Is Business Broken?
Revisiting ESG: How Did We Get Here?
May 9, 2024
Eddie Riedl, a distinguished accounting professor at BU Questrom, and John Streur, former CEO of Calvert Research and Management, dive deep into the evolution of ESG. They trace its roots from early corporate ethics concerns to its global prominence today. The discussion highlights the shift from traditional financial metrics to comprehensive ESG standards, the role of market mechanisms in addressing environmental issues, and the myths surrounding capitalism's compatibility with social responsibility. It's a fascinating journey through business ethics and accountability.
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Quick takeaways
- The ESG movement reflects a historical demand for transparency and accountability in corporate practices influenced by long-standing societal concerns.
- Current challenges in ESG reporting highlight the need for standardized frameworks to ensure consistent data capture and comparability among companies.
Deep dives
Historical Context of ESG and Investor Influence
The environmental, social, and governance (ESG) movement is relatively modern but builds on a long history of investor influence in corporate practices. Pressures have existed for centuries, as illustrated by historical issues like child labor during the Industrial Revolution and boycotts linked to apartheid. In more recent decades, global trade has further amplified awareness of corporate practices in various jurisdictions, making issues like labor laws and environmental concerns more visible to the public. This historical context emphasizes that while ESG is a current trend, it is rooted in a longstanding demand for transparency and accountability from companies.
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