DigitalCFO Newsroom | 27 December 2021
PwC—a leader in corporate social responsibility, environmental initiatives, and diversity and inclusion, and a passionate community of solvers who helps clients build trust and deliver sustained outcomes by providing the full range of environmental, social and governance (ESG) professional services—and Workiva Inc. (NYSE:WK)—the leading provider of cloud-based reporting solutions designed to solve business challenges at the intersection of data, process, and people—are expanding their alliance to bring a people-led and tech-powered approach to ESG strategy and reporting issues to help organizations build trust amidst growing investor and stakeholder demands.
When companies work with PwC and Workiva, they gain access to profession leading solutions and practices in ESG strategy, operational transformation, data governance and insights, process and control, and technology enabled reporting. With best-trained, experienced people and cutting-edge tech working together, data-driven insights go deeper, reports are rapidly delivered, and there is greater confidence in the quality of the data and reporting.
“The convergence of both regulatory pressure and investor demand will dramatically impact how—and the level at which—companies disclose their ESG data,” said Wes Bricker, Vice-Chair and Trust Solutions Co-Leader at PwC US. “While disclosures around ESG information may not have the same level of maturity as financial reporting, it no less informs investor decisions—boards are more frequently requesting this data. Which is why it’s critical that stakeholders be given the same confidence in ESG information that they currently expect from financial disclosures.”
ESG addresses the impact and performance of a company, and these issues are often material to a company’s strategy and long term value creation. The markets and other stakeholders are increasingly asking for transparent, authentic ESG reporting which has become a business imperative for companies. Climate impact, social responsibility, and corporate governance are impacting the valuations of companies and the ability of institutions to invest in those companies. Broad sets of stakeholders—not just shareholders—hold companies accountable for their progress against ESG factors. Cost of capital, employee retention, shareholder trust, and customer loyalty all hang in the balance of ESG performance metrics, with stakeholders ready to question ESG disclosures if they are not backed up with robust evidence and reporting. To implement credible ESG reporting which not only meets regulation but helps build trust with stakeholders, organizations must report their non-financial data alongside their financial data.
“ESG reporting is complex, requiring the ingestion, capture, management, and reporting of financial and non-financial data from many disparate sources. Sustainability reports and disclosures require collaboration across multiple departmental stakeholders,” said Marty Vanderploeg, Workiva CEO. “In a world where data is everything and teams are everywhere, traditional software can’t keep up with the pace of change in ESG reporting across evolving global standards as well as data requirements coming from boards, investors, and regulators. Working together, PwC and Workiva will build transparent, purpose-driven strategies for our mutual customers that the times demand.”
By using proven tactics and smarter technologies, PwC’s premier ESG services and strategy create value for companies, moving from theory to action with a practical, purpose-led plan that can deliver sustained outcomes. PwC helps organizations navigate the changing dynamics of ESG reporting through quality sustainability disclosures with Workiva. Learn how the PwC and Workiva alliance can create value for your organization.