The 3 Big Reasons Why Your Company Should Care About ESG

learn the benefits of esg

ESG (environmental, social and governance) strategy is not a niche or a fad.

McKinsey reports that more than 90% of S&P 500 companies now publish ESG reports, as do approximately 70% of Russell 1000 companies. Companies that pay attention to ESG factors do not experience a drag on value creation—quite the opposite.

If your company does not have an ESG strategy yet, you miss significant opportunities for growth. You might also expose yourself to higher risks of regulatory scrutiny, stakeholder backlash and market disruption.

With the right technology and solutions, businesses can achieve their ESG goals effectively and efficiently. Technology can enable you to measure your performance and engage with stakeholders. In this article, we will explain why ESG matters for your business.

What is ESG explained in simple terms?

esg criteria - environmental, social, corporate governance

ESG can be defined as environmental, social and governance factors that measure a company’s sustainability and ethical impact.

To be more specific, ESG is a common way to evaluate how a company performs across different aspects. These aspects may directly or indirectly impact a company’s sustainability and ethical impact.

For example, environmental issues include how a company affects the natural resources and environment. Social issues include how a company interacts with its stakeholders, such as its employees, customers, suppliers and communities. Finally, governance issues include how a company is run and controlled, such as its board structure, executive compensation, shareholder rights, business ethics and transparency.

ESG is not just a moral or ethical concept. It is also a financial one. ESG can help investors and stakeholders understand how a company manages the risks and opportunities created by changing environmental, social, and governance conditions.

What is the Difference Between ESG & EHS?

ESG stands for Environmental, Social, and Governance, while EHS stands for Environment, Health, and Safety.

ESG principles and EHS refer to different aspects of corporate responsibility. The ESG approach is focused on future planning and policies to align with environmental, social, and governance demands. EHS is more about the operational function of a business and reporting on current practices.

EHS policies and practices aim to prevent or mitigate harm by ensuring compliance with environmental criteria and laws. Compliance with EHS regulations is mandatory, but companies can choose whether or not to adopt ESG policies.

In terms of implementation, EHS policies focus on environmental protection (such as reducing emissions) and employee safety to avoid penalties. In contrast, ESG strategies aim to make positive changes, such as improving working conditions and increasing diversity.

Why is ESG More Important than Ever? 3 Big Reasons For Your Business

socially conscious investors

ESG considerations are on the rise, especially in the Oil & Gas, Petrochemical, Mining, and Shipping industries. For example, Deloitte reports that even though the shipping industry represents only 1.7% of global greenhouse gas emissions, companies are taking several actions to reduce their carbon footprint out at sea. Here are the three big reasons why these businesses are now focusing on ESG:

1. Competitive advantage

ESG can help you gain a competitive edge by attracting investors, customers, and talent who value sustainability and ethics. ESG can also help you tap into new markets, products and services that address environmental and social needs, such as clean energy, circular economy or social impact investing.

According to Bureau Veritas, companies that engage with their local communities can deliver a win-win outcome that supports their ESG goals and provides long-term value creation. By offering sustainable investing, you also give customers a reason to invest in your business.

2. Risk management

ESG can help you anticipate and comply with evolving regulations and standards on environmental and social issues, avoiding fines, lawsuits or reputational damage.

For example, the US Securities and Exchange Commission (SEC) is considering new rules that would require more detailed disclosure of greenhouse gas emissions. To comply with such regulations, companies can tap into the latest decarbonisation technologies such as Magellan X’s ecoMax software to measure and report ESG performance, track progress, identify gaps and opportunities, and communicate impact to their stakeholders.

3. Innovation

ESG can stimulate innovation when companies invest in new technologies that reduce environmental impact or improve efficiency.

Andrew Poreda, an ESG research analyst, shares that ESG investing will likely encourage many oil and gas companies to spend more money on research and development (on technologies involving AI, machine learning, renewable energy, and more), which will enable them to survive even when the world transitions away from fossil fuels.

In addition, technologies like SOL-X, a connected worker platform, contribute to innovation by reducing paper waste and ensuring safety compliance.

Are There Disadvantages of ESG?

While ESG practices have clear benefits for the company, there are also some disadvantages.

1. Greenwashing

One downside is the prevalence of “greenwashing,” which can make it challenging to identify genuinely sustainable companies. Many companies use dishonest marketing tactics to persuade consumers and investors that they have a positive impact, making it the investor’s responsibility to research public records and evaluate the company’s sustainability.

