Hand holding light bulb with ESG icon concept for environmental, social, and governance in sustainable and ethical business Source: Adobe Stock

Environmental, Social and Governance (ESG) is an old construct with a snazzy name and (ugh) another acronym. People tend to lump ESG with CSR whilst examining such standards as GRI, UN SDGs and TCFD. Oh, and don’t forget that DEI and serving LMI households also fall under ESG which may lead to LDI and CDFI certifications. By making simple things complex we lose sight of the perspective of David Blood, a pioneer in ESG investing, who provides a simple but effective definition of the topic: “… [the] explicit recognition that social, economic, environmental and ethical factors directly affect business strategy.”

As you cut through the clutter of this “new” field, it is important to recognize that there is strong evidence that ESG has always been part of the credit union ethos. As Edward Filene said in his 1924 book “The Way Out,” “I think I can truly say that I have always dealt with matters of social justice, cooperation and general welfare, not on the basis of philanthropy or paternalism, but as essential factors in the development of successful business.” The trick is how to effectively ESG with so many firms touting their latest “ground-breaking” DEI initiatives, glossy social impact reports and over-sized check ceremonies with local community organizations.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.