Social Governance

Generating Positive Impact by Fostering Trust Among Business Leaders

Published on: 25 May 2022
by KnowESG

The pandemic, along with many challenging events like climate change or geopolitical tensions, has highlighted the need for societies to start rebuilding global value chains and worldwide economies.

For this to happen, trust is one of the most important elements. Some organizations, governments, and individuals choose to focus on the net-zero carbon strategy, while others choose to drive positive change and social inclusion for a more sustainable future, but they are all headed towards a better future.

According to this year's Edelman Trust Barometer, despite a general disposition of mistrust, there is more faith in companies than in NGOs, governments, and the media. And with this confidence comes the role of these companies in driving growth, fighting economic inequalities, and climate change.

However, these businesses can not act on their own. The World Economic Forum has consistently emphasized the significance of stakeholder capitalism, which adds to the collaboration between corporate executives, policymakers, and non-governmental organizations.

Majid Al Futtaim, along with over 50 other companies, including Unilever and Dow, has committed to reporting on the Stakeholder Capitalism Metrics of the World Economic Forum in 2020. These are intended to harmonize reporting on environmental, social, and governance (ESG) metrics and measure firms' contributions to the Sustainable Development Goals of the United Nations.

The leaders at KPMG International are aligning with those efforts to achieve a net positive business model by 2040. This commitment also refers to eliminating single-use plastic in all countries across their assets and among their customers by 2025. They received their first loan in favor of sustainability after setting long-term strategic goals, including the initiative to increase the number of women in management roles.

The executives at KPMG also insist on the growing role of the social impact of the ESG goals. Companies have a responsibility towards their employees, which means training or retraining them and offering them a better quality working environment to increase performance. Concerning the hiring process, inclusivity and diversity are the new rules to abide by. WeForum "Future of Jobs" shows that one of the most forgotten fields in these terms is coding.

"It’s our hope that as more women develop these skills, not only will they benefit personally and professionally, but the impact of their efforts will be felt across the region." KPMG representatives said.

They closed the article on a note of hope that promotes collaboration, solidarity, and improvement, emphasizing the importance of the participation of all the stakeholders in this change for a better future.

Source : WeForum