A Complete Guide to

ESG Program Management

A complete guide to ESG program management
Welcome!

Goby is pleased to present this get-started guide for ESG program management. As each company is unique,
so too will each plan differ in discrete ways. The end goal, however, is universal: to manage resources in ways
that maximize value for all stakeholders. Here, we will define steps to develop & implement an ESG project at
your organization and suggest questions to ask as part of the process.

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Contents 4 ................... Introduction

8 ................... The Steps

9 ......... Step 1: Set Overall Goals

11 ......... Step 2: Create a Budget

13 ......... Step 3: Evaluate Opportunities

15 ......... Step 4: Construct an ESG Framework

17 ......... Step 5: Build a Sustainability Team

19 ......... Step 6: Check Your Progress

21 ......... Step 7: Promote Your Performance

24 ................... Get Started

25 ................... References

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It’s important to establish the impetus behind this guide
Why is it so important to identify, define, and defend the case for sustainability in today’s business
environment? We have four answers:

1. You want to attract investors 2. You need to comply with requirements

to ensure a healthier planet
According to a State Street Advisors report1, when asked Laws and regulations require businesses to limit
what they considered essential and important elements of emissions and waste. The emergence of new regulations
ESG investments: and legislation aimed at curbing the effects of climate
change has been so significant that the financial world is
• 79% of investors cited ethical parameters & values demanding that large businesses start to disclose how
they are preparing.
• 78% cited positive environmental or social impacts
• 77% cited a belief that ESG factors play a key role in
A 2016 Wall Street Journal report3 claimed that the
broader financial performance
Securities and Exchange Commission (SEC) has seen
• 76% cited compliance with regulations and legal increasing pressure from the financial and government
requirements communities to develop standards for businesses to
disclose their sustainability data in company filings.
Put another way: 75% of executives in investment
companies think sustainability performance should Since that report, investors for several major global
be considered in investment decisions, but only 60% enterprises have successfully petitioned to increase
of corporate executives think investors care about transparency into their exposure to risk from the
sustainability performance, according to an MIT emergence of climate-focused regulations worldwide.
Sloan Management Review report2 from May 2017. The takeaway is clear: organizations need to prepare
to operate in this new business environment.

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3. You want to attract the best 4. You know there are better ways
tenants and talent to operate
Research has shown that commercial real estate businesses New technology, such as data automation and reporting at the
can drive more revenue from buildings with energy efficiency building and portfolio levels, building automation systems, and
certification. One third of respondents to a McGraw-Hill energy intelligence software, provides the data you need to
Construction survey4 said they were willing to pay a premium better control your buildings’ operations.
for green retrofitted space, while a separate CoStar study5 of
the Los Angeles CRE market found that buildings with LEED Portfolios that use technology provide their owners and
and ENERGY STAR certifications drew higher lease rates and operators with better insights into building performance,
sold at higher rates than asking price than average rates for the giving them the confidence to make data-driven decisions by
region. identifying outliers and finding cost-saving opportunities and
capital investment projects to create efficiencies.
Similarly, meeting these kinds of expectations is becoming
more important as millennials take over the workforce. Research Moreover, buildings equipped with the tools to track
from Morgan Stanley6 found that millennials are two to three performance not only perform better and are able to report
times more likely to want to work for organizations that share seamlessly, but the tracking itself conveys that the building is
their values, particularly when it comes to environmental and managed better, which has a positive impact on value.
social issues. The ability to show progress in sustainability
is becoming an increasingly valuable tool in attracting and
retaining top talent.

Would you spend $200,000 to create Real Life Example: a LEED Certified Gold building with $14
million in NOI that sells for .25 basis points less is worth an
$4,000,000 in value? additional $4 million

LEED-certified buildings may sell for cap rates that are up to It only costs that building $200,000 to get a LEED Gold
.25 to .65 basis points less than non-LEED buildings Certification
• $100,000 in ownership costs
(there is an inverse relationship between cap rates and value; a lower cap
rate delivers a higher sale price / value) • $100,000 in operating expenses passed through to tenants

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If your organization’s strategy is aligned with any of these drivers - or any others
that may not be listed here - this guide is an excellent resource to help you
implement & manage an ESG program.

This e-book provides seven steps to take as you create an ESG strategy, as well
as some questions to consider. On the pages that follow, we provide more details
on each step and delve into background you may find useful in shaping and
managing your program.