2. Focusing only on compliance

The compliance-oriented approach is when companies only highlight their adherence to regulations and critical issues in their ESG programme. This approach gives an impression of reactivity and a lack of initiative to surpass the minimum requirements.

Instead, companies should showcase proactive measures to get a competitive advantage and establish themselves as ESG business leaders. Companies must explain their sustainable practices in regions with solid regulations to gain recognition for their high operating standards.

3. Difficulties in measuring international ESG performance

Unfortunately, it can be difficult for companies to assess their ESG performance across a global benchmark. Despite the vast amount of other ESG disclosures and data, there are data quality challenges in different regions, particularly emerging markets.

For example, while sustainability metric declarations by companies in the S&P 500 index have risen from 20% to over 80%, Asia still lags with varying sustainability disclosures across countries. There are also variations in corporate governance practices within regions such as China and Taiwan.

How to Realise Your Company’s ESG Strategy?

socially responsible investing with esg

According to McKinsey & Company, companies can realise ESG goals in these ways:

1. Mapping the business model against each ESG dimension

ESG mapping is essential for organisations to analyse and improve their performance.

Effective mapping requires a thorough examination of how an organisation’s business model aligns with each ESG dimension (environmental, social, and governance). This analysis should examine how the organisation’s activities, products, and services impact each dimension and identify gaps between current performance and desired outcomes.

Once the analysis is complete, organisations can use the insights gained to develop a plan for improving their ESG performance, and at the same time, enhance their reputation, reduce risks, and create long-term value for stakeholders.

To facilitate ESG mapping, companies can use an ESG analytics platform like ecoMax for comprehensive data analysis, near real-time monitoring, benchmarking, and stakeholder engagement capabilities. It enables organisations to make data-driven decisions to enhance their ESG performance and create long-term value for stakeholders.

2. Setting targets and tracking progress

To set ESG targets, organisations should first conduct a comprehensive ESG assessment to identify areas for improvement. This involves a detailed analysis of the organisation’s ESG performance across all relevant social factors and dimensions, including environmental impact, social responsibility, and governance practices.

Once the assessment is complete, the organisation can use the insights to set specific, measurable, and time-bound ESG targets. For example, for sustainability initiatives, an organisation may set a target to reduce its greenhouse gas emissions by 20% by 2025.

Organisations should establish a robust ESG reporting and monitoring system. Regular reporting on ESG metrics demonstrating progress and performance can help organisations build credibility and trust. It can also provide valuable insights into areas for improvement and help the organisation refine its ESG strategy over time.

3. Engaging with stakeholders

Considering stakeholder interests are fundamental to any ESG strategy. This involves identifying important stakeholders (e.g. employees, customers) and understanding what they value. Forward-looking companies actively engage with various stakeholders to unlock opportunities for all.

Technologies like SOL-X can improve engagement with workers by facilitating the evidence-gathering phase during an incident investigation. SOL-X can provide near real-time insights into the causes of incidents, enabling companies to take proactive measures to prevent similar incidents.

Harness the Benefits of EHS with Magellan X

workers in the oil and gas industry

By implementing ESG frameworks and EHS practices, you create value for yourself and your stakeholders in the short and long term.

Magellan X ecoMax and SOL-X can help businesses harness the benefits of both EHS and ESG standards. ecoMax helps companies meet their sustainability obligations through purpose-built technological solutions that monitor carbon emissions. SOL-X provides an industry solution that improves worker safety, helping to anticipate incidents and improves compliance workflows.

By using these solutions, businesses can ultimately build better ESG and EHS strategies. Ready to reap the benefits and propel your business? Reach out to our experts at Magellan X for more information today.

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Last Updated: 29 June 2022

MAGELLAN X PTE. LTD.
PRIVACY POLICY

Magellan X Pte. Ltd., its subsidiaries and affiliates (“Magellan X”, “we”, “our” and/or “us”), are committed to safeguarding the Personal Information of our customers, vendors and users (“User” and/or “you”) who visit our website (“Website”). This privacy policy (“Privacy Policy”) sets out the ways in we collect your Personal Information, the purposes for which we use it and the instances where we share it with other individuals and organisations. “Personal Information” means any information relating to an identified or identifiable individual.

If you are an existing customer or vendor of ours, or a representative of an existing customer or vendor of ours, further details about how we use your Personal Information are set out in your/your employer’s customer/vendor contract with us. We may provide further notices to you at the point we collect your Personal Information, which will highlight any further information relating to our use of that Personal Information and, where applicable, provide you with the ability to opt in or out of selected uses.

