Committed to a better tomorrow
We are witnessing several megatrends that are transforming our lives and the way that we do business. Governments, businesses, investors, and civil society are calling for more accountability to address key challenges for society and the planet. In this context, the ESG agenda is climbing upward amongst business leaders’ objectives and becoming central to business philosophy.
ESG is a framework used to measure the extent to which a company is sustainable based on three pillars – Environment, Social and Governance. In 2021, the KPMG network announced its global ESG strategy, and in 2022 – underpinned by the recognition that we have a responsibility to help build a better future for all – KPMG in Malta introduced a dedicated ESG function to enhance our support of clients in meeting their growing ESG ambitions, and to coordinate efforts to continue implementing KPMG’s ESG strategy.
Delivering measurable impact
KPMG’s ESG commitments are assembled under our umbrella Impact Plan, which outlines our goals on the four categories of Planet, People, Prosperity, and Governance, aligned with the metrics established by the World Economic Forum’s (WEF) International Business Council.
Our Planet commitments include a target to achieve net-zero CO2 emissions by 2030, give financial markets, clients and our leaders clear, comprehensive, high-quality information on the impacts of the climate crisis, and understand and improve our impact on nature and biodiversity.
As part of KPMG’s target to reduce its carbon footprint by 50% by 2030, each year we calculate our scope 1, 2 and 3 carbon emissions. In 2022, we achieved a 29.8% reduction over 2019, our baseline year. We have also hosted or participated in several green initiatives in 2022, including a clean-up and tree planting event for World Environment Day, and a clean-up event for World Clean-up Day. Additionally, we have also held several external training sessions and published thought leadership pieces on climate risks and sustainable finance regulations.
Under the People pillar, our Inclusion, Diversity, and Equity (IDE) ambitions are embedded in our work culture. We consistently strive to foster an inclusive and diverse work culture in which our professionals can reach their fullest potential.
We are proud to report that in 2022, we had a 48% female participation rate in our management roles and employed staff from 39 different nationalities. Our continuous commitment to knowledge-building and upskilling is demonstrated through a total of 71,780 hours (equivalent to €3m) spent on learning and development. In this regard, as part of KPMG’s commitment to US$1.5 billion in ESG-focused investment, all our employees received ESG foundations training developed with support from two leading global academic institutions – University of Cambridge Judge Business School and NYU Stern Executive Education.
The well-being and health of our people are crucial to us, which is why we offer opportunities for hybrid and flexible working, free counselling with Richmond Foundation, as well as extended maternity leave to female employees at Assistant Manager level and upwards.
Our Prosperity commitments stem from our belief that our work for clients should also benefit society and the planet. We achieve this by working objectively, independently, ethically and with integrity.
Our headcount stood at 493 people, helping to deliver on our audit, advisory and tax services to help businesses run more effectively, fairly, and transparently. We are embedding ESG within these service lines to deliver holistic and practical reporting, transformation, and assurance solutions. Additionally, together with teams in various functions, in 2022 the ESG team delivered external training and published several thought leadership pieces on ESG within various sectors – including gaming, banking, asset management, insurance, and real estate, aviation, among others.
These commitments also tie in with our Governance purpose, as we commit to act in the public interest, act lawfully and ethically.
Our staff receive training on our integrity and ethical standards, our global code of conduct, anti-bribery, and compliance with laws, regulations, and professional standards. Policies on corruption, independence and ethics are published in the annual Transparency Report, and an anonymous whistle-blower hotline is available for reporting of concerns in relation to compliance with professional, regulatory, or legal obligations.
“I am proud to work for a global organisation that embraces ESG. It is evident that ESG is the watermark running through KPMG; from empowering our people to become agents of positive change, to providing better solutions and services to our clients to become enabling forces of necessary change. Understanding and mitigating risks related to environmental, social and governance issues is fast becoming not only an important consideration for organisations, but an essential part of doing business.”
Environmental, Social & Governance (ESG)
KPMG in Malta
Embracing positive change
ESG is the watermark running through our organisation; from empowering our people to become agents of positive change, to providing better solutions and services to our clients. It is evident that ESG is fast becoming, not only an important consideration for organisations, but an essential part of doing business. Companies that lead on ESG can tap into opportunities to future-proof their organisations and help make the world a better place.