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Corporate boards raise concerning knowledge gaps when it comes to sustainability, new global research finds
- A new report by Heidrick & Struggles, INSEAD and BCG, found that more than two-thirds of directors (68%) feel that sustainability has little impact on financial performance today, and only 10% believe sustainability will negatively affect medium- to long-term financial results.
- The survey also found that only 29% of global board directors feel completely knowledgeable enough to challenge or monitor execution on sustainability, and 89% rely only on management updates to stay informed on the topic of ESG.
- A combined 48% of respondents confirmed that knowledge or experience with sustainability is either “not at all” or just “slightly” part of the competency matrix for their board selection.
CHICAGO, July 10, 2023 /PRNewswire/ — Though significant progress has been made on boardroom awareness and acceptance of the sustainability agenda, capacity challenges, and a self-declared lack of expertise at the board level has revealed a gap between intentions and prioritization of the environmental, social and governance (ESG) agenda. That is according to a new global survey of board directors published today by Heidrick & Struggles (Nasdaq: HSII), a premier provider of global leadership advisory and on-demand talent solutions, in partnership with Boston Consulting Group (BCG), one of the world’s leading management consulting firms, and the INSEAD Corporate Governance Centre, a global INSEAD centre of excellence for research, innovation and impact in corporate governance.
The report finds that, despite greater societal expectations on businesses in terms of ESG, most boards do not feel financial pressure to act on sustainability issues. 68% of those surveyed said that sustainability considerations have “no effect” or a “slight effect” on financial performance today, but 52% of those surveyed said they are acting on sustainability because it’s the ‘right thing to do’, with a similar number (51%) citing legislative requirements.
The Role of the Board in the Sustainability Era 2023 is a global survey examining the perceptions of boards towards a full spectrum of ESG issues, as well as how the drive for sustainability is influencing and reorganizing the efforts of boards. The findings reveal how boards are adapting their own composition, governance, and process considerations with varying degrees of success to better meet their organizations’ ambitions and stakeholders’ expectations for sustainability.
This tension between the importance of sustainability, and the time and effort required to consistently give it the attention needed to prioritize it is a persistent theme, according to the report. Although a significant majority (79%) of board members surveyed said their board had a very clear understanding of the strategic opportunities and risks sustainability presents, only 29% completely agreed they had sufficient knowledge to effectively challenge management on sustainability plans and ambitions and exercise oversight on their execution.
The survey highlights that these challenges are a global phenomenon, with very few differences evident across regions and sectors, despite very different traditions of corporate governance and responsibility.
“The job of the board today is more challenging than in recent history. Against the backdrop of economic uncertainty, rising social activism, and critical climate targets that are slipping from reach, boards require a new breadth of expertise that far extends beyond the traditional, operational, and financial health of a business,” said Alice Breeden, Co-Leader of the European CEO & Board at Heidrick & Struggles. “If progress on sustainability is to improve, it is clear that further education, broader director diversity, and greater prioritization of ESG in the boardroom must be standardized to meet the challenges of the current environment.”
Stakeholder pressure motivating action
Directors cited increasing expectations from capital providers including investors and the importance of sustainability in attracting and retaining talent as major motivators of action. A smaller share—about one-quarter—see a longer-term financial risk from not integrating sustainability into the business: 10% expect a negative impact on medium to long term financial results and 13% see a threat to survival in the medium to long term.
“Today, organizations, including their boards, are completely occupied with the upcoming legislative and reporting requirements. Action on sustainability is mostly driven by stakeholder pressure. This triggers risk averse and defensive behavior, leading to organizations that only do the bare minimum,” said Ron Soonieus, a Senior Advisor at BCG, a Director in Residence at INSEAD, and a coauthor of the report. “While the new rules and regulations serve a clear purpose, compliance does not guarantee the long-term success of the company. Boards struggle to see that, and a fair share believe that if they comply, sustainability is covered. Only 34% of respondents say they have a clear understanding of how long-term trends impact the future value of the company. Boards have a key role to play in ensuring sufficient weight is put on making sustainability an integral part of the long-term strategy, and to start seeing it as a source of competitive advantage.”