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But first, a brief glossary to aid your understanding as you read:

ASHRAE American Society of Heating, Refrigerating, and Air-Conditioning Engineers

CDP Formerly the Carbon Disclosure Project

Corporate Social Responsibility, corporate initiatives to assess and take responsibility for a company’s effects on
CSR environmental and social wellbeing

ENERGY STAR International standard by the U.S. EPA for energy-efficient consumer products

ESG Environmental, Social, Governance

GRESB Global Real Estate Sustainability Benchmark

KPI Key Performance Indicator

LEED Leadership in Energy and Environmental Design

RobecoSAM An international investment company specializing in sustainability investments

SASB Sustainable Accounting Standards Board

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The Steps
At a glance, below are the steps we recommend you take, topics for you to consider, and some of the questions to
ask as you begin to define and implement your ESG strategy. Please note that while the steps are presented in a
general order, they should be considered in relation to each other throughout the process, and adjustments should
be made to fit your organization’s specific needs.

Step 1 Step 3 Step 5 Step 7

Set Overall Evaluate Build a Promote Your
Goals Opportunities Sustainability Team Performance

Page 11 Page 15 Page 19

Page 9 Page 13 Page 17 Page 21

Step 2 Step 4 Step 6

Create a Construct an Check Your
Budget ESG Framework Progress
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Step 1

Set Overall Goals Things to consider

As with any strategy, the first thing to do is identify • Consider investors, shareholders, peers,
owners, and joint-venture partners
clear, measurable outcomes that define what
success means to you. • Identify your current ESG challenges,
financial targets, and time to implement
This step is meant to establish a clear definition of what
sustainability and ESG mean for your organization. You need • Determine the value of the effort
to determine the level of interest in these efforts across the
• Define success; what are your
organization.
performance-based targets?
Understanding the current mindset will define the level of appetite
• Evaluate your long-term strategy
at the start of this initiative, guide your strategy to encouraging
engagement across your organization, and give you an idea of the
end results you’ll be able to achieve.

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Step 1 - Set Overall Goals

There is no one-size-fits-all approach, but some categories and questions to get you started include:

• Who are the stakeholders? What are their goals and • What are your financial and timeline targets?
business models? How will you communicate with them?
• What are your current challenges?
• What will a successful end result look like? That
is, how will you know when you’ve gotten where you’re • How does sustainability create value for your
going? organization?

• What is your level of appetite? Do you want to be at the • Who are your peers and what are their sustainability
forefront of adopting new approaches, or implementing goals? There’s something to be said for “Keeping Up with the
what works once its been proven by others? Joneses”. Your stakeholders will be using this as a metric when
evaluating your organization, so you should as well.
• What’s your holding time for a property? A three-year
ownership versus a long-term hold will yield completely • What are your drivers for ROI? There are three P’s to consider,
different perspectives on sustainability initiatives, for not just one. This is about Planet, People, and Profit, not just
example. Profit alone.

The answers to these questions, and additional questions you deem necessary to
answer for the needs of your organization, will create the foundation that will inform
how you answer questions in the next steps.

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Step 2

Create a Budget Things to consider

In order to create a realistic budget, you’ll • How much are you willing to spend? Can you get
funding?
need to know your organization’s preferences
for financing and marry them to the goals and • What is your ROI tolerance? Do you need to see
timelines established in Step 1. a financial return in one year? Three years? 10
years?

• What has the highest value? How did you answer

“What are your drivers for ROI?” in Step 1? Are you
While budgeting begins with ROI analysis, the return may
most interested in energy cost reductions? Are
not be limited to the direct financial impact. For example,
you pursuing certifications, such as ENERGY STAR
an organization with longer-term holds for properties may or LEED?
be willing to pursue initiatives or capital improvements
with longer timelines, whereas an organization focused
on attracting investor stakeholders might highlight
benchmarking initiatives.
Note:
Next, it’s important to understand where revenue savings Your organization’s ability to attain the goals
will be recognized. With a triple-net lease, for example,
you set is stringent on your ability to create an
building improvements may not directly impact the
ownership financially, but will appeal to a wider set of adequate budget. Your goals may change in order
tenants and potentially increase tenant satisfaction and to realistically adapt to your budget.
retention.

