Industry Guide to the Sustainable Development Goals...9 PwC, Make it your business: Engaging with...

Industry Guide to the Sustainable Development Goals

Sustainability Accounting Standards Board June 2020

JUNE 2020 SASB.ORG ii

SASB INDUSTRY GUIDE TO THE SUSTAINABLE DEVELOPMENT GOALS

ABOUT THIS GUIDE

The SASB Industry Guide to the Sustainable Development Goals provides an overview for investors and companies to build their understanding of the important and actionable interconnections between SASB standards and the Sustainable Development Goals.

June 2020 Version 1.0

SASB wishes to thank the SASB staff and external reviewers for their contributions to this document.

SASB accepts full responsibility for errors or omissions.

Sustainability Accounting Standards Board1045 Sansome Street, Suite 450San Francisco, CA 94111 sasb.org

Copyright ©2020 The SASB Foundation. The information, text, and graphics in this publication (the “Content”) are owned by the SASB Foundation. All rights reserved. The Content may be used only for non-commercial, informational, or scholarly use, provided that all copyright and other proprietary notices related to the Content are kept intact, and that no modifications are made to the Content. The Content may not be otherwise disseminated, distributed, repub-lished, reproduced, or modified without the prior written permission of the SASB Foundation. To request permission, please contact us at [email protected].

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JUNE 2020 SASB.ORG iii


TABLE OF CONTENTS

INTRODUCTION 1CREATiNG OUR COMMON FUTURE 1

THE ROLE OF CAPITAL MARKETS 2MEETiNG THE CHALLENGE OF SCALE 2

A THEORY OF CHANGE 3FiNDiNG THE ‘SWEET SPOT’ 3

THE SASB APPROACH 4CREATiNG SHARED VALUE 5A NEW LENS FOR SUSTAiNABiLiTY 5SASB AND THE SDGS 6

SASB/SDG MAPPING 6CLOSiNG THE LOOP 6DiFFERENCES AMONG GOALS 7DiFFERENCES AMONG iNDUSTRiES 8

CONCLUSION 10ONE FOR ALL 10

APPENDICES 11APPENDiX A: SASB’S UNiVERSE OF SUSTAiNABiLiTY iSSUES


JUNE 2020 SASB.ORG 1


INTRODUCTION

1 United Nations World Commission on Environment and Development, Our Common Future (Oxford: Oxford University Press, 1987), p. 43.

Across the globe, countries, companies, and capital markets have embraced the Sustainable Development Goals as a shared blueprint for a future in which people, planet, and prosperity can peacefully coexist.

Creating Our Common FutureToday, perhaps as never before, the interdependency of global economic, social, and environ-mental systems has been laid bare. As we grapple with the many difficult trade-offs posed by climate change, resource constraints, population growth, technological innovation, economic inequality, and other macroeconomic trends—to say nothing of a global pandemic—it is increasingly clear that the shared prosperity of our global economy, broader society, and the planet that supports us requires that society pursue sustainable “development that meets the needs of the present without compromising the ability of future generations to meet their own needs.”1

To facilitate such development, the 193 member states of the United Nations (UN) established the Sustainable Development Goals (SDGs) in 2015 to provide a common set of economic, social, and environmental outcomes that governments, non-profits, companies, and investors can work together to achieve by 2030. The SDGs consist of 17 goals (see Figure 1), 169 associated targets, and 247 indicators to measure progress.

Figure 1. Sustainable Development Goals

For example, SDG 6, which is focused on “clean water and sanitation,” is associated with eight targets, including 6.3, which aims to “improve water quality by reducing pollution, eliminating dumping, and minimizing release of hazardous chemicals and materials, halving the proportion of untreated wastewater and substantially increasing recycling and safe reuse globally.” To monitor progress toward this target, the SDG framework includes two indicators:

• 6.3.1: Proportion of wastewater safely treated

• 6.3.2: Proportion of bodies of water with good ambient water quality

importantly, although it is governments that are expected to deliver on the SDGs, they will be unlikely to do so without significant contributions from the private sector. Companies, investors, and other capital markets participants can therefore play a critical role—not only as providers of capital but as sources of innovative and collaborative solutions to the world’s most important and urgent challenges.




