Madrid, 26 October 2023: Forética, WBCSD’s Global Network partner in Spain, organized the second edition of its 'DEI Business Forum - Diversity, Equity and Inclusion', during which the report 'Business Reporting and Social Impact: The new European framework for Social ESRS' was presented.
This Forum was organized within the framework of the Social Impact Cluster, led by Forética and headed by Grupo Cooperativo Cajamar, ILUNION, Mahou San Miguel, ManpowerGroup and Naturgy, together with more than 60 companies.
According to data from WBCSD’s Business Commission to Tackle Inequality (BCTI), 83% of the 4,500 leading companies worldwide have accelerated their social impact commitments in the last two years. This business response is increasingly important in the face of today's inequality challenges. In this context, investors and consumers are increasingly demanding responses from companies. In Europe, regulation is one of the most important mechanisms for accelerating corporate responsibility, especially in terms of value chain due diligence or reporting and accountability.
According to a recent analysis by Moody's and CSR Europe, social disputes already account for 67% of all ESG disputes faced by companies worldwide, far outweighing environmental and governance disputes. In this regard, in 2025 will see the first sustainability reports in Europe aligned with the new reporting framework based on the ESRS (European Sustainability Reporting Standards), so companies should be accommodating their reporting systems by the end of this year.
Corporate social impact strategies are proving to be of increasing value to organizations, for example in terms of risk management or talent attraction, as was highlighted at the forum. Expectations on business are expanding, demanding a more committed and strategic response to key societal challenges.
Corporate social impact strategies not only offer tangible benefits such as risk management and talent attraction, but also respond to a shift in expectations towards companies, which are now expected to address social challenges in a more engaged and strategic way.
Download the report 'Corporate Reporting and Social Impact: The new European framework for Social ESRS' (in Spanish).
Forética is the leading business network on sustainability and corporate social responsibility in Spain. A non-profit organization headquartered in Madrid, its multi-stakeholder membership includes more than 200 members from limited companies to SMEs, academia, NGOs and individuals. Forética’s mission is to foster a culture of sustainability, responsibility and accountability within major companies with the aim of promoting competitiveness and job creation.
