CEOs and CFOs are expanding and clarifying their environmental, social, and governance (ESG) responsibilities, and tax executives should follow suit. This is especially the case in the retail industry where a unique combination of ESG risks and opportunities — including shifting consumer expectations, sustainable distribution, recruiting and retention correlations, packaging decisions, and more — will exert mounting impacts on the bottom line and shareholder value in the coming years.
To advance on their ESG journeys, retail tax leaders should:
- Consider and monitor the drivers behind ESG regulatory mandates as well as organizational ESG investments
- Assess the impacts of ESG matters on strategy and operations
- Prepare the tax department to quickly respond to ESG risks and opportunity by putting in place the right skills, processes, and technologies
New blogs, Pervasive ESG in Retail: 4 Building Blocks and 5 Forces Driving Sustainability in Retail, touch upon the growing attention to ESG within the retail industry and how to put in place the right skills, processes and technologies to respond quickly and effectively to ESG risks and opportunities.