THE ROLE OF CAPITAL MARKETS

2 UNCTAD (2014), World Investment Report 2014. Chapter iV: investing in the SDGs: An action plan, p.140.

3 BNP Paribas, The ESG Global Survey 2019 (April 10, 2019).

4 PwC, SDG Challenge 2019: Creating a Strategy for a Better World (2019).

5 WBCSD and Radley Yeldar, Reporting Matters (2017)

6 MSCi and OECD, Institutional Investing for the SDGs (December 2018).

Capital markets can play a significant role in global efforts to achieve the SDGs. Given the scale and urgency of many of the challenges embedded in the goals, private-sector capital is needed to transform global ambition into global action.

Meeting the Challenge of ScaleFacing shared global economic, social, and environmental challenges, many in the interna-tional business and investment communities have begun to rally around the SDGs and take important—albeit early—steps toward identifying, assessing, and addressing key risks and opportunities related to the Goals. The UN Conference on Trade and Development (UNCTAD) has estimated $5 trillion to $7 trillion per year will be required to realize the SDGs by 2030, including investments in infrastructure, clean energy, agriculture, water, and sanitation.2 This sum is far beyond the capacity of governments and civil society alone, meaning significant private-sector contributions will be needed to achieve the Goals.

Today, 65 percent of global asset owners and managers say they have aligned their investment framework with the SDGs.3 Meanwhile, 72 percent of companies mention the SDGs in their annual corporate or sustainability report.4 (See Figure 2.) These figures indicate a clear recogni-tion that the Goals are important considerations for the users and providers of financial capital.

Figure 2. Company action on the SDGs

Source: PwC, SDG Challenge 2019

However, in some cases, mere “declared support” has attracted criticism. For example, one analysis noted that although 79 percent of company reports acknowledged the SDGs, only 45 percent articulated clear strategies related to the Goals, and just 6 percent used metrics to communicate their performance.5 Meanwhile, investors have expressed concern that invest-ment vehicles are being marketed as having positive impact on the SDGs without a credible underlying investment thesis or robust integration of SDGs into investment decision-making processes.6

Although in some cases skepticism may be warranted, this “credibility gap” is to some extent a function of inherent characteristics of the Goals, such as the following:

Mention SDGs Select priority SDGs Connect SDGs to strategy Disclose SDG-related KPIs

Yes No

0

20

40

60

80

100




• The SDGs were designed primarily to be actionable by countries, so they can be difficult to translate into meaningful actions for investors and companies to take.

• The SDGs were developed to address an array of global challenges that may, in many cases, fall outside the scope of a company’s core business strategy.

• The SDGs were not designed to provide investors with a detailed understanding of the linkage between the Goals and the risk and return characteristics of their investments, which is necessary for investors who must achieve specific return targets within a specified level of risk.

These challenges have led a growing number of investors and investee companies to approach the SDGs through a strategic lens. For example, companies and investors increasingly seek to narrow their focus to key Goals, targets, and indicators that are naturally oriented toward their core strategic and operating objectives. Meanwhile, they also have begun to adopt more data-driven approaches that help them measure, monitor, and communicate their performance on SDG-relevant activities.

Conversely, as a result of these hurdles, a number of companies may also be missing out on an opportunity to effectively communicate with investors about how effective management of certain core business operations link to meaningful contributions to the SDGs. For example, in one study, 28 percent of companies were found to be offering products or services aligned with one of the 17 Goals yet making no public acknowledgement of the linkage.7

7 MSCi, “Who Cares About the UN Sustainable Development Goals” 10 Questions That May Shape the Decade; accessed April 16, 2020 at https://www.msci.com/10-questions-that-may-shape-the-decade.

8 Business & Sustainable Development Commission, Better Business Better World (January 2017). Note that this report specifically cites opportunities related to four major economic systems (food and agriculture, cities, energy and materials, and health and well-being), which collectively represent approximately 60 percent of the real economy and will play critical roles in delivering on the SDGs.

9 PwC, Make it your business: Engaging with the Sustainable Development Goals (2015).

A THEORY OF CHANGE

Capital markets are a powerful mechanism to connect financing with opportunity. The key to unlocking solutions at scale is ensuring the interests of business and those of society are well aligned—in other words, identifying the “business incentive” to invest in SDG action.

