Boards of directors are increasingly paying attention to the risks and opportunities associated with corporate responsibility, sustainability and climate change, according to a survey commissioned and released today by Deloitte and Corporate Board Member magazine. The survey of 220 directors at U.S. companies with $1 billion or more in revenue highlights the board's growing role in oversight of corporate responsibility and sustainability (CR&S).
Key findings from the survey include:
- 79% of directors responding have a strong or moderate understanding of the business risks associated with CR&S and climate change;
- 76% have a strong or moderate understanding of the business opportunities associated with CR&S and climate change;
- Almost one-half of directors think their boards and management are committed to addressing CR&S and climate change;
- One-half of directors think their companies' response to CR&S is integrated into business strategy and risk management, while 41% report no such integration;
- 30% of directors reported that their companies have set goals for reducing greenhouse gas emissions; 59% reported no such commitment; and,
- Almost one-third of directors think there is growing investor interest in their companies' response to climate change/business sustainability issues, while 39% do not think there is growing interest.