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Step 2 - Create a Budget

Lastly, consider the availability of your team. We provide more detail on this element in Step 5: Build a Sustainability Team,
but the gist is this: if building a dedicated in-house team to work on these initiatives isn’t feasible, hire a consultant to keep
progress on track. Some additional considerations when creating a budget include:

• Implementation of capital improvements to drive future • Determine the value both in terms of cost perspective and improvements
savings that might be seen with benchmarking (e.g. ENERGY STAR score)

• Energy audits to determine what potential improvements • The availability of your team to track, document, and maintain your ESG
are available and what ROI they could deliver initiatives and disclosure projects

Property Assessed Clean Energy (PACE): PACE has emerged as

Supplement your Budget with Alternative
a financing structure that helps companies tackle these clean energy
Funding Sources and efficiency initiatives without upfront costs. Under PACE financing,
municipal governments provide upfront capital for energy efficiency
measures and renewable energy installations, and the companies
reimburse the municipality over a given time period (typically 5-25
Demand Response: Large businesses receive financial payments in years) through adjustments to the company’s property tax.
exchange for curtailing their energy load at times when demand on
the grid reaches unsustainable levels. Rather than investing millions in
new power plants to meet demand peaks that only occur temporarily
throughout the year, utilities instead pay customers to temporarily reduce On-Bill Financing (OBF): Under OBF energy initiatives, a company
energy usage and maintain stability on the grid. Curtailing could be as receives a loan for a project directly from its utility and pays back the
simple as temporarily shutting down non-essential equipment or falling loan through adjustments to its energy bill. OBF allows companies to
back on pre-installed backup generators. This source of revenue can be embrace energy efficiency measures without additional budgetary
used to fund additional investments, helping to reduce the upfront capital resources. And, similar to PACE-financed projects, OBF agreements
investment required to drive long-term savings from energy efficiency can be structured so that the cost of the energy saved is greater than
improvements. the repayment charge - generating immediate positive cash flow.

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Step 3
Things to consider
Evaluate
• Define your portfolio classification and preferred
Opportunities asset groupings

• Turn the raw data available on your buildings into

actionable insight into energy efficiency

In order to create a viable strategy, you need Identify top and bottom performers across your
to fully understand your portfolio and its • portfolio
differentiators.
Leverage continuous monitoring to conduct
building-level energy auditing and enable
proactive maintenance

Manually managing, aggregating, and reporting on utility data

is often a very involved and time-consuming process.

Utilize data automation technology to collect and validate your

portfolio data to drastically decrease these time and effort
requirements, and simplify the identification of top and bottom
performing assets.

With these insights, you can focus on building-level

initiatives, such as real-time metering, demand response,
retrocommissioning, and energy auditing to evaluate further
opportunities for building-level ROI with capital improvements.

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Step 3 - Evaluate Opportunities

For example, ask yourself if your organization has the tools to

prevent “energy drift” in your buildings. As defined in a landmark
study conducted by the US Department of Energy’s Lawrence
Berkeley National Laboratory7, building energy drift is the
inevitable degradation of energy efficiency that occurs as a
result of design flaws, construction defects, and as equipment
malfunctions or succumbs to general wear-and-tear.

The research also concluded that these issues can cause energy
efficiency to degrade by 10% to 30% over a one- to two-year
period.

To take control of this drift, businesses are turning to tools and

platforms that combine and automatically analyze the data from
their energy meters, equipment sensors, building automation
systems, and other sources to notify their site-level staff of the
issues causing energy waste in their buildings. This proactive
approach to maintenance, giving staff the ability to identify and
correct issues before they drive up costs, has been proven to
boost sustainability performance, reduce utility and operations
and maintenance costs, and provide a better experience for
tenants.

And it all begins with constant visibility into your buildings’

operational and energy trends.

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Step 4
Things to consider
Construct an
• How will a new sustainability reporting plan apply
ESG Framework to your overall portfolio?

• How will you monitor progress and reach goals?

• What are your preferred benchmarking standards

Now that you’ve completed the first steps, and how will you meet them?
you have the information you need to start
• How will you ensure compliance with regulatory
defining your ESG framework. Organizations
changes? What reporting to government agencies
with ESG strategies are becoming more and is required?
more attractive to investors. Why?

Companies that perform well in their ESG initiatives also tend toward strong financial performance, with better investment
value and higher returns. According to the Harvard Business Review8, “...90% of 200 studies analyzed conclude that good
ESG standards lower the cost of capital; 88% show that good ESG practices result in better operational performance; and
80% show that stock price performance is positively correlated with good sustainability practices.”

