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November 29, 2021

Redefining Business Success: Mazars Launches Guide to Sustainability

ecoDa

  • Mazars launches, in partnership with ecoDa, guide for a sustainable business approach.
  • Sustainability emerges as an opportunity to create value for stakeholders internal, external and the community in general.
  • Sustainability is no longer a complement, exercise of compliance or simply marketing to assert itself as a competitive, strategic and differentiating advantage.
  • The guide lists reasons for paying more and more attention to sustainability, identifies the areas in which action is needed and presents an exercise that makes it possible to assess the current status of a company in terms of sustainability.

Mazars, in collaboration with ecoDa (European Voice of Directors), presented a practical guide for implementing a sustainable business approach. The document defines the commitment to sustainability required of managers and leaders, equating the key issues to be addressed and systematically identifying the measures to be implemented, in a forward-looking approach, with steps to be met and clear objectives to be achieved.

This guide follows on from a series of round tables held by the two organizations at the end of 2019 and beginning of 2020 in several European markets. These initiatives made it possible to bring together managers and investors to discuss how to develop an effective dialogue, based on mutual commitment, to promote sustainable success for the benefit of stakeholders internal and external and of society in general.

Pressure on organizational leadership to address the issue of sustainability has increased significantly in recent years and a sea change has occurred as a result of the COVID-19 pandemic. Faced with widespread expectations about environmental, social and governance (ESG) issues, particularly in the European context, companies' business models need to evolve to integrate long-term value creation.

This is not just a concern for large companies, all businesses will be heavily affected by increased scrutiny about their sustainability response, whether it concerns their supply chains, access to finance or reputational risks.

More than an approach to sustainability as a complement, a compliance exercise or a mere marketing-oriented initiative, this theme emerges as a competitive, strategic and differentiating advantage.

As Patrícia Cardoso, Mazars Partner in Portugal explains, “As the crisis caused by the COVID-19 pandemic continues to have its effects globally, many of the companies trying to stay relevant in difficult times and challenging markets have realized that it is no longer enough to just focus in the economic aspect of their business. A company's environmental and social issues are increasingly at the top of the list of concerns for decision-makers and stakeholders. A proactive approach to sustainability can enhance a company's competitive advantage on several dimensions, including its ability to recruit and retain talent, enhance corporate reputation, and promote customer satisfaction and brand loyalty.”

Managers, Administrators and Leaders can express their support for sustainability in various ways, such as minimizing the environmental footprint of their organizations, adopting fair policies in the management of their People (eg associated with diversity and inclusion), treating their customers fairly or build ethical and ecological value chains and transparent and balanced fiscal policies.

Leadership for sustainability management

In order to bring about this change, this guide is designed to be used in parallel with existing codes of corporate governance and national and international regulations, standards and principles, addressing the importance of leadership for sustainability management and the growing legal and regulatory responsibilities that Management is facing in this area.

The first section points out why managers and leaders should place sustainability at the top of their agendas and describes the critical success factors to support executive management in defining the path to be undertaken.

This first part is followed by a series of questions designed to identify areas where further action is needed.

The final section provides a tool to assess the current status of a company on its journey towards sustainable success through different axes. Applying this exercise provided for in the guide will allow those responsible for a company to understand its current position and identify the areas in which achieving sustainability will have the greatest positive impact.

Businesses are the engine of wealth creation and play a vital role in building a healthy and prosperous society. The growing concern is that, in some cases, a greater emphasis is placed on maximizing short-term profits, rather than a more balanced focus on long-term sustainable success.

With 4/5 of companies' market value now centered on employees, relationship-based assets and other intangibles, the business community will benefit from expanding their vision of what constitutes success.

At a time when employees, customers, investors, financers, the public sector and media highlight the importance of sustainability, neglecting ESG issues can pose a threat to the viability and evolution of the business.

 

About Mazars 

Mazars is an international and integrated partnership, specialized in auditing, accounting, consulting, taxation and legal services *. It operates in more than 90 countries and territories worldwide and has the experience of over 42,000 professionals - 26,000+ in the Mazars integrated partner and 16,000+ via the Mazars North America Alliance - to support customers of all sizes at all stages development.

https://www.mazars.pt/ | https://pt.linkedin.com/company/mazars-portugal | https://pt-pt.facebook.com/MazarsPortugal

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