The Contemporary Minefield Of ESG Reporting

In 2004, the United Nations published a report titled 'Who Cares Wins', which discussed the importance of corporations actively managing environmental, social and governance (ESG) factors in order to effectively mitigate risks, maintain reputations and remain competitive. The report is often cited as the first modern day reference to ESG and it signalled the beginning of the mainstream emergence of ESG reporting. Over the following two decades, it became the industry norm in Canada for companies to publish ESG reports. This was particularly the case for large and public companies, as well as those operating as certain industries, including the energy industry, to release some form of ESG reporting, despite it being entirely voluntary.