Simon Learmount, Associate Professor in Corporate Governance at Cambridge Judge Business School, has been appointed co-chair of the World Economic Forum’s Climate Governance Community of Experts, an interdisciplinary knowledge network that aims to advance good climate governance at the board level.
The WEF panel has just posted a statement on the need for board members to seek greater knowledge and skills on climate-change issues, to coincide with the COP28 climate-change summit in the United Arab Emirates. The panel’s other co-chair is Sarah Barker, the Melbourne-based head of climate-change and sustainability practice at international law firm MinterEllison.
Investors and regulators now expect more from companies when it comes to climate change
“With changing market expectations, regulatory requirements, litigation risks, and natural resource scarcity, board members around the world will need to acknowledge and address environmental and societal risks and opportunities, either by upskilling themselves or seeking external advice,” said the group’s blog post.
The statement said that questions to be put to boards include:
- is corporate strategy adequately tested for resilience against climate-related risks?
- is governance structure adequate in light of enhanced regulatory and investor expectations on climate change?
- does the board have the right skills to take a “stewardship approach” to long-term, sustainable value?
Boards will play an increasingly vital role in steering their companies on these vital issues and embedding sustainability into the corporate culture.
“The WEF’s Community of Experts on climate governance seeks to strengthen the knowledge, skills and engagement of boards of directors on sustainability and climate-change issues,” says Simon Learmount. “Boards will play an increasingly vital role in steering their companies on these vital issues and embedding sustainability into the corporate culture, so we think this initiative will play an important role.”
Related content
Cameron, J. and Farnworth, E. (2023) “Do we have the right people on boards to deal with climate change?” World Economic Forum, 30 November 2023
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