A business can implement a transparency policy to show its commitment to accountability and openness in is work. The policy will show the practices and procedures embraced by the business. It articulates the core values of the business in relation to communication with stakeholders. Honesty, integrity and accountability will be key values. The policy will detail the specific information that will be disclosed. This might include business practices, governance structures, financial performance, and gender pay gap information. It will describe when and how the information is shared, whether publicly by website or report or internally to employees or to certain stakeholders such as investors.
There is a certain view that Environmental, Social and Governance (ESG) strategies are soft, marketing-driven and non-essential but there are strong arguments for including ESG at the top table of corporate governance.
A well-crafted ESG policy ensures regulatory compliance. It identifies and mitigates the risk of legal actions, investigations, penalties and fines arising from environmental impact, governance practices, social responsibility, and regulatory and legal compliance. The policy can serve as a framework in managing any crisis that arises. However, the policy alone will not manage the risk; it must be utilised and familiar to all key people.
The ESG policy promotes good practice in sustainability, operational efficiency, employee engagement, social responsibility, stakeholder relationships, accountability and transparency. These good practices not only enhance the business reputation and meet consumer demand by demonstrating a commitment to ethics, they also provide competitive advantages by promoting sustainable practices and a positive work-place leading to cost savings and greater employee satisfaction, engagement and retention.
Demonstrating trustworthiness by accountable practices and transparency attracts investors by satisfying investment criteria which focus on ESG factors; these factors are an increasing prerequisite to investment. Working to global frameworks such as the UN Sustainable Development Goals and the Global Reporting Initiative gives access to new markets and allows the organisation to show itself as serious player on the international stage.
The above is provided for information purposes and is not intended as legal advice. Fitzsimons Redmond LLP would be happy to discuss the needs of your business in relation to all aspects od ESG. Please contact us on 01-676 3257 or lisa@fitzsimonsredmond.ie.
Many businesses are using artificial intelligence (AI) in some form in order to create business efficiencies. Some businesses use generative AI for copywriting, software writing, or employ Chatbots. These programmes work by being ‘trained’ by the inputting of large amounts of data. Other AI in use includes tools to summarise data or to perform analysis. Some businesses use off-the shelf AI tools and others augment the tools with their own specific datasets.
GDPR puts a variety of obligations on businesses. Due to the far-reaching penalties arising under data protection law, it is important for business-owners to recognise where a need for action is triggered. One area that causes confusion or may be overlooked is the requirement for a data transfer agreement (DTA). A business may need a DTA in the following situations:
An Anti-Bribery and Corruption Policy or a Conflict of Interest (COI) Policy is not a legal requirement for most organisations. However, it is a crucial document for various reasons. A stated policy ensures compliance with legislation and international regulations and can help avoid legal consequences and penalties.
A Diversity and Inclusion (D&I) Policy is not a required governance document under current Irish law, however, there are several reasons why a business might consider creating and utilising a Diversity and Inclusion (D&I) Policy.
The EU Artificial Intelligence Act came into force this week without much fuss. It creates obligations on all organisations that use or create artificial intelligence such as predictive analytics, virtual assistants, chatbots, HR tools, fraud detection tools, medical diagnostic tools, financial credit scoring, online retail recommendation engines, and targeted advertising.
Partner at Fitzsimons Redmond LLP, Lisa Quinn O’Flaherty has been awarded the Compliance Institute’s Niall Gallagher Professional Diploma in Compliance Scholarship. Her first place article was published in the Spring 2024 ICQ magazine., which can be read below.
