Compliance considerations in sustainability governance

Both the long-term imperative for future generations as well as current regulatory and reputational requirements and risks, are driving businesses to reduce their harm to the planet. Andrew Hobbs and Richard Monks explore practical ways compliance teams can support leaders to unlock significant competitive advantage from sustainability.

Andrew Hobbs (www.ey.com/en_gl/people/andrew-hobbs) is EY EMEIA Center for Board Matters leader and Richard Monks (formerly director of Strategy at the Financial Conduct Authority) is a sustainable finance partner with Ernst & Young LLP. The views reflected in this article are the views of the authors and do not necessarily reflect the views of the global EY organisation or its member firms.

The concept of sustainability can be used to frame a long-term approach to value creation that builds trust and meets the challenging expectations for the role of business in society. It is a multiple-generation process that can be considered through the concept of 'cathedral thinking'. Like the construction of great cathedrals, different generations are inspired by the long-term vision and the goal of benefiting people in the future.