CFOs See Sustainability as Driver of Financial Performance
By Tyler Collins
According to a recent survey by Deloitte Touche Tohmatsu Limited (DTTL), two thirds of CFOS say they are involved in driving sustainability strategies in their organizations, and more than half feel their involvement has increased within the last year.
The survey, Sustainability: Why CFOs Are Driving Savings and Strategy, represents 250 CFOs in 14 different countries around the world with an average of US$12 billion in revenue, and highlights the growing trend by CFOs to implement sustainability into operations and business objectives.
The survey showed that the percentage of CFOs and COOs accountable to their company’s boards for sustainability issues rose to 36%, nearly double from the year before. Therefore, CFOs and COOs have become focused on a number of primary sustainable practices for operations, including increased focus on sustainability in tax and financial reporting, as well as increased investment in technology.
“Companies are sitting up and taking notice that sustainability is not just a brand or a corporate responsibility element—it is becoming a key driver of financial performance and the future of business,” says Dave Pearson, Deloitte Sustainability Leader. “As such, CFOs have begun to take an active role in driving the execution of sustainability strategies and making key organizational changes within their organizations, such as introducing more sustainable technology and deploying environment-friendly policies.”
Deloitte’s survey shows the paramount importance for consideration of sustainability in companies’ operations, both for long- and short-term performance. The recent trend by CFOs could signal a larger shift occurring in business practice.
Posted: October 10, 2012