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Fitzsimons Redmond LLP partner, Lisa Quinn O’Flaherty was delighted to be invited by Maynooth University Law Society to be a panellist at last night’s Diversity in Law event at Maynooth University. It was wonderful to hear the views and experiences of colleagues and students. Well done to the Law Society at Maynooth for organising a super event and for having the hard conversations.
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.
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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.
By Lisa Quinn O’Flaherty
Partner at Fitzsimons Redmond LLP
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.
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Fitzsimons Redmond LLP is delighted to have been named as Diversity and Inclusion Law Firm of the Year at the Irish Law Awards 2024. John and Caroline attended the ceremony at the Convention Centre to receive our beautiful trophy.
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