Boards increase focus on sustainability—but gaps remain
There has been an undeniable shift in the expectations for the role of business in society which has created new challenges and competency requirements for board members. These heightened expectations have added to boards’ traditional responsibilities to oversee finances, manage risk, and select company leadership – all at a time when boards must rapidly upskill on the implications of AI, new geopolitical risk, and a changing world of working models.
More than two-thirds of respondents (69%) reported that boards’ expanding remit is increasing time requirements for directors. The share was higher for directors in the energy (77%) and finance and insurance (74%) sectors, two sectors in which balancing the world’s need for more energy with climate change is creating significant new risks and opportunities.
“Sustainability has become part of boards’ fiduciary duty and steadily gaining priority on boards’ agenda as its importance continues to permeate across the fabric of business and society,” said Sonia Tatar, Executive Director of the INSEAD Corporate Governance Centre.
She added that, “More than ever, the weighted responsibility on boards is pointing to the imperative for targeted education to bridge the knowledge gaps which are fundamental in driving governance transformation starting from non-conventional stewardship from the top to collective leadership across the various stakeholders and within the organizational spectrum that deliver sustainable impact and actions.”
Are Board Member Profiles to Blame?
A combined 48% of respondents confirmed that knowledge or experience with sustainability is either “not at all” or just “slightly” part of the competency matrix for their board selection. Perhaps surprisingly, this rises to 24% of board members stating that sustainability experience is “not at all” part of the assessment criteria for CEO hires.
Integrating sustainability into the business
Directors see room for improvement when it comes to integrating sustainability into decision-making across the whole business. 66% said that sustainability considerations should be fully integrated into business strategy – but just 38% said that that is the case today.
When asked what was preventing them from spending meaningful time on sustainability planning, more than 72% cited the need to devote time to non-sustainability-related, high-priority topics.
While challenges remain with dedicating time and resources to prioritizing sustainability as a key focus area, leaders highlighted the value and importance of integrating sustainability into other strategic considerations as essential to driving greater sustainability outcomes.
ENDS
About the report:
The Heidrick & Struggles, BCG and INSEAD Corporate Governance Centre survey captured insights from 879 respondents from more than 25 countries and 19 industries. In parallel, a series of roundtables and discussions were conducted with some 200 directors in cities around the world.
The respondents to the survey, conducted in early 2023, have extensive board experience: two thirds are board members with a tenure of at least 6 years, and one-third have served in their roles for more than ten years. Compared with results from a similar survey published in 2022, our current survey garnered more than three times the number of respondents—an indication of the increased resonance of sustainability among directors broadly.
About Heidrick & Struggles
Heidrick & Struggles (Nasdaq: HSII) is a premier provider of global leadership advisory and on-demand talent solutions, serving the senior-level talent and consulting needs of the world’s top organizations. In our role as trusted leadership advisors, we partner with our clients to develop future-ready leaders and organizations, bringing together our services and offerings in executive search, diversity and inclusion, leadership assessment and development, organization and team acceleration, culture shaping and on-demand, independent talent solutions. Heidrick & Struggles pioneered the profession of executive search more than 65 years ago. Today, the firm provides integrated talent and human capital solutions to help our clients change the world, one leadership team at a time.® www.heidrick.com
As one of the world’s leading and largest graduate business schools, INSEAD brings together people, cultures and ideas to develop responsible leaders who transform business and society. Our research, teaching and partnerships reflect this global perspective and cultural diversity.
With locations in Europe (France), Asia (Singapore), the Middle East (Abu Dhabi), and now North America (San Francisco), INSEAD’s business education and research spans four regions. Our 165 renowned Faculty members from 42 countries inspire more than 1,500 degree participants annually in our Master in Management, MBA, Global Executive MBA, Specialised Master’s degrees (Executive Master in Finance and Executive Master in Change) and PhD programmes. In addition, more than 11,000 executives participate in INSEAD Executive Education programmes each year.
INSEAD continues to conduct cutting-edge research and innovate across all our programmes. We provide business leaders with the knowledge and awareness to operate anywhere. Our core values drive academic excellence and serve the global community as The Business School for the World.
