Digital technology can be used to stop people from falsifying information related to environmental, social, and governance (ESG) practices.
Digital technology can play a crucial role in efforts to eradicate the use of greenwashing – the presentation of false information to improve an organisation’s environmental, social, and governance practices and ratings.
These benefits are compelling and, in some instances, lead to businesses manipulating ESG data to secure these advantages. This review should also encompass regulatory compliance, protection of company information, and adherence to legislative requirements. Among the related legislation, he says, are the Protection of Personal Information Act 2013, the Consumer Protection Act 68 of 2008 and the National Environmental Waste Management Act 2008.
There are challenges and considerations that companies must navigate when considering linking compensation with ESG outcomes. These include the lack of standardisation in ESG metrics, concerns about transparency and effectiveness, and the need to carefully evaluate the materiality, durability, and auditability of ESG goals.
Xperien Wale Arewa Mark Walker IDC
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