CONTACT BIMCO
Henriette Dybkær
Membership Engagement
Copenhagen, Denmark
- +45 4436 6843
- hdy@bimco.org
The second meeting of the BIMCO ESG Network held on 21 June 2023 focussed on “getting started” with an ESG strategy - looking at how to build a strategy, prioritisation, and most importantly the challenges that might be faced. A lively discussion looked at wide ranging topics from why start, who pays, what standards to use and how to communicate.
Membership of the group is now up to 48 and increasing, which shows that BIMCO members see this as a growing area of concern.
The drivers behind developing an ESG strategy were discussed with a focus on the future of the workplace. It was noted that young people are now often in a position to select employers – not the other way around. The people a company might want as management trainees are much more socially and governance-aware than the generation before them, and are likely to gravitate towards companies that can demonstrate credentials in this area.
And priorities are changing - decarbonisation was not really on the agenda of many companies 15 years ago yet now dominates many discussions. The challenges of decarbonisation can dominate the “E” of ESG, but this and other changing priorities require solutions that in turn require talent and innovation. Recruiting talent, getting the best people, providing people a voice and encouraging a creative culture suggests a need to also focus on the “S” of ESG. Making innovation sustainable needs development plans and emerging challenges such as AI require governance if not regulation.
In brief, topics discussed included:
Developments in the EU will change the way in which ESG elements are reported in Europe and by European companies. This, driven by the Corporate Sustainability Reporting Directive (CSRD) Directive, will form the basis for a special meeting of the network later this year. Under the CSRD sector-specific reporting standards could be agreed as early as June 2024 with reporting from companies included under the directive starting as early Jan 2026. Additional topics to be covered at future meetings will be data collection and management and external audit and assessment.
We welcome all enquiries from members regarding membership of the network - please don't hesitate to get in touch!