So, a higher GRESB score, for example, creates

a stronger case for investment than companies
with lower performance, and especially over
90% 88% 80%
lowered improved stock
those who eschew ESG altogether. costs performance improved

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Step 4 - Construct an ESG Framework

While many organizations voluntarily undertake

various environmental and social efforts, the
governance aspect is compulsory.

Compulsory - Address regulatory concerns

Based on your asset’s location and size, you may have city- or
region-specific benchmarking ordinances that you are required
to comply with. Depending on your property team’s availability
and experience, this is an area in which outside consulting
groups and platform tracking tools, such as the products and
services offered by Goby, can be beneficial to not only keep you
apprised of new regulations as they arise but also streamline
and complete the reporting process on your behalf.

Voluntary - Define benchmarking & certification

standards, and how to satisfy them
Sustainability certifications, such as ENERGY STAR and GRESB,
offer numerous benefits for property owners and managers.
Also, these certifications provide third-party designations that
are easily recognized and help create a framework to provide
direction across an industry. Trending and well-established
certifications should be considered to round out a portfolio ESG
program.

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Step 5
Things to consider
Build a
• Decide whether it’s best to build your own
Sustainability Team team or outsource the effort

• Secure stakeholder buy-in

You have the plan; now it’s time to add the people.

Will the team you assemble be comprised of internal staffers, or

Do you need a sustainability team?
will you outsource some or all of the tasks to a consultant?
If your budget doesn’t contain room for a dedicated
Consultants can offer greater efficiencies in understanding sustainability team, you will need to consider some
and completing certifications, as well as provide objective alternatives.
suggestions on areas for improvement.
The most cost- and time-efficient solution is to hire
Buy-in will have one of the biggest impacts on the success of an outside consultant to handle everything, instead
the implementation of your sustainability business plan. It’s of splitting the time of your employees between their
important to define who will be a part of your sustainability team day-to-day work and the additional requirements that
and build trust among all members. this sustainability effort will introduce.

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Step 5 - Build a Sustainability Team

The team you build should extend beyond the executive level. We recommend a team that includes:
Engaging your asset and property teams guarantees even
greater involvement around new initiatives, moving the needle • At least one executive representative
even more and inevitably leading to a more successful program.
• Stakeholder representatives (e.g. staff from investor
relations, tenant relations, asset management, and
Consider energy challenges on a property-by-property basis to property management)
track, benchmark, and reduce your energy consumption. This
implementation will help ensure that your newly developed ESG • In-house team members focused on sustainability
plan is adopted within every level of your organization, not just (possibly a director of sustainability)
at the top.
• A consultant, if applicable or required

“We observe that companies and funds that develop

stakeholder engagement programs are likely to start
in-house, focusing on employees, and work their way
towards monitoring their supply chain and improving
their relationship with tenants.”

- 2017 GRESB Results

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Things to consider
• Consider data-driven software for easy insights

Hold ongoing meetings to evaluate goals, update benchmarks, and gather

• lessons learned

• Compare to other ESGs

Step 6

Check Your Progress

Ensuring success means keeping your plan on track. This requires
constant monitoring and evaluation in order to make necessary
adjustments.

For instance, as part of Step 1, you identified a successful end result. Perhaps you
quantified a percent-reduction goal you wanted this effort to achieve. How will you
measure those reductions and track them?

With the right tools and processes, there are three ways you can monitor your
organization’s progress in energy efficiency.

The first is the portfolio-wide view. Your portfolio may have dozens to hundreds of
buildings. If your business is going to be able to show real progress in your ESG and
energy efficiency efforts, you’ll need a centralized system to access your data and the
ability to track the performance of your KPIs across your full portfolio of properties at any
given time.
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Step 6 - Check Your Progress

Secondly, it’s important to keep in mind that real progress in Finally, you need to be able to put your portfolio’s progress
energy efficiency happens at site-level. While your facility teams into context. To measure how your efforts track with
need access to detailed recommendations for improving energy those of other organizations, choose a platform that can
efficiency, your organization also needs to be able to dive into allow you to benchmark your performance against similar
the status of the projects at individual sites. portfolios.

While this kind of visibility can provide context to portfolio-wide Look to the ESG reports that other large organizations make
performance, it can also foster a sense of accountability at the publicly available. Keep abreast of industry research on
site-level. Providing transparency into the status of individual the latest trends and developments, and leverage industry
buildings and projects demonstrates your organization’s standards like ENERGY STAR and GRESB to see how your
commitment to energy efficiency, and helps drive engagement portfolio stacks up.
from site-level team members who are responsible for
implementing these crucial measures.