Finding the ‘Sweet Spot’Although environmental, social, and governance (ESG) issues—like many of those addressed by the SDGs—are often framed as business risks, they also have a potential upside. it is estimated that achieving the SDGs could unlock $12 trillion of market opportunities.8 These opportunities translate into potential revenue for companies around the world. However, not every opportunity is available to every company in an investor’s portfolio. For example, in a survey, corporate professionals identified six of the 17 Goals as presenting the greatest business opportunity:9

• SDG 3: Good health and well-being

• SDG 7: Affordable and clean energy

• SDG 8: Decent work and economic growth

• SDG 9: industry, innovation, and infrastructure

• SDG 12: Responsible consumption and production

• SDG 13: Climate action


https://www.msci.com/10-questions-that-may-shape-the-decade



Many of these Goals will be highly relevant to value-creation for certain industries and certain business models, while at the same time being largely irrelevant to others. For example, global progress on improving health and well-being (SDG 3) may present a range of opportunities to busi-nesses in the Health Care and Food & Beverage sectors, while having less relevance to a manufacturing firm's value-creation strategy.

What many companies and inves-tors need, then, is an approach to the SDGs that helps them efficiently and effectively allocate capital and other resources toward specific activities that exist in a “sweet spot,” where they can achieve multiple objectives simultaneously:

1. Reduce negative impacts

2. Achieve positive impacts

3. Meet financial return targets at an acceptable level of risk

in this context, a given organization can more readily identify the Goals it is best positioned to contribute to—and benefit from—by identifying the links between specific SDG targets and its business operations and/or products and services.10 (See Figure 4.) This analysis helps make the SDGs actionable for both companies and investors in the context of their financial objectives.

Figure 4. A Company’s Channels of SDG Influence

10 Principles for Responsible investment, The SDG Investment Case (October 2017).

THE SASB APPROACH

SASB standards are designed to identify the “sweet spot,” enabling companies and investors to understand how specific SDG targets relate to financial and operating performance in specific industries. With this knowledge, they can deploy financial capital in a way that is consistent with both SDG commitments and risk-return targets.

Unlock the ‘sweet spot’ and mobilize private

sector investment

Figure 3. Unlocking private capital

Business Operations

Hazardous Waste Management

Products & Services

Product Design for Use-phase Efficiency

Chemicals Company

CHANNEL ACTIONS*

* Disclosure topics in the SASB standard for the Chemicals industry

Achieve positive impacts

Reduce negative impacts

Meet financial return targets




Creating Shared ValueA pernicious idea in modern markets is the notion that the interests of business and those of broader society are somehow fundamentally at odds. in this paradigm, the key to optimizing total shareholder return is turning a blind eye to social, human, and environmental impacts. The corollary assumption is that in order to pursue sustainable, inclusive economic develop-ment, financial returns will need to be sacrificed.

This is, of course, absurd. As at least one prominent CEO has pointed out, “Shareholder value is a result, not a strategy.”11 At a very basic level, businesses must create value for the world in which they operate in order to create value for shareholders.

This is not to say that any business activity that leads to positive human, social, or envi-ronmental outcomes will necessarily lead to profit—nor that every profitable venture will necessarily generate negative social or environmental externalities. Rather, we merely point out that social well-being, a healthy environment, and economic prosperity need not be mutually exclusive ambitions. Again, there is a “sweet spot,” but finding it requires an industry-specific view of ESG risks and opportunities.

A New Lens for SustainabilityThe Sustainability Accounting Standards Board (SASB) was established to develop standards for communicating performance on a business-critical subset of ESG factors. To do so, SASB’s standard-setting process is designed to identify the industry-specific ESG risks and oppor-tunities that—when managed effectively—can unlock value that is mutually beneficial to companies, their shareholders, and society more broadly.

SASB achieves this by viewing sustainability through the lens of “financial materiality”12—in other words, it narrows the focus to identify those ESG factors that are most closely related to a company’s ability to create value over the long term. (See Figure 5.) This approach recognizes that companies—and those who supply them with financial capital—need to translate global macroeconomic trends into specific actions they can take, specific risks they need to manage, and specific opportunities they can pursue. These activities, risks, and opportunities are often industry-specific. For example, in the face of risks and opportunities presented by climate change, a company can best respond by managing its energy efficiency if it is a manufacturer, its product design if it is an automaker, or the climate-resilience of its loan portfolio if it is a bank. And, in so doing, that company can not only achieve financial, operational, and/or reputational benefits, it can manage both its exposure and its contribution to climate risk.

