After identification of the ESG topics that are material to your business, it can be useful to define time-bound objectives and strategic priorities as part of your ESG Plan. Key considerations while identifying short, medium and long-term objectives, could be:
• Taking on board any time-bound commitments made by key clients or insurance partners, which will trickle down to your operations such as Net Zero plans.
• Regulatory requirements on ESG identified from a recent horizon scan of the insurance sector.
• Resources and budget available to develop and deliver your ESG action plan.
• Competencies available (directly or through contracting) to work on each ‘material’ ESG topic.
When fully embraced ESG is more than a corporate governance issue, but you may however draw on existing governance structures to advance your ESG agenda. A particularly helpful resource is the guidance published by the Corporate Governance Institute.