Understanding and explaining the PIVOT to sustainability
Luxembourg’s directors are driving the country’s sustainability agenda. To encourage boards to follow best practice when they set and oversee corporate strategy, ILA has published a document entitled “Governance PIVOTs to Sustainability”.
(See pdf below)
This document was created by a newly formed ESG Consultation Subcommittee, organised as part of the Board Organisation and Effectiveness Committee, both of which are chaired by Karen Wauters. “We wanted this group to represent a broad spectrum of opinion, so we needed cross-committee involvement,” Karen said. This was necessary to ensure a full diversity of skills and interests were represented.
The committee featured the following experienced local directors: Raymond Schadeck, Sophie Oberg, Andy Schmidt, Jane Wilkinson, Monique Bachner, Marguerite McMahon, Jas Madhur, Dario Zambotti, Pauline Legrain, Yann Merillou and Gabriela Nguyen-Groza. They met weekly over an eight-week period, all contributing from their perspective.
They hit on the idea of using the acronym “PIVOT” to help drive the message of the strategic choices that need to be faced by directors. This aims to add clarity to these ideas, and make them more memorable:
• Plan to get ESG on your board agenda.
• Investigate how to get the word out. Increase awareness through training.
• Verify and validate the ESG-related changes needed and implemented.
• Oversee to optimise ESG-related adoption and adaptation.
• Timely embrace ESG, get on board, the time is now.
The work of this sub-committee will continue. Working with ILA members and the wider business community to drive the sustainability agenda will be a key focus. This document will be an important part of that process. It will also be useful for on-going communication with European and national political and regulatory decision makers, as well as the press and general public.
The flyer concludes that as we emerge from the acute crisis of the pandemic, the chronic challenge of saving the planet remains, noting “there is no self-isolating from climate change.” Karen agreed: “raising awareness of the challenges of sustainability will continue to be a lead priority for ILA.”
Governance PIVOTs to Sustainability
Download the document