What are the Environmental, Social, and Governance (ESG) standards – part two
ESG (Environmental, Social, and Governance) standards refer to the set of criteria or guidelines that companies and investors use to measure and manage their Environmental, Social, and Governance (ESG) performance. These standards provide a framework for responsible business practices and sustainability. Here’ we first look at the Social (S) Standards.
Social impact
These standards focus on a company’s impact on society, including its employees, customers, and communities.
Labour Practices:
Fair wages, safe working conditions, anti-discrimination policies, and respect for workers’ rights (e.g., freedom of association).
Diversity and Inclusion:
Efforts to promote a diverse workforce and create an inclusive environment for employees of all backgrounds.
Human Rights:
Respect for human rights across supply chains, including the avoidance of child labour, forced labour, and exploitation.
Community Engagement:
Policies that address community development, social impact initiatives, and charitable activities.
Health and Safety:
Ensuring workplace safety, promoting employee well-being, and reducing workplace hazards.
Product Safety and Customer Protection:
Ensuring that products and services are safe, meet quality standards, and protect consumer rights.
Supply Chain Responsibility:
Ensuring that suppliers adhere to ethical and sustainable practices.
