Irving Low, Partner, Head of Advisory (Consulting), KPMG in Singapore emphasises the importance of integrating Environmental, Social and Governance (ESG) considerations into business operations to drive long-term growth and sustainability.
To create a successful “blueprint” for ESG integration, business leaders will need to identify material aspects of their operations and embed ESG into their company’s DNA. Establishing a strong leadership tone on ESG is crucial as it influences employees’ attitudes towards these issues.
Digital transformation strategies that adapt to changing times should also be a top priority for CEOs and Board members. These strategies must be anchored in a shared corporate vision and evolve with global changes, market shifts, technological advancements, and customers’ needs.
Sustainability is no longer an option for businesses, and it is becoming a dominant trend in the coming years. Incorporating ESG into business operations goes beyond enhancing brand image and customer loyalty. It also improves access to capital, reducing the cost of borrowing and helps win new business.
Furthermore, a focus on ESG prepares companies for future regulatory requirements and fosters agility in governance, culture, and operating models – essential elements in today’s fast-paced environment.
In his interview with the Singapore Business Review, Irving discusses what Singapore-based companies can expect in 2023, how they can measure success and the role that ESG will play in shaping the business landscape.
