This exposes the company to a range of risks, including cybersecurity and data privacy and management, succession planning and board effectiveness. Only three in five respondents think their board has dedicated sufficient time and resources to this area. The survey also reveals the need for stronger governance in the boardroom. While companies report a minor skills gap in the areas of social and governance, half of organizations (48%) report room for improvement with respect to skills and knowledge base for dealing with environmental - climate concerns, revealing an opportunity to enhance current skills and knowledge in this priority area. But only half of organizations rank environmental - climate in the top three. Most companies currently rank social – human capital (82%) and governance (70%) areas in their top three ESG priorities. “As a result, we are seeing greater interest in addressing skills and resource gaps and more emphasis on oversight of emerging risks.” “Board members are evolving their ESG agenda from reacting to stakeholder pressure to proactively linking ESG to business strategy,” said Kenneth Kuk, senior director, Work & Rewards, WTW. Over half of respondents cited shareholder/investor attraction and expectation as a factor. The top factors influencing board members to prioritize sustainability themes are alignment with business strategy (85%), moral and ethical reasons (78%), long-term organization value creation opportunities (74%) and business reputation among stakeholders (73%). This is according to a survey of 349 board members at global organizations conducted by WTW, a leading global advisory, broking and solutions company, and the Nasdaq Center for Board Excellence, a convener of board and executive leaders dedicated to advancing governance excellence in the boardroom and beyond. ARLINGTON, Va., J(GLOBE NEWSWIRE) - A majority of board members worldwide (75%) agree that a coherent environmental, social and governance (ESG) strategy helps to create sustainable organizational value and stronger financial outcomes however, many corporate directors believe there are limited resources available to help tackle the specific areas of governance and environmental issues.
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