Submitted by Deloitte
NEW YORK, NY. - March 2, 2009 - Boards of directors are increasingly paying attention to the risks and opportunities associated with corporate responsibility, sustainability and climate change, according to a survey commissioned and released today by Deloitte and Corporate Board Member magazine. The survey of 220 directors at U.S. companies with $1 billion or more in revenue highlights the board's growing role in oversight of corporate responsibility and sustainability (CR&S).
"The perfect storm of emerging regulations, increased requirements for reporting and transparency, heightened pressure from investors, energy price volatility and market demands for green products and technologies is driving CR&S as a business imperative," said Eric Hespenheide of Deloitte's Enterprise Sustainability group. "Despite the current economic environment the board's role is undoubtedly increasing as there is greater awareness of the business risks and opportunities associated with corporate responsibility, sustainability and climate change."
Key findings from the survey include:
"Investors filed a record number of CR&S and climate change"“relatedÂ shareholder resolutions in 2008 and we expect that trend to continue upward," added Chris Park of Deloitte's Enterprise Sustainability group. "Increasingly, institutional and individual shareholders want to know not only if leadership is prepared to manage risks associated with emerging regulations and increased reporting requirements on environmental and social performance. They also want more insight into leadership’s strategy for capitalizing on the CR&S opportunities that will create long-term shareholder value."
For in-depth information on the board's role in CR&S please view "The Responsible and Sustainable Board" white paper, which can be found here: www.deloitte.com/us/responsibleboard.
About the Survey
The Director Corporate Responsibility, Sustainability and Climate Change Survey was conducted via email in August 2008 and generated 220 director responses from American companies with $1 billion or more in revenues. The survey was conducted for Deloitte by Corporate Board Member magazine's Director Research Panel. Ceres, the largest coalition of investors, companies and environmental organizations on climate change and other sustainability issues, was an advisor on the project.
"¨As used in this document, "Deloitte" means Deloitte LLP and Deloitte Services LP, a subsidiary of Deloitte LLP. Please seeÂ www.deloitte.com/us/aboutÂ for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.
Ceres is a leading coalition of investors, environmental groups and other public interest groups working with companies to address sustainability challenges such as global climate change. Ceres directs the Investor Network on Climate Risk, a network of 75 institutional investors and financial firms with collective assets totaling nearly $7 trillion focused on the business impacts of climate change. www.ceres.org.
About Corporate Board Member
"¨Corporate Board Member is a leading information resource for senior officers and directors of publicly traded corporations, large private companies, and Global 1000 firms. The bimonthly publication provides readers with decision-making tools to deal with the corporate governance challenges confronting their boards. Corporate Board Member further extends its governance leadership through an online resource center, conferences, roundtables, and timely research. The magazine maintains the most comprehensive, up-to-date database of directors and officers serving on boards of publicly traded companies listed with the New York Stock Exchange, NASDAQ Stock Market, and American Stock Exchange. Headquartered in Brentwood, Tennessee, with editorial offices in New York, Corporate Board Member is published by Board Member Inc. and is the sister publication of Bank Director magazine, a leading information resource for officers and directors of financial institutions. For more information, visit www.boardmember.com.
"Deloitte" is the brand under which 165,000 dedicated professionals in independent firms throughout the world collaborate to provide audit, consulting, financial advisory, risk management, and tax services to selected clients. These firms are members of Deloitte Touche Tohmatsu ("DTT"), a Swiss Verein. In the United States, Deloitte LLP is the member firm of DTT. Like DTT, Deloitte LLP does not provide services to clients. Instead, services are primarily provided by the subsidiaries of Deloitte LLP, including Deloitte & Touche LLP, Deloitte Consulting LLP, Deloitte Financial Advisory Services LLP and Deloitte Tax LLP.
Corporate Responsibility at Deloitte starts with the shared values that form the foundation of our culture: integrity, outstanding value to markets and clients, commitment to each other, and strength from cultural diversity. The focus areas that make up Corporate Responsibility at Deloitte include Ethics & Compliance, Talent, Community Involvement, Sustainability, Internal Operations, as well as the services we provide clients.
As used in this profile, "Deloitte" means Deloitte LLP. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Deloitte.com
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