FYI establishes ties with independent ESG reporting platform
2 minute read
FYI Resources Ltd (ASX:FYI; OTCQB:FYIRF; FSE:SDL) has continued to make substantial headway in adopting environmental, social and governance (ESG) standards.
Management announced today that it had established an independent environmental, social and governance (ESG) reporting platform to centralise the company’s ESG data and assist in managing key metrics to increase the program’s impact.
This follows the award of an excellent independent ESG rating in June, and it continues to build on the group’s ESG credentials.
In order to further strengthen and consolidate its ESG profile, FYI has engaged ESG impact monitoring technology company Socialsuite to establish and maintain a tailored reporting platform to assist the company in effectively measuring, monitoring and reporting on its ongoing ESG progress.
Utilising the Socialsuite platform, FYI will monitor and track its ESG progress on a quarterly basis to demonstrate positive ESG metric improvements and compare them against the industry peer group.
By way of background, in 2017 the World Economic Forum (WEF) identified a 4-step roadmap of Sustainable Development Goals (SDGs) to guide companies to their corporate ESG objectives and long term sustainable goals.
The following graphic outlines the WEF sustainable development goals.
Alignment with ESG objectives creates long-term value
FYI has committed to active and responsible management through the outlined 4-step ESG reporting process, and management will report on its ESG performance and improvement on a quarterly basis.
Highlighting the links between aligning with ESG protocols and creating shareholder value, managing director Roland Hill said, “With corporate governance continually evolving and a growing emphasis on businesses aligning with strong ESG objectives, FYI has made the commitment to continue developing and reporting on its sustainability improvement actions and managing the natural resources chain.
"There is growing evidence that companies that align their long-term corporate goals to strong ESG objectives are more likely to create long term sustainable value.”
The Socialsuite reporting platform assists companies in planning, meeting and monitoring ESG goals by providing the following.