GCMR co-founder Mike Munro joins us as he discusses his predictions for ESG standardization and regulations down the road, his written work, the significance of compliance, and staying open to the possibilities of all components of ESG.
▶️ The Future of ESG in 2022 with Mike Munro:
Key points discussed in the episode:
✔️ Mike Munro lists down his firm’s services and core focus: helping people understand what ESG is all about.
✔️ Mike Munro believes 2022 will be a pivotal year for ESG and his articles aim to put ESG at the forefront.
✔️ Through their directives, the SEC and the EU will bring specificity on what needs to be tracked and reported. The FCC is also expected to issue climate-related standards.
✔️ The EU has become the frontrunner in implementing human rights regulations. Switzerland and Germany have passed a law requiring reporting. The US still needs to improve in addressing modern slavery issues.
✔️The SEC shows growing interest in human capital.
✔️Once the IFRS Sustainability Board puts out standards, verification and auditing will follow.
✔️ With ESG, companies can be part of the solution. Bigger names shouldn’t receive the brunt of the blame as businesses of all sizes should be accountable.
✔️ ESG can be simplified with its focus: getting data accurately and reporting it in an appropriate way.
✔️ The role of compliance is to assist and advise. It helps companies understand the regulations and risks associated with doing business in certain countries. It also promotes educating teams in organizing and collecting accurate and useful information.
✔️ The environmental component is a pain point among compliance professionals. Mike Munro gives advice on how to be more open to the E in ESG: basic knowledge of issues and strong ties with environmental groups.
✔️ Embrace the true value of ESG to your organization. With the understanding of ESG, do your own research and stay curious.
✔️ ESG will continue to gain more attention in the coming years. With more mandates and the recognition of compliance professionals, the future seems optimistic.
Mike Munro is the principal and co-founder of GCMR, an ESG and compliance advisory firm. His previous experience includes being the CCO of Odebrecht Engineering & Construction, a partner at Norton Rose Fullbright, deputy general counsel and CCO of Transocean, and global director of ethics and compliance at Baker Hughes. He is a member of the OECD’s Trust in Business Network (TriBuNet) and a member of the Executive Consultation Group for the OECD’s work on a multi-stakeholder ESG initiative, the Blue Dot Network.
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