This Privacy Policy is intended to explain our privacy practices and covers the following areas:

  1. What Personal Information about you we may collect;
  2. How we may use your Personal Information;
  3. How we protect your Personal Information;
  4. Contacting us and your rights to access and update your Personal Information; and
  5. How changes to this Privacy Policy and the Cookie Policy will be made.

This Privacy Policy applies to the activities for which Magellan X is a “data controller” which means that Magellan X decides why and how Personal Information is processed. Magellan X may also process User’s Personal Information as a “data processor” in the context of the services we provide to our customers. When we process Personal Information on behalf of our customers, customers determine “why” and “how” the Personal Information is processed. To learn more about the processing of your Personal Information in this context, please refer to their respective privacy policies.

If you are based in the European Economic Area (“EEA”) or the United Kingdom (“UK”) during your interactions with us (other than solely for travel purposes), the laws in those countries require us to provide you with additional information about our processing activities. We have included this information in the European Appendix.

1. Personal Information we may collect about you

We will collect and process all or some of the following Personal Information about you:

1.1 Personal Information you provide to us ► Personal Information that you provide to us, such as when using the contact form on our Website, including your name, email address, other contact details;

1.2 Personal Information you provide when applying for a role at Magellan X► if you apply for a role at Magellan X through the Website, we may collect, where permitted by law and appropriate, your CV or résumé and contact details. We may also undertake criminal records or financial probity checks or other independent searches to assess your suitability for the position where permitted by, and in accordance with, applicable laws;

1.3 Our correspondence ► if you contact us, we will typically keep a record of that correspondence;

1.4  Your feedback ► we may ask you for feedback from time to time, that we use to help us to improve our service; and

1.5 Website and communication usage ► details of your visits to our Website and Personal Information collected through cookies and other tracking technologies including, but not limited to, your IP address and domain name, your browser version and operating system, information about your device, traffic data, location data, web logs and other communication data, and the resources that you access.

2. How We Use Your Personal Information

In this section, we set out the purposes for which we collect, process, store and use Personal Information described above:

2.1 To communicate effectively with you and conduct our business ► to conduct our business, including to respond to your queries, to otherwise communicate with you, or to carry out our obligations arising from any agreements entered into between you and us;

2.2 To assess your application for a role at Magellan X ► to assess your application prior to entering into an employment contract with us and pursuant to laws to which Magellan X is subject (e.g. in relation to equal opportunities). This processing is a necessary pre-condition of entering into any future contract with you and for Magellan X to fulfil its employment duties with respect to other employees and you (should you be employed by Magellan X). If you are unable to provide us with the Personal Information we request for this purpose, we may be unable to assess your appropriateness for the job applied for or to communicate with you.

2.3 To provide you with marketing materials ► to provide you with updates and offers, where you have chosen to receive these. We may also use your Personal Information for marketing our own products and services to you by post, email, and phone and, where required by law, we will ask for your consent at the time we collect your data to conduct any of these types of marketing.  We will provide an option to unsubscribe or opt-out of further communication on any electronic marketing communication sent to you or you may opt out by contacting us as set out in the “Contacting Us” Section 4.2 below.

2.4 For research and development purposes ► to analyse your Personal Information in order to better understand your and our clients’ business and marketing requirements, to better understand our business and develop our products and services;

2.5 To monitor certain activities ► to monitor queries and transactions to ensure service quality, compliance with procedures and to combat fraud;

2.6 To inform you of changes ► to notify you about changes to our services and products;

2.7 To ensure website content is relevant ► to ensure that content from our websites is presented in the most effective manner for you and for your device, which may include passing your data to business partners, suppliers and/or service providers;

2.8 To re-organise or make changes to our business ► in the event that we: (i) are subject to negotiations for the sale of our business or part thereof to a third party; (ii) are sold to a third party; or (iii) undergo a re-organisation, we may need to transfer some or all of your Personal Information to the relevant third party (or its advisors) as part of any due diligence process for the purpose of analysing any proposed sale or re-organisation. We may also need to transfer your Personal Information to that re-organised entity or third party after the sale or reorganisation for them to use for the same purposes as set out in this Privacy Policy.

