In the second program of the Nixon Peabody and WSP USA four-part webinar series on important issues facing the Food and Beverage industry, we discuss various topics related to sustainability disclosure and reporting trends that food and beverage companies should consider. While sustainability disclosure is currently voluntary, now more than ever companies are increasingly recognizing its importance.
Here are some specific developments and trends that we discussed. We encourage you to keep these topics in mind as you prepare for the challenges ahead:
- Get started—Although we do not expect mandated disclosures to come from the SEC in the short-term, companies should begin exploring different disclosure frameworks with an eye toward future disclosure and reporting. Identify the topics most material to your business, as well as the topics that have increasing importance to priority stakeholders and leverage this information to identify which frameworks your company should prioritize.
- Be prepared—No matter who takes office in 2024, the expectation of sustainability action is not going away. ESG is no longer an issue driven by socially responsible investors; it is mainstream, and as investors and companies become more aware, it becomes clearer that sustainability risks are business risks.
- Mitigate risk—The potential business impacts of failing to take sustainability seriously will prove to be an expensive proposition in the future, and these risks are agnostic to whether you are a public or private company, or to what industry you operate.
- The time is now—If you haven't thought about sustainability, we strongly encourage you to dive in. Conduct a materiality assessment to identify the risks that your company is most exposed to and that are most substantial. Dive deeper and evaluate those risks that rise to the top. Set targets, develop a strategy, track results and progress, and disclose them.
Nixon Peabody and WSP USA are at the forefront of these developments and will continue to stay up to date on the pertinent information. If you are interested in learning more about these topics, please visit our respective company's website: Nixon Peabody and WSP USA.
In addition, please reach out to either of us—Tyler at tsavage@nixonpeabody.com or Eliza at Eliza.Roberts@wsp.com—with any questions you might have or to discuss how we can assist you in preparing for the months ahead.