What do the Global Goals mean for businesses?
The Global Goals are an opportunity for businesses to grow and profit by collaborating with others to create a world that is more prosperous, inclusive, sustainable and resilient.
Potential opportunities for growth
New and expanding multi-stakeholder partnerships offer opportunities for innovation and growth. And companies that act responsibly and drive inclusive sustainable development can enhance their reputation with customers, clients, investors and other stakeholders. Ultimately, it is our belief that more enabling environments open up new markets.
Potential impact if your business gets it wrong
— Competitive disadvantage as companies driving sustainable development gain first access to new markets and opportunities
— Lack of security of access to natural resources including land, water and energy
— Brand and reputational damage; could lose support from customers, clients, investors and governments
Drawing on KPMG’s expertise on sustainability reporting, here are the questions Boards should be asking:
1. How can we strengthen our value creation strategy so that by applying a ‘shared value’ lens we identify the business opportunity in addressing economic, social and environmental challenges (thereby increasing our contribution to the Global Goals)?
2. Have we considered whether our procurement and employment strategies are aligned to the Global Goals?
3. How are we managing our company’s exposure to water, energy, food, climate and social risks?
4. Have we issued a statement on human rights and developed a strategy to ‘do no harm’ and also proactively uphold human rights across our sphere of influence?
5. What opportunity do the emerging middle classes in high growth markets represent for our business?
6. How will progress towards the Global Goals affect market opportunities and the competitor landscape?
7. How can we innovate to reach customers/clients on low incomes in our home country and/or overseas?
8. How do we collaborate with other organizations in our industry to develop and adopt good practice principles and standards to drive positive change?
9. How are we fostering a culture of innovation and collaboration to seize new multi-stakeholder partnership opportunities?
10. Does our workforce have the diversity, skills and attributes to innovate and succeed in our changing world?
11. Do we have the right systems and processes in place to more effectively tell our value creation story?
Download the complete Boardroom Questions on the Global Goals guide, which also outlines the actions Boards need to consider.