Figure 5. The Relationship Between Business and the SDGs

11 Francesco Guerrera, “Welch Condemns Share Price Focus,” Financial Times (March 12, 2009).

12 SASB evaluates the financial materiality of sustainability factors by assessing whether a given factor is reasonably likely to affect the financial condition, operating performance, or risk profile of companies within an industry. Assessments are based on evidence of financial impact and evidence of investor interest.

EXTERNALITIES positive/negative

environmental & social impacts

industry-specific impacts

macro-economic drivers

micro-economic drivers

INTERNALIZATIONrisks/opportunities

COMPANY WORLD




SASB and the SDGsSASB standards can provide a useful tool for companies and investors to identify the SDG targets most relevant to financial perfor-mance in each industry. This can help both companies and investors allocate financial capital and other resources to areas where the potential to influence specific SDG targets aligns with the potential to impact financial returns.

The following sections present an overview of how the industry-specific disclosure topics included in SASB standards have been mapped to relevant SDG targets. By leveraging this work, the users and providers of financial capital can focus their efforts on the “sweet spot” where they can maximize their likelihood of contributing to the SDGs while also achieving their financial objectives.

13 The scope of this mapping exercise does not include the specific accounting metrics associated with each SASB disclosure topic, as the metrics associated with a single disclosure topic are intended to be considered collectively and the metrics are intended to measure performance on specific ESG issues, not progress toward achieving the SDGs.

SASB/SDG MAPPING

Our detailed mapping shows a high degree of interconnectivity between SASB standards and the SDGs—with important differences across specific industries and Goals. Understanding these links can help companies and investors identify and manage risks and opportunities related to the SDGs within the context of their financial objectives.

Closing the LoopSASB conducted a mapping exercise to identify common themes between its standards and the SDGs. Our methodology involved matching the 169 SDG targets to the 26 General issue Categories (see Appendix A) that serve as a starting point for SASB’s standard-setting work, then extending that analysis to the 444 industry-specific disclosure topics included in the standards.13 Our findings largely mirrored those of previous analyses by third parties (see “Third-Party Mappings”), demonstrating a high degree of interconnectivity between SASB standards and the SDGs.

What SASB Standards Are Not

The linkages between SASB’s industry-specific disclosure topics and certain SDG targets may be useful to companies and investors in connecting SDG targets to core business activities and developing a strategic approach to the Goals. However, the specific metrics included in SASB standards were designed to measure a company’s performance on financially material ESG issues. They were not designed to measure or communicate progress toward achievement of the SDGs, nor were they designed to communicate a company’s contribution toward achievement of the Goals.

Other tools have been designed for that purpose, such as the SDG Compass, developed by the Global Reporting Initiative (GRI), the UN Global Compact, and the World Business Council for Sustainable Development (WBCSD), and the core indicators developed by UNCTAD’s International Standards of Accounting and Reporting (ISAR).

Third-Party Mappings

Although this is the first time SASB standards have been mapped to the SDGs since the standards were codified in October 2018, several third parties previously mapped SASB’s provisional standards to the Goals:

• Data provider TruValue Labs’ paper entitled Investing with the Sustainable Development Goals;

• Academic researchers Betti, Consolandi, and Eccles’ The Relationship Between Investor Materiality and the Sustainable Development Goals; and

• Asset manager Calvert Research and Management’s ESG Integration Insights case study.




For example, nearly every SASB disclosure topic (434 of 444) maps to one or more SDG target. Meanwhile, nearly two-thirds of SDG targets (111 of 169) map to one or more of SASB’s industry-specific disclosure topics. (See Figure 6.)

Figure 6. Links Between SASB Standards and the SDGs

These findings are important, because, as noted above, private-sector contributions are needed to achieve the SDGs by 2030. And while the SDGs and associated targets were primarily designed for use by nation-states, SASB’s investor-focused standards can help investors and companies identify the areas where they can most significantly influence SDG-related outcomes in the course of pursuing their business and investment objectives. in other words, they can “do good while doing well.”

Differences Among GoalsAlthough, at a high level, the mapping exercise reveals strong links between SASB standards and the SDGs, it is important to note that some Goals are more closely connected to SASB’s standards than others. (See Figure 7.) For example, the following SDGs more naturally lend themselves to significant private-sector contributions:

• SDG 3: Good health and well-being

• SDG 7: Affordable and clean energy

• SDG 11: Sustainable cities and communities

• SDG 12: Responsible consumption and production

Meanwhile, the targets associated with other Goals, such as the following, tend to be more geared toward country-level action:

• SDG 4: Quality education

• SDG 16: Peace, justice, and strong institutions

• SDG 17: Partnerships for the goals

98% of SASB industry-specific disclosure topics map to one or

more SDG target

66% of SDG targets map to one or more SASB industry-specific

disclosure topic




Figure 7. SASB/SDG Mapping Breakdown by Goal

As this breakdown demonstrates, companies are likely to find certain SDG targets are more relevant to their core business strategies. Meanwhile, investors are likely to find greater opportunity to generate market-rate returns through investment vehicles geared toward specific SDG themes.

