Creating credibility as financials, leaders and human beings
So what is the talk of the table? CFOs are in agreement that sustainability is something an organization should live and breathe, and that they have a role to play as financial specialists and leaders.
As professionals with a background in data, reporting and numbers, CFOs have a key role to play in backing up the sustainability agenda and narrative with facts. Storytelling on sustainability that is too far from reality is killing. At the same time, we must be aware there may always be a gap as the data and definitions are not always mature.
At the same time, CFOs and finance teams can make a solid contribution by creating awareness if sustainability isn’t already fully embedded in the day-to-day life of everyone at the company. Reporting on facts and achievements can inspire people to be more mindful of sustainability in your company’s operations.
Alongside their roles as finance professionals, CFOs as part of the leadership team have a positive impact on their company’s talent to walk the talk on sustainability. If they internalize a more sustainable future as human beings, and find personal examples of what can be done, it inspires others to do the same, instead of externalizing the issue and finding reasons why other factors restrict one from contributing.
Also here, it was noted that sustainability can contribute to company results. There is a clear value creation combination to be made if you as a company are a front runner in sustainability and are able to clearly communicate around it. Value creation is easier when you move first.
When awareness is there and companies do live and breathe sustainability, an interesting question arises if the role of the CFO can be smaller on this topic? Or, in other words, how can Finance stay out of sustainability as much as possible? Sustainability should be fun to work on, and people already want to jump on the bandwagon.
CFOs can help companies make sustainability as simple and honest as possible, which keeps the organization focused on doing the right thing. CFOs should not make sustainability and ESG too complex and should “take the bullet” on reporting so it doesn’t bother the rest of the company, as people will lose interest if you take the fun out of it.