About INSEAD Corporate Governance Centre
The INSEAD Corporate Governance Centre (ICGC) is engaged in making a distinctive contribution to the knowledge and practice of corporate governance globally. Its vision is to be the leading center for research, innovation, and impact in the field. Through its educational portfolio and advocacy, the ICGC seeks to build greater trust within the public and stakeholder communities, so that businesses are a strong force for improvement, not only of economic markets but also for the global societal environment.
About Boston Consulting Group (BCG)
Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholders—empowering organizations to grow, build sustainable competitive advantage, and drive positive societal impact.
Our diverse, global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change. BCG delivers solutions through leading-edge management consulting, technology and design, and corporate and digital ventures. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, fueled by the goal of helping our clients thrive and enabling them to make the world a better place.
Media Contacts:
Chiara Pierdomenico: cpierdomenico@heidrick.com
Eric Gregoire: [email protected]
Aileen Huang: [email protected]
Cheryl Ng: [email protected]
Gwenaelle Hennequin: [email protected]
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Fintech PR
IDnow Trust Services AB certified as a Qualified Trust Service Provider in the European Union
IDnow partners with IDnow Trust Services AB to provide qualified electronic signatures, time stamps and seals to its customers and beyond
MUNICH, Nov. 5, 2024 /PRNewswire/ — IDnow, a leading identity verification platform provider in Europe, announces its partnership with newly founded IDnow Trust Services AB, a certified Qualified Trust Service Provider (QTSP) under EU Regulation 910/2014 (eIDAS).1 Founded as a joint venture in Stockholm in early 2024 between IDnow and ESYSCO, a system integrator and technology provider, the company offers qualified trust services, such as electronic signatures, time stamps, and seals, that combine security, compliance, and user convenience.
Innovation and leadership in the digital signature market
As a recognized QTSP in the EU by the Swedish supervisory body Post-och telestyrelsen (PTS), IDnow Trust Services AB will issue, validate, and manage electronic certificates and time stamps; capture additional information, such as qualified time; hold identification evidence data, and perform certificate revocation, while complying as a Certificate Authority (CA). The QTSP provides assurance of the existence of specific electronic data at a specific time, such as proof that documents have been submitted for processing.
One of the features that IDnow Trust Services AB will immediately enable for IDnow’s customers is SMS-free signing. This certified capability simplifies the signing process, eliminating the requirement of One-Time Password (OTP) codes and driving higher conversion rates. IDnow Trust Services AB is the first QTSP that will allow this new user authentication process, which is already acknowledged by different CEN and ETSI standards and which will revolutionize the user experience in the digital signature market.
New joint venture secures trust and simplifies compliance
“We are incredibly pleased that our joint venture, IDnow Trust Services AB, is already bearing the fruits of our labor. At IDnow, we have long made it our mission to actively shape and lead the Know Your Customer and digital identity industry; we are now once again showing this leadership role by doubling down on trust services, as they are an essential part of the transformation of the digital identity market heralded by eIDAS 2.0,” says Andreas Bodczek, CEO of IDnow.
He continues: “In the coming years, our customers will benefit from the synergy of identity verification and qualified trust services, ensuring a compliant and efficient experience for all business-critical operations across the EU. This collaboration sets a new standard for trust and operational efficiency, positioning businesses for long-term success in the fast-evolving digital landscape.”
Johannes Leser, CEO of IDnow Trust Services AB, adds: “Trust and liability is the backbone of all business, and it will be the driving force behind the global digital economy. IDnow Trust Services AB is committed to delivering innovative and highly dependable solutions to IDnow, its customers, and partners. With trust as our mutual foundation, we’re poised to revolutionize the European digital signature market, which is expected to be seven times larger by 2030 than it is today.”
About IDnow
IDnow is a leading identity verification platform provider in Europe with a vision to make the connected world a safer place. The IDnow platform provides a broad portfolio of identity verification solutions, ranging from automated to human-assisted from purely online to point-of-sale, each of them optimized for user conversion rates and security.