Data-Driven Software
Utilizing data automation and analytics platforms can
drastically streamline and empower your portfolio’s reporting
capabilities and performance. Automating invoice and utility
bill processing will alleviate the burden of manual labor on
your employees. Visualizing data increases your ability to
discover consumption trends and identify top and bottom
performances portfolio-wide. Validation engines reduce the
likelihood of billing errors and mitigate the risk of late fees.

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Step 7
Things to consider
Promote Your
• What metrics are you planning to use to measure
Performance your progress?

• How will you communicate your progress and your

Promoting the story and success of your efforts goals, especially to investors?

to adopt ESG into the core values of your • What are your goals for promoting your efforts
properties and your company yields a multitude internally vs. externally?
of benefits.
• What will the actual reporting process look like?

A few key reporting considerations:

• What format(s) will you use to promote your results?
• Will the results be made public or kept private?
• Will promotion occur through benchmarking (e.g. SASB or
GRESB) or an annual report?
• Who is your target audience? What channel is best to
reach them?

Providing regular internal updates keeps employees on

task and reinforces that their efforts are contributing to
an important organization-wide goal. Promotion also re-
engages stakeholders and can contribute to the overall ROI
of your initiatives. Data reporting and modeling will both help
you measure and verify your progress, but may also spur
innovative thinking that can lead your organization to create
a competitive advantage.

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Diversify Your Outreach Step 7 - Promote Your Performance

Nearly as important as implementing your ESG strategy is Businesses are beginning to adopt public promotion of
making sure you get the word out and market your efforts their ESG efforts as a standard practice, and over the last
with the correct method for your target audience. year there has been an increased trend in CSR reports
to help companies do this successfully. A Flash Report
from the G&A Institute found that 81% of the S&P 500
Be diligent and consistent with content you release to the published sustainability reports in 20159, and for good
public. Keep your messaging and performance metrics reason. Investors, tenants, prospective customers, and
as close to real-time as possible to demonstrate the employees are all coming to expect transparency into
value and corporate adoption of ESG into core company your operations. Your sustainability reports enable your
operations and beliefs. business to meet these interested and crucial parties
where they are.

Use a multichannel marketing approach to promote Third-party reporting standards like ENERGY STAR,
success and efforts and drastically increase the reach GRESB, and LEED are valuable ways to provide tangible
of your message. Website promotions, press releases, proof that your ESG efforts have had a measurable impact.
and email campaigns, for example, are good tactics for
spreading the word to a greater audience. However, it’s important to consider how exactly your
organization will report data to these standards. Manual
data collection isn’t just time-consuming for your staff; it
You’ve implemented ESG strategies and drastically inherently increases the risk of errors that could throw off
shifted toward socially and environmentally conscious your sustainability score. That’s why it’s essential to invest
business practices, yet no one has noticed; what gives? in tools that allow your staff to automate some of the
Keeping your message and your actions in sync is crucial. arduous data upload processes, such as data automation
No one will know about the paradigm shift within your software and energy intelligence systems, which are
organization unless you tell them first. You will be the first designed to simplify your aggregation and reporting
and best promoter of the efforts and successes of your processes and reduce the manual, time-consuming
new strategy. requirements.

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Step 7 - Promote Your Performance

The tangible benefits of your ESG strategy include metrics Private and public value metrics relate to who the efforts
like lower energy usage from implementing efficiency of your ESG strategy will affect. Private metrics affect the
measures, reduced maintenance costs, and higher tenant investment itself, property ownership, investors, and tenants,
retention. Intangible benefits are harder to measure directly, while public metrics may impact parties that are not directly
and include metrics like tenant comfort, word-of-mouth affiliated with your efforts or your investments, such as the
advertising from tenants about building improvements, and city your property is located in.
a reduced environmental impact.

Private Public

Tangible • Savings on utility costs • Transparency of enhanced building energy performance

• Higher tenant retention • Eligibility for certifications like ENERGY STAR or LEED
• Lower maintenance costs • Lower environmental impact on surrounding areas (i.e.
less pollution, lower GHG emissions, etc.)
• Increased revenue

Intangible • Increased tenant comfort • Increase in tenant satisfaction from communication of

energy and cost savings by building management
• Staff time better spent on important maintenance issues
instead of comfort calls, which helps improve buildings • Informal advertising by tenants who spread the word
over time about building and operational improvements
• Improved public image from focus on sustainability • Creation of marketing opportunities

A non-comprehensive list of some intangible and tangible benefits of implementing your ESG strategy and their private and public effects

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Let’s get started!

