Business Schools Could Soon Need to Add ESG Traini
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Posted On: 10/07/2024 5:25:08 PM
Business Schools Could Soon Need to Add ESG Training to Accounting Programs
Environmental, social and governance (ESG) standards have become increasingly popular in the business world and particularly when it comes to investments. Given its popularity, there is a need for the standards to be understood by current as well as future leaders in business and accounting professions.
A good way to ensure that this is done is to incorporate these principles into accounting courses, a move that aligns learners with what is happening in the real world. Experts hold the opinion that evolving sustainability standards, an increase in ESG-related regulations, and more public companies using ESG reports help motivate the aforementioned need.
We discuss these further below.
On increasing proportion of public companies that issue rules related to ESG, experts estimate that about 90% of companies in the S&P 500 issue ESG reports.
As more and more high-profile companies report on their ESG activities, the need to ensure that students working for regulatory agencies, CPA companies and other organizations have adequate training to understand, assess and verify claims in an organization’s documents becomes even clearer.
Increased regulations related to ESG has led to a surge in government mandates related to ESG disclosures and practices. For instance, Germany recently ruled that it was compulsory for companies to declare their supply chain standards. In a statement, the country noted that companies needed to be more ESG-aware than before.
Multinational companies are advised to try and meet these ever-changing standards, not only in the European Union but also in the United States.
Future regulatory, consulting and business leaders will also need to be extremely familiar with how to consider a company’s ESG activities and communicate them to ensure the transition to the new system is smooth.
Evolving international principles and standards for sustainability are reflecting a new era of disclosure in capital markets. In 2023, the International Sustainability Standards Board announced new standards on sustainability reporting. Additionally, the EU Corporate Sustainability Reporting Directive makes it compulsory for large businesses to disclose detailed data on their ESG practices, which grows their accountability in such matters.
Given these dynamics and trends, a thoughtful approach is needed to integrate ESG into the curriculum of business schools and other educational programs. By equipping students to learn to verify ESG claims and understand the various incentives that shape sustainability disclosure, students learn to effectively account for company activities related to infrastructure and investments, among others.
Overall, incorporating ESG considerations into the accounting curriculum will also help revitalize accounting as a field, while addressing issues facing businesses in the society today.
When such ESG training becomes the norm in finance education schools, numerous companies such as First Tellurium Corp. (CSE: FTEL) (OTCQB: FSTTF) will have their pick of the top talent being trained in these schools.
NOTE TO INVESTORS: The latest news and updates relating to First Tellurium Corp. (CSE: FTEL) (OTCQB: FSTTF) are available in the company’s newsroom at https://ibn.fm/FSTTF
Please see full terms of use and disclaimers on the ESGWireNews website applicable to all content provided by ESG, wherever published or re-published: https://www.ESGWireNews.com/Disclaimer
Environmental, social and governance (ESG) standards have become increasingly popular in the business world and particularly when it comes to investments. Given its popularity, there is a need for the standards to be understood by current as well as future leaders in business and accounting professions.
A good way to ensure that this is done is to incorporate these principles into accounting courses, a move that aligns learners with what is happening in the real world. Experts hold the opinion that evolving sustainability standards, an increase in ESG-related regulations, and more public companies using ESG reports help motivate the aforementioned need.
We discuss these further below.
On increasing proportion of public companies that issue rules related to ESG, experts estimate that about 90% of companies in the S&P 500 issue ESG reports.
As more and more high-profile companies report on their ESG activities, the need to ensure that students working for regulatory agencies, CPA companies and other organizations have adequate training to understand, assess and verify claims in an organization’s documents becomes even clearer.
Increased regulations related to ESG has led to a surge in government mandates related to ESG disclosures and practices. For instance, Germany recently ruled that it was compulsory for companies to declare their supply chain standards. In a statement, the country noted that companies needed to be more ESG-aware than before.
Multinational companies are advised to try and meet these ever-changing standards, not only in the European Union but also in the United States.
Future regulatory, consulting and business leaders will also need to be extremely familiar with how to consider a company’s ESG activities and communicate them to ensure the transition to the new system is smooth.
Evolving international principles and standards for sustainability are reflecting a new era of disclosure in capital markets. In 2023, the International Sustainability Standards Board announced new standards on sustainability reporting. Additionally, the EU Corporate Sustainability Reporting Directive makes it compulsory for large businesses to disclose detailed data on their ESG practices, which grows their accountability in such matters.
Given these dynamics and trends, a thoughtful approach is needed to integrate ESG into the curriculum of business schools and other educational programs. By equipping students to learn to verify ESG claims and understand the various incentives that shape sustainability disclosure, students learn to effectively account for company activities related to infrastructure and investments, among others.
Overall, incorporating ESG considerations into the accounting curriculum will also help revitalize accounting as a field, while addressing issues facing businesses in the society today.
When such ESG training becomes the norm in finance education schools, numerous companies such as First Tellurium Corp. (CSE: FTEL) (OTCQB: FSTTF) will have their pick of the top talent being trained in these schools.
NOTE TO INVESTORS: The latest news and updates relating to First Tellurium Corp. (CSE: FTEL) (OTCQB: FSTTF) are available in the company’s newsroom at https://ibn.fm/FSTTF
Please see full terms of use and disclaimers on the ESGWireNews website applicable to all content provided by ESG, wherever published or re-published: https://www.ESGWireNews.com/Disclaimer
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