Differences Among IndustriesSimilarly, the mapping exercise reveals important differences among industries. This perhaps seems intuitive, given that the 21st century economy is characterized by a wide array of business models, products and services, and dependencies on various forms of private and/or public capital. Therefore, as previously mentioned, not every company will be ideally suited to influence every SDG or its associated targets.

Consider the Automobiles industry. The SASB standard for the industry identifies five disclosure topics that are reasonably likely to materially affect the financial condition, operating performance, or market valuation of automakers. These five topics map to six SDGs and 14 associated targets. (See Figure 8.)

As a simple example, the SASB disclosure topic covering automotive product safety maps to SDG 3 (good health and well-being) and, more specifically, to target 3.6, which calls for dramatically reducing the number of global deaths and injuries from road traffic accidents. The benefits to society from enhancing automobile safety are obvious, and progress on this front can create value for companies and their investors, too. For example, the costs associated with safety-related recalls can significantly impact the bottom line of companies in the auto industry, which posts thin average net margins. Additionally, companies that mismanage this issue are likely to incur impacts on their cost of capital and brand reputation, thereby affecting sales, market share, and stock price.

Targets in Goal

Mapped to SASB %

7 5 71%

8 5 63%

13 13 100%

10 5 50%

9 3 33%

8 5 63%

Targets in Goal

Mapped to SASB %

5 5 100%

12 7 58%

8 6 75%

10 7 70%

10 9 90%

11 10 91%

Targets in Goal

Mapped to SASB %

5 3 60%

10 8 80%

12 10 83%

12 7 58%

19 3 16%




Figure 8. SASB/SDG Mapping in the Automobiles Industry

Obviously, for companies in other industries, opportunities to orient company activities with good health and well-being will manifest differently. For example, a SASB disclosure topic in the Gas Utilities & Distributors industry covering the integrity of delivery infrastructure also maps to SDG 3. However, in this case, the topic links with target 3.9, which calls for substan-tial reduction in the number of deaths and illnesses from hazardous chemicals and pollution or contamination of air, water, and soil.

Clearly, although these issues share a connection to human health and well-being (and, there-fore, to SDG 3), they must be measured and managed differently. Although the SASB metrics associated with these topics do not (and are not intended to) measure progress against the SDG or its specific targets, they can serve as useful indicators of how a company is managing activities that may contribute to (or detract from) their achievement.

As these examples illustrate, each of the 77 industries in the Sustainable industry Classification System® (SiCS®) has its own unique SDG profile and its own set of relevant SASB metrics. Armed with this information, companies can more readily uncover links between the business strategies and the SDGs that may not have been apparent before. (For example, returning to the auto industry, while it may be obvious that topics such as labor practices and fuel economy would link to the SDGs, it may have been less apparent that similar connections exist for materials efficiency.) Likewise, this understanding can help inform investors’ engagements, analysis, and decision making.

SASB Disclosure

TopicSDG Goal SDG

Target SDG Target Descriptions (selection)

Product Safety 3.63.6 – By 2020, halve the number of global deaths and injuries from road traffic accidents.

Labor Practices

8.58.8

10.210.4

8.5 – By 2030, achieve full and productive employment and decent work for all women and men, including for young people and persons with disabilities, and equal pay for work of equal value.8.8 – Protect labour rights and promote safe and secure working environments for all workers (…)

Fuel Economy & Use-phase Emissions

8.49.29.4

11.212.112.212.4

8.4 – Improve progressively, through 2030, global resource efficiency in consumption and production and endeavour to decouple economic growth from environmental degradation, in accordance with the 10-Year Framework of Programmes on Sustainable Consumption and Production (…)12.2 – By 2030, achieve the sustainable management and efficient use of natural resources. (…)

Materials Sourcing

8.49.29.4

12.112.212.7

(…)12.1 – Implement the 10-Year Framework of Programmes on Sustainable Consumption and Production Patterns, all countries taking action (…) 12.7 – Promote public procurement practices that are sustainable, in accordance with national policies and priorities.

