New Thompson Hine Report Examines Intensifying Corporate Focus on Environmental, Social and Governance (ESG) Initiatives

CLEVELAND–(BUSINESS WIRE)–One year after its inaugural survey tracking companies’ ESG programs, priorities and progress, Thompson Hine LLP has released a new report, “ESG: An Intensifying Focus,” which takes a deeper dive into the ESG areas and protocols that are both actionable and imminently on the minds of companies’ management teams. The report also offers valuable benchmarking and analysis in a space that seems to shift daily.

“Over the past year, regulatory activity has increased almost exponentially, with much of it having been fast-tracked,” said Thompson Hine partner Jurgita Ashley, co-chair of the firm’s ESG Collaborative. “The SEC’s proposed rule on climate disclosures has created a particular buzz among businesses, inspiring thousands of comments to the SEC, and you are seeing progressing international frameworks as well.”

Here are just a few of the numerous corporate ESG trends the report explores:

• The data components of ESG and green initiatives are currently top of mind for both private and public companies. Already struggling with regulatory activity, both private and public companies expect this concern to increase in the next two years.
• Reporting obligations are increasing, ranging from greenhouse gas (GHG) emissions and environmental impact to supply chain issues such as human rights, anti-corruption and diversity.
• Companies are also preparing for new global due diligence and reporting directives.
• In terms of tackling various aspects of their ESG programs, almost half of companies are starting to use third-party consultants.
• Companies are beginning to seek ESG information or obligations through their contractual arrangements.
• Along with other stakeholders, respondents’ customers are now seeking information on GHG emissions and are also asking about DEI data and human capital.
• Similar to last year, the absence of a single, uniform ESG reporting framework continues to challenge the best-intentioned of companies. Other frustrations, including political and ideological divisions and an increasingly vocal anti-ESG sentiment, seem to be forming as well.

“This year’s survey confirms that companies are working hard to achieve greater certainty around their ESG focus while aligning their ESG targets to their company’s values,” said partner and ESG Collaborative co-chair Heidi Friedman. “The consequences of getting it wrong are simply too great. So, as ESG continues to evolve, companies are, by necessity, devoting additional staff, dollars and programs to setting, meeting and disclosing their ESG priorities and efforts.”

Thompson Hine is committed to staying on top of significant business trends and continuously innovating to meet clients’ evolving needs.

The firm’s ESG Collaborative is a multidisciplinary team of lawyers with practical legal and business knowledge to help clients develop, implement and fine-tune ESG strategies. The group uses proprietary SmartPaTH^TM tools, significant investments in technology and strategies such as legal project management, flexible staffing and value-based pricing to help clients achieve their objectives while providing enhanced value and predictability.

About Thompson Hine LLP. 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 SmartPaTH^TM – a smarter way to work – predictable, efficient and aligned with client goals. For more information, please visit ThompsonHine.com and ThompsonHine.com/SmartPaTH.