New demands on companies to adopt sustainable practices
The COVID-19 pandemic has exacerbated some of society ’ s most urgent problems over the past year and a half . The route to resolving these century-defining challenges seems more problematic than ever before , which makes it all the more urgent for all of society ’ s resources to be mobilised to this end . The private sector is now called upon to make its contribution . Responsibility will become increasingly obligatory for companies to survive in their markets , but it is also an opportunity for them to actively position themselves .
In May 2017 , we at Wider Sense and goetzpartners published our first study on the Corporate Citizenship activities of DAX companies . A lot has happened since then . Three major campaigns – Me Too , Black Lives Matter , Fridays for Future – are prime examples of the rapidly growing social challenges . In 2015 , the United Nations laid down a list of 17 Sustainable Development Goals for a more sustainable world to be achieved by 2030 . The unanimous opinion is that these goals will not be met unless serious changes take place . Against this backdrop , private sector companies are facing increased expectations from their stakeholders :
Stakeholder expectations
Legislation : In recent years , it has become apparent that legislators are increasingly holding companies accountable for their responsibilities in terms of sustainable development . In the European Union , for example , Directive 2014 / 95 / EU obliges companies to report on certain aspects of social and environmental performance .
7