can make the difference between a company landing at the front or back of the ESG pack. Boards can lead the way by understanding the what, why, and how of effective ESG oversight. And we have a guide for that!
Julien Tyack
Risk Assurance Services Partner and Sustainability Leader, PwC Mauritius
Tel: +230 404 5210
Vikas Sharma
Regional Consulting & Risk Services (C&RS) Leader, PwC Mauritius
Tel: +230 404 5015