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Menzies has extended its business advisory service to offer its clients Environmental Social Governance (ESG) strategy development.
The firm said the new ESG service is “designed to help businesses to become more resilient and sustainable”.
It comes as the firm said business owners are facing “many challenges”, including inflation and rising interest rates, as well as skills shortages. It added there was also growing concern about the effects of climate change amongst customers and other stakeholder groups.
Menzies said that by “setting goals and taking a proactive approach to ESG delivery”, these businesses are aiming to remain competitive in their target markets and boost their employer brand.
The firm’s new ESG services team, led by Richard Singleton, will be able to assess existing strategies, checking that it is the best approach for the business in question. Depending on what is found, the firm said it can help businesses to identify opportunities to improve their ESG performance and capture data to inform their future decisions.
Based on early feedback, one of the most popular services offered in ESG is carbon footprinting, which involves assessing an organisation’s environmental impact, in order to pinpoint opportunities to reduce carbon emissions.
Another aspect of the service will look at social value creation and how it can enhance employee engagement and company culture.
Richard Singleton, head of Finance and Sustainability at Menzies LLP, said: “A well-considered ESG strategy has become integral to a business’ success – it’s intertwined with their reputation and identity. It’s becoming standard practice for businesses to be asked about their ESG performance when pitching for new business, tendering for contracts or when candidates are applying for jobs – and they have to be able to answer successfully and confidently.
“Businesses don’t have to face this complex issue alone. Taking steps to introduce an ESG strategy now could help to futureproof a business. Setting achievable and flexible short- and long-term goals and demonstrating how the business is delivering against them will enable the business to further its growth plans, whilst cultivating a happy and engaged workforce.”