In 2021, IDnow acquired the French market leader for identity technology, ARIADNEXT, and the German identity Trust Management AG, enabling IDnow to offer its customers one of the broadest identification solutions through a single, integrated platform.
The company has offices in Germany, United Kingdom, and France and is backed by renowned institutional investors, including Corsair Capital and Seventure Partners. Its portfolio of over 900 international clients spans a wide range of industries, and includes leading international players, such as UniCredit, Telefonica, Sixt, Crédit Agricole Personal Finance and Mobility, BNP Paribas Personal Finance, and Munich Re, as well as digital champions like N26, Solarisbank, Younited, BoursoBank, and Klarna.
Press contact IDnow
Katherina Riesner
[email protected]
+49 89 41324 6030
About IDnow Trust Services AB
IDnow Trust Services AB is a joint venture between IDnow GmbH and ESYSCO Sp. z o.o. The company is a certified Qualified Trust Service Provider (QTSP) under EU Regulation 910/2014 (eIDAS), compliant with the creation and validation of electronic signatures, electronic time stamps, electronic seals, and certificates related to these services.
As an eIDAS-certified QTSP, IDnow Trust Services AB leads the way in compliance. It provides omnichannel trust services, including Qualified Electronic Signatures (QES), helps customers conduct cross-border business within the EU, and assists companies in the transition to fully digital processes.
1 The electronic Identification and Signature (eIDAS) regulation defines a QTSP as a natural or a legal person who provides one or more qualified trust services.
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Fintech PR
Sanitas, one of Switzerland’s largest health insurers, embeds Lifelight’s vital signs into customer app
- More than 0.5 million customers already trust the Sanitas portal
- The Chronic Journey included in the app focuses on the detection of high blood pressure with the integration of Lifelight’s remote vital signs technology
- Sanitas empowers users to obtain indicative estimates of their blood pressure via their own mobile device
LONDON, Nov. 5, 2024 /PRNewswire/ — In a groundbreaking next step for preventative care Sanitas partners with Lifelight, a cutting-edge novel technology to bring blood pressure estimates to its private healthcare app users.
With the Sanitas Portal app, over 0.5m customers already have an overview of their insurance and health related benefits. App users can be rewarded for exercise, check symptoms, get support with mental health, translate complicated doctor’s bills, scan receipts or quickly check coverage. Customers can also receive valuable support from a virtual assistant and a personal advisory team.
Now with the inclusion of Lifelight, Sanitas is taking a proactive approach to further mitigate health risks. A chronic illness guide within the app focuses on prevention, detection and management of cardiovascular disease (CVD) through early monitoring and pre-emptive intervention.
The Sanitas Portal is available in German, French, Italian and English. It marks the first time that Lifelight offers full language support.
Lifelight, developed by xim Limited, provides the ability for Sanitas customers to easily check their blood pressure themselves at home, with on-screen instructions to guide them.
As well as providing fast vital signs readings, one of the key benefits of Lifelight is the user experience – zero contact – no uncomfortable cuff, no need to undress, no wearables – users simply look at their mobile device screen for 40 seconds.
Often more convenient, Sanitas’ customers can access Lifelight securely from the comfort of their homes or remotely – anytime, anywhere. This is where Lifelight can really scale, driving efficiencies with improved health outcomes.
Commenting on the joint venture, Evelyne Dürr, digital service project manager at Sanitas stated, “Partnering with Lifelight to bring blood pressure estimates to our health insurance customers is an integral step in our preventative care vision. We want to empower and encourage our customers to become experts of their own health. Lifelight’s contactless technology can also be used at home to estimate blood pressure. It provides important information for the early detection of high blood pressure.”
Laurence Pearce, Lifelight’s CEO and Founder said, “We’re motivated to work alongside a well-known established healthcare insurance brand, allowing us to scale Lifelight and support Sanitas’ ongoing preventative care programme. We look forward to reaching more people in Europe through Sanitas’ Swiss customer base, building on our shared aims to empower everyone who wants to, take responsibility for their health that will improve an individual’s wellbeing, cut healthcare costs and ultimately reduce the risk of CVD.”
