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Thompson Hine LLP, a full-service business law firm with approximately 400 lawyers in 8 offices, was ranked number 1 in the category “Most innovative North American law firms: New working models” by The Financial Times and was 1 of 7 firms shortlisted for The American Lawyer’s inaugural Legal Services Innovation Award. The firm has been recognized by the National Law Journal as a Legal Technology Trailblazer and featured by Bloomberg for its innovative service delivery models, which drive accuracy and predictability. The firm’s commitment to innovation is embodied in Thompson Hine SmartPaTHTM – a smarter way to work – predictable, efficient and aligned with client goals. For more information, please visit ThompsonHine.com and ThompsonHine.com/SmartPaTH.

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With all of the anti-ESG legislation being enacted and the increase in greenwashing, diversity, environmental justice and shareholder litigation, companies have been asking whether ESG is still a driving force for business. The answer is a resounding YES!

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Data collected as recently as October 2023 confirms that ESG is not going anywhere. While some companies are softly retreating to terminology like “corporate responsibility” or “sustainability,” the substance that makes up the components of their ESG programs and goals is sticking because stakeholders demand it. Three-fourths of Americans believe companies need to positively impact society, and the large U.S. corporations that best meet stakeholder needs saw a 4.5% higher profit margin and a 2.3% higher return on equity and they paid five times more in dividends. (“Why Companies Should Prioritize ESG and Tips for Success,” forbes.com, October 4, 2023). At the same time, 70% of potential employees are more likely to apply for and accept a job from a socially responsible organization, and 92% of U.S. investors believe a company with a strong ESG performance deserves a premium valuation of its share price. <em>Id.</em> And look how far the world has come without any regulation.

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Yet as we enter this new era and move away from solely voluntary disclosures, it will be more important than ever for companies to continue to develop authentic ESG programs that align with company values and stakeholder input and to keep these programs fluid and flexible.

Here are 10 ESG-related items to evaluate (and watch) in 2024:

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There are many significant developments on the ESG horizon as we shift into a new area of requirements and mandates. Be sure to make a New Year’s resolution that includes tracking this ever-changing landscape. The seismic shifts that are expected in 2024 will impact all businesses, public and private. Put the resources in place now to allow your business to be agile and proactive in meeting stakeholder expectations for ESG and everything that falls under that ever-growing umbrella.

https://admin.thompsonhine.com/wp-content/uploads/2023/12/Thompson-Hine-Newsletter-Business-Law-Update-December-2023.pdf

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<em>This newsletter may be reproduced, in whole or in part, with the prior permission of Thompson Hine LLP and acknowledgement of its source and copyright. This publication is intended to inform clients about legal matters of current interest. It is not intended as legal advice. Readers should not act upon the information contained in it without professional counsel. This document may be considered attorney advertising in some jurisdictions. </em>

Don’t Count ESG Out: Alive and Well in 2024

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