Materials Efficiency & Recycling

8.49.29.4

12.112.212.412.512.7

(…)9.4 – By 2030, upgrade infrastructure and retrofit industries to make them sustainable, with increased resource-use efficiency and greater adoption of clean and environmentally sound technologies and industrial processes (…)12.5 – By 2030, substantially reduce waste generation through prevention, reduction, recycling and reuse. (…)




CONCLUSION

14 Carol A. Adams, Paul B. Druckman, and Russell C. Picot, Sustainable Development Goals Disclosure (SDGD) Recommendations (January 2020).

15 World Federation of Exchanges, "H1 2019 Market Highlights" (August 19, 2019).

16 Sustainable Stock Exchanges initiative, How Securities Regulators Can Support the Sustainable Development Goals (October 23, 2018).

With a detailed understanding of the important interconnections between industry activities and SDG targets, companies and investors who choose to do so can more efficiently and effectively allocate financial capital and other resources in a way that enhances their own long-term value while also supporting sustainable development for society at large.

One for AllThe complex challenges that face the world today present risks and opportunities to social prosperity and the economies that support it. By developing a detailed mapping of SASB’s industry-specific disclosure topics to SDG targets, we hope to facilitate a mutually reinforcing relationship between markets and society in which both thrive.

By understanding the important interconnections between SASB standards and the SDGs, investors can:

• identify financially relevant SDG targets by industry.

• inform engagements with companies regarding the links between specific SDGs and financial performance.

• inform allocation of capital to industries based on their potential to impact specific SDG targets.

Meanwhile, companies can:

• identify financially relevant SDG targets by industry.

• Prioritize activities to address the SDGs that are aligned with industry-specific drivers of value.

• Gather decision-useful performance information on company-specific activities related to key SDGs.

The advantages of focusing on the “sweet spot” where companies and investors can pursue financial returns in a way that yields social and environmental benefit are manifold. This approach can address calls for organizations to enhance the credibility of their SDG disclosures and to embed SDG considerations into strategic decision-making rather than treating them as a separate, add-on activity.14 And, perhaps more importantly, it can harness the financial horsepower of global capital markets—roughly $70 trillion in equity markets alone15—to help shape a more robust and resilient future for the world and its businesses.

As Mary Schapiro, SASB Foundation Board of Directors, has said, “When capital market signals align with public policy goals on sustainable development, gains for one can catalyze gains for all.”16




APPENDICES

Appendix A: SASB’s Universe of Sustainability Issues SASB’s standard-setting process examines risks and opportunities related to 26 General issue Categories (GiCs) under five broad sustainability dimensions. Each GiC is likely to manifest uniquely within a given industry context. Consider, for example, “Customer Welfare”:

• in the Processed Foods industry, customer welfare involves navigating shifting consumer preferences toward more healthful and nutritious products and ingredients. Thus, the industry standard includes a disclosure topic called “Health & Nutrition” with two associated accounting metrics.

• Meanwhile, in the Pharmaceuticals industry, it involves developing processes to ensure the traceability of products throughout the supply chain to prevent counterfeiting. Thus, the industry standard includes a disclosure topic called “Counterfeit Drugs” with three associated accounting metrics.

in this way, the GiCs serve as a useful starting point for SASB to identify, evaluate, and address the sustainability-related value drivers most relevant to companies in a given industry.

Environment• GHG Emissions• Air Quality

• Energy Management• Water & Wastewater

Management

• Waste & HazardousMaterials Management

• Ecological Impacts

Leadership & Governance• Business Ethics• Competitive Behavior

• Management of the Legal &Regulatory Environment

• Critical Incident RiskManagement

• Systemic Risk Management

Social Capital• Human Rights &

Community Relations

• Customer Privacy• Data Security• Access & Affordability

• Product Quality & Safety• Customer Welfare

• Selling Practices &Product Labeling

Human Capital• Labor Practices• Employee Health &

Safety• Employee Engagement,

Diversity & Inclusion

Business Model & Innovation

Social Capital

Human Capital

Leadership &

Governance

Environment

UNIVERSE OF SUSTAINABILITY

ISSUES

• Product Design & Lifecycle Management• Business Model Resilience

• Supply Chain Management• Materials Sourcing & Efficiency• Physical Impacts of Climate Change


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