Goby provides the industry’s most comprehensive, intelligent, and intuitive platform for ESG management. We help
organizations execute ESG initiatives that attract and retain investors, accelerate sustainable and responsible growth,
and mitigate enterprise risk. Today, Goby’s data coverage exceeds $330 Billion in assets under management (AUM) across
hundreds of the world’s leading organizations.

Goby has been recognized by the US EPA as a 2020 ENERGY STAR Partner of the Year, Sustained Excellence for the 5th
consecutive year, and a Partner of the Year since 2012. It is a GRESB Partner, a Fitwel Champion, a ULI Strategic Partner,
and a LEED Proven Provider.

www.gobyinc.com

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Glossary
ASHRAE American Society of Heating, Refrigerating, and Air-Conditioning Engineers

CDP Formerly the Carbon Disclosure Project

CRE Commercial Real Estate

Corporate Social Responsibility, corporate initiatives to assess and take responsibility for a company’s effects on envi-
CSR
ronmental and social wellbeing
DOE U.S. Department of Energy

EIS Energy Intelligence Software

ENERGY STAR International standard by the U.S. EPA for energy-efficient consumer products

EPA U.S. Environmental Protection Agency

ESG Environmental, Social, and Governance

GRESB Global Real Estate Sustainability Benchmark

GRI Global Reporting Initiative

LEED Leadership in Energy and Environmental Design

NOI Net On Investment

OBF On-Bill Financing

PACE Property Assessed Clean Energy

RobecoSAM An international investment company specializing in sustainability investments

ROI Return On Investment

SASB Sustainability Accounting Standards Board

USGBC United States Green Building Council

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References
Performing for the Future: ESG’s place in investment portfolios. Today and tomorrow. ESG Institutional Investor Survey, State Street Global Advi-
1.
sors. 2017. https://www.ssga.com/investment-topics/environmental-social-governance/2017/esg-institutional-investor-survey-us.PDF

Corporate Sustainability at a Crossroads: Progress Toward Our Common Future in Uncertain Times. David Kiron, Gregory Unruh, Nina
2. Kruschwitz, Martin Reeves, Holger Rubel, Alexander Meyer Zum Felde, MIT Sloan Management Review. May, 2017. http://sloanreview.mit.edu/
projects/corporate-sustainability-at-a-crossroads/

Companies Might Have to Disclose Their Carbon-Related Risks. Elena Cherney, Wall Street Journal. September, 2013. https://www.wsj.com/arti-
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cles/companies-might-have-to-disclose-their-carbon-related-risks-1473820113

Green Outlook 2011: Green Trends Driving Growth. Outlook 2011 Industry Forecast and Trends, McGraw-Hill Construction. 2011. http://aiacc.org/
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wp-content/uploads/2011/06/greenoutlook2011.pdf

“Green” Buildings Thriving in LA Real Estate Market, According to CoStar Report. LA Better Buildings Challenge. August, 2014. http://la-bbc.
5.
com/green-buildings-thriving-in-la-real-estate-market-according-to-costar-report/

Sustainability Through the Eye of the Investor. Morgan Stanley. February, 2015. http://www.morganstanley.com/ms-articles/sustainabili-
6.
ty-in-the-eye-of-the-investor/

Building Commissioning: A Golden Opportunity for Reducing Energy Costs and Greenhouse Gas Emissions. Evan Mills, Ph.D., Lawrence
7.
Berkeley National Laboratory. July, 2009. http://cx.lbl.gov/documents/2009-assessment/lbnl-cx-cost-benefit.pdf

The Comprehensive Business Case for Sustainability. Tensie Whelan, Carly Fink, Harvard Business Review. October 2016. https://hbr.
8.
org/2016/10/the-comprehensive-business-case-for-sustainability

FLASH REPORT: 81% of S&P 500 Companies Published Sustainability Reports in 2015. Governance & Accountability Institute, Inc. March 2016.
9. http://www.ga-institute.com/press-releases/article/flash-report-eighty-one-percent-81-of-the-sp-500-index-companies-published-corpo-
rate-sustainabi.html

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