Organizations are struggling to understand the implications of environmental and social factors in their finances, operations and strategy, according to a new report from the Prince of Wales’s Accounting for Sustainability Project.
While some organizations are beginning to incorporate environmental and social information into their strategy and decision making, the job is often delegated to the corporate social responsibility or sustainability team, with sometimes limited impact on the wider business, and usually does not reach board level. There is a need for more robust information, data, methodologies and collection systems to allow more effective integration of environmental and social factors into decision-making and strategy, the report noted, but at present, there is not sufficient confidence in the information provided.
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