Tuning Fork Advisory, a boutique business advisory firm specialising in business process optimisation and sustainability, amongst others, has lauded the recent launch of the ESG portal launched by the Ministry for Energy, Enterprise and Sustainable Development.
“This portal is a fantastic initiative that will shine a spotlight on the ESG credentials of companies listed on the Malta Stock Exchange and hopefully, act as a strong reference point for industry leaders either to benchmark ESG performance indicators or to use such information to make sustainable investments,” says Manuele Vagnoli, Senior Manager at Tuning Fork, the Sustainability arm of NOUV.
Mr Vagnoli points out the common misconception that ESG practices concern exclusively large companies and that ESG practices are usually and exclusively expected from large companies and corporations.
“Really and truly, ESG implies sustainable practices. And sustainability is good for any business. In fact, although the first users will be the listed companies, I do not doubt that the Ministry will extend this platform to SMEs, whose ESG reporting requirements can be equally instrumental.”
“Societies are made of consumers who are becoming more aware of what they buy and are increasingly putting sustainability into the equation. This means that the first businesses, big or small, that will succeed in implementing a sustainable strategy are guaranteed to have access to greater market opportunities, beat competition, gain reputational advantages, mobilize financial resources and ultimately strengthen their relationships with their stakeholders,” added Mr Vagnoli.
“The biggest burden for family businesses and SME’s who want to adopt ESG principles, remain the access to information and skills required to implement a sustainable strategy as well as the misconception that sustainability is important only for large organisations and that it comes at a cost.”
“To date there are plenty of initiatives sponsored by government to help organisations implement their sustainable strategies. Tuning Fork, with over 18 years of experience supporting corporates, blue-chip organisations, SMEsgovernment entities and authorities in business process optimisation, sustainability and risk, is strongly positioned to co-create sustainable environmental and social practices within organisations to meet their ESG requirements and yield more value through effective solutions.” “No matter how companies decide to implement their sustainability values, it remains in every company’s interest to embrace a sustainable policy that prevents risks and embraces opportunity,” concluded Mr Vagnoli.