For further information please contact:
Suzanne Congdon – [email protected] https://lifelight.ai/
With over 800,000 insured people and premium income of more than three billion francs, Sanitas (www.sanitas.com) is one of the largest Swiss health insurers.
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Fintech PR
TerraPay and Suyool Join Forces to Enable Instant and Secure Money Transfers to Anyone in Lebanon
BEIRUT, Nov. 5, 2024 /PRNewswire/ — In a significant step towards enhancing financial accessibility in Lebanon, TerraPay, a global money movement company, has partnered with Suyool, a licensed financial ecosystem regulated by Banque du Liban. This collaboration is set to transform how Lebanese residents send and receive money, addressing the pressing demand for fast, secure, and convenient remittance services.
Lebanon has long been reliant on remittances, with over $6.5 billion transferred to the country in 2023. This inflow, primarily driven by the Lebanese diaspora, underscores the critical need for efficient financial services that can cater to both banked and unbanked populations. As a response to this necessity, Suyool is dedicated to providing an advanced digital wallet solution that facilitates not only local and international payments but also supports financial inclusion for unbanked individuals.
Suyool gains access to TerraPay’s extensive network covering over 144+ receiving countries, 210 sending countries, 3.7 billion mobile wallets, 7.5 billion bank accounts, and more than 12 billion cards, enhancing the efficiency and reliability of remittances. Suyool can now expand its remittance services for both inbound and outbound transactions, ensuring financial services are accessible to all.
Mr. Arz El Murr, Founder & CEO of Suyool, added, “By partnering with TerraPay, we are able to enhance our service offerings and meet the growing needs of our users. This collaboration will allow us to facilitate faster, more secure transactions, helping to bridge the financial gap for many in Lebanon.”
The remittance corridors into Lebanon remain robust, particularly from the USA, Gulf region, and Europe, which are vital for Lebanese families reliant on financial support from abroad. With around 20% of Lebanon’s population unbanked, Suyool is positioned to serve this demographic effectively, making financial services accessible through its intuitive mobile app.
Ambar Sur, Founder & CEO at TerraPay, expressed enthusiasm about the partnership: “This collaboration deepens TerraPay’s footprint in Lebanon, where there is a strong demand for efficient remittance solutions. Together with Suyool, we are committed to driving financial inclusion and providing reliable payment options to all users. This partnership comes at an exciting time for wallet providers, as we have recently launched the Wallet Interoperability Council to enhance interconnectivity and interoperability for multiple cross-border transaction types, including remittances and merchant payments using wallets.”
This partnership between TerraPay and Suyool represents a pivotal development in the financial landscape, enabling simplified global money movement in the region.
About TerraPay
TerraPay simplifies global money movement, providing a single connection to one of the most expansive cross-border payment networks regulated in over 30 global markets. The platform enables payments to 144+ receiving countries, 210+ sending countries, over 3.7 billion mobile wallets, 7.5 billion bank accounts, and more than 12 billion cards. TerraPay is on a mission to create a borderless financial world, making money transfers instant, reliable, transparent, and fully compliant. Founded in 2014, TerraPay operates in over 12 countries and has built the global digital wallet interoperable network, driving financial inclusion even in the most remote markets. TerraPay is headquartered in London, with offices in cities like Bangalore, Dubai, Bogota, Dar es Salaam, Kampala, and Singapore. Backed by leading investors including the IFC (World Bank), Prime Ventures, Partech Africa, and Visa, TerraPay continues its rapid global expansion.
About Suyool
Suyool is a licensed financial ecosystem regulated by Banque du Liban (BDL) and originated in Europe. It is built to deliver convenience and security for all financial needs, allowing users to send money to anyone in Lebanon, make local and international payments with the Platinum Debit Card, and perform local payments at merchants using QR codes. Users can also access their money in cash, complete local or international transfers, cash out at over 850+ cash points, or request cash delivery to their door. As an advanced digital wallet, Suyool offers a variety of services, including mobile payments, remittance handling, international transfers, and utility & bill payments. With a strong focus on financial inclusion, Suyool is making banking accessible and easy for everyone, particularly the unbanked, through its intuitive mobile app.
Contact:
Juveria Samrin,
[email protected]
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