2.9 In connection with legal or regulatory obligations ► We may process your Personal Information to comply with our regulatory requirements or dialogue with regulators as applicable which may include disclosing your Personal Information to third parties, the court service and/or regulators or law enforcement agencies in  connection  with  enquiries, proceedings or investigations by such parties anywhere in the world or where compelled to do so.  Where permitted, we will generally direct any such request to you or notify you before responding unless to do so would prejudice the prevention or detection of a crime.

3. Transmission, storage and security of your Personal Information

3.1 Security over the Internet

No data transmission over the Internet or website can be guaranteed to be secure from intrusion. However, we maintain commercially reasonable physical, electronic and procedural safeguards to protect your Personal Information in accordance with applicable privacy and data protection laws.

All Personal Information you provide to us is stored on our or our subcontractors’ secure servers and accessed and used subject to applicable security policies and standards.

3.2 Sharing Your Personal Information

We may disclose Personal Information for the purposes we explain in this notice to service providers, contractors, agents, advisors (e.g. legal, financial, business or other advisors) that perform activities on our behalf and to other third parties in connection with our legal and regulatory obligations (as described above).

Our Website may contain links to other third-party websites. If you follow a link to any of those third-party websites, please note that they have their own privacy policies and that we do not accept any responsibility or liability for their policies or processing of your Personal Information.  Please check these policies before you submit any Personal Information to such third-party websites.

3.3 Export to other countries

Your Personal Information may be accessed by staff or suppliers in, transferred to, and/or stored at, a destination outside the country in which you are located, whose data protection laws may be of a lower standard than those in your country. We will, in all circumstances, safeguard Personal Information as set out in this Privacy Policy.

3.4 Retention of Personal Information

Our retention periods for Personal Information are based on business needs and legal requirements. We retain Personal Information for as long as is necessary for the processing purpose(s) for which the Personal information was collected, and any other permissible, related purpose. For example, we may retain certain transaction details and correspondence until the time limit for claims arising from the transaction has expired, or to comply with regulatory requirements regarding the retention of such data. When Personal Information is no longer needed, we either irreversibly anonymise the data (and we may further retain and use the anonymised information) or securely destroy the data.

4. Your Rights and Contacting Us 

4.1 Updating Personal information

We will use reasonable endeavours to ensure that your Personal Information is accurate. In order to assist us with this, you may notify us of any changes to the Personal Information that you have provided to us by contacting us as set out in the “Contacting Us” Section 4.2 below.

4.2 Contacting Us

If you have any questions in relation to this Privacy Policy, please contact our data protection officer at info@magellanx.co or write to us at: 83 Clemenceau Avenue, #17-05/08, UE Square Singapore 239920.

4.3 Changes to our Privacy Policy

We may change the content of our Website and how we use your Personal Information from time to time. If we change this Privacy Policy, we will update the date it was last changed below.  If these changes are material, we will indicate this clearly on our Website.

European Appendix

The European Appendix to this Privacy Policy applies if you are based in the EEA or the UK during your interactions with us (other than solely for travel purposes) and Magellan X processes your Personal Information as a data controller.

It sets out the additional information that we are required to provide you under European data protection law (“EU DP Law”), including information about rights that you have in relation to your Personal Information that we handle.

Why we collect your data, and who we disclose it to

Under EU DP Law, we are required to inform you of the “lawful bases” on which we rely to process your Personal Information. Below we set out the purposes for which we collect and use Personal Information and the “lawful bases” that we use for each of the purposes mentioned in Section 2 of this Privacy Policy. You can find an explanation of each of the grounds relied on below:

EU Use Bases Table

Processing activity

Reference to Privacy Policy

Lawful bases

Purpose for which we collect and use personal information

To communicate effectively with you and conduct our business

2.1

–  contract performance

–  legitimate interests

(to enable us to perform our obligations and provide our services to you)

To assess your application for a role at Magellan X

2.2

–  contract performance

–  legal obligations

–  legitimate interests

(to enable us to fulfil our employment duties with respect to other employees and you (should you be employed by Magellan X))

To provide you with marketing materials about Magellan X’s products and services

2.3

–  consent

–  legitimate interest

(to keep you updated with news in relation to our products and services)

For research and development purposes

2.4

–  legitimate interests

(to allow us to improve our products and services)

To monitor certain activities

2.5

–  legal obligations

–  legal claims

–  legitimate interests

(to ensure that the quality and legality of our services)

To inform you of changes

2.6

–  legitimate interests

(to notify you about changes to our products and services)

To ensure website content is relevant

2.7

–  legitimate interests

(to allow us to provide you with the content and services on the websites)

To re-organise or make changes to our business

2.8

–  legitimate interests

(in order to allow us to change our business)

For compliance, including enforcing our rights, or as may be required by applicable laws and regulations or requested by any judicial process or governmental agency

2.9

–  legal obligations

–  legal claims

–  legitimate interests

(to defend, prosecute or make a claim against you, to cooperate with law enforcement and regulatory authorities)

 

Use Bases

These are the principal legal grounds that justify our use of your Personal Information:

Consent: where you have consented to our use of your Personal Information (you will have been presented with consent language in relation to any such use), You have the right to withdraw any consent you previously provided to us regarding the processing of your Personal Information, at any time and free of charge.  We will apply your preferences going forward and this will not affect the lawfulness of the processing before your consent withdrawal. You may withdraw your consent by contacting us as set out in Section 4.2 (Contacting Us) of this Privacy Policy.

Contract performance: where your Personal Information is necessary to enter into or perform our contract with you.

Legal obligation: where we need to use your Personal Information to comply with our legal obligations.

Legitimate interests: where we or a third party have a legitimate interest in using your Personal Information. We only rely on our or a third party’s legitimate interests to process your Personal Information when these interests are not overridden by your rights and interests.

Legal claims: where your information is necessary for us to defend, prosecute or make a claim against you, us or a third party.

Where applicable, we indicate whether and why you must provide us with your Personal Information, as well as the consequences of failing to do so. If you do not provide Personal Information when requested, you may not be able to benefit from our service if that information is necessary to provide you with it or if we are legally required to collect it.

Export outside the EEA

Your Personal Information may be accessed by staff or suppliers in, transferred to, and/or stored at, a destination outside the country in which you are located, including Singapore, whose data protection laws may be of a lower standard than those in your country. We will, in all circumstances, safeguard Personal Information as set out in this Privacy Policy.

Where we transfer Personal Information from inside the EEA to outside the EEA, we may be required to take specific additional measures to safeguard the relevant Personal Information. Certain countries outside the EEA have been approved by the European Commission as providing essentially equivalent protections to EEA data protection laws and therefore no additional safeguards are required to export Personal Information to these jurisdictions (please see the full list here: https://ec.europa.eu/info/law/law-topic/data-protection/international-dimension-data-protection/adequacy-decisions_en). In countries which have not had these approvals, we will establish legal grounds justifying such transfer, such as EU Commission-approved model contractual clauses, or other legal grounds permitted by applicable legal requirements.

Please contact us as set out in Section 4.2 (Contacting Us) of this Privacy Policy if you would like to see a copy of the specific safeguards applied to the export of your Personal Information.

Your Additional Rights

If you have any questions in relation to our use of your Personal Information, you should first contact us as Section 4.2 (Contacting Us) of this Privacy Policy. Under EU DP Law, you may have the following additional rights in relation to your personal information to those set out in this Privacy Policy. Under certain conditions, you may have the right to require us to:

  • provide you with further details on the use we make of your information;
  • provide you with a copy of information that you have provided to us;
  • update any inaccuracies in the Personal Information we hold (please see Section 4.2 of this Privacy Policy);
  • delete any Personal Information the we no longer have a lawful ground to use;
  • where processing is based on consent, to withdraw your consent so that we stop that particular processing (please see Section 2.3 of this Privacy Policy in relation to marketing);
  • to ask us to transmit the Personal Information you have provided to us and we still hold about you to a third party electronically;
  • object to any processing based on the legitimate interests ground unless our reasons for undertaking that processing outweigh any prejudice to your data protection rights; and
  • restrict how we use your Personal Information whilst a complaint is being investigated.

Your exercise of these rights is subject to certain exemptions to safeguard the public interest (e.g. the prevention or detection of crime) and our interests (e.g. the maintenance of legal privilege).  If you exercise any of these rights, we will check your entitlement and respond in most cases within a month.

If you are not satisfied with our use of your Personal Information or our response to any exercise of these rights you have the right to lodge a complaint with a data protection regulator in your country of residence, place of work or where an incident took place.

Contacting Us

If you have queries about any part of this European Appendix, please contact us as set out in Section 4.2 (Contacting Us) of this Privacy Policy.

If after contacting us you do not feel that we have adequately addressed your concerns, you may contact the data protection regulator in your country (the EEA data protection regulators are listed here: https://edpb.europa.eu/about-edpb/about-edpb/members_en).

Last Updated: 29 June 2022

MAGELLAN X PTE. LTD.
COOKIE POLICY

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