Investors and stakeholders are driving a growing demand for companies to take a greater role in addressing issues of local and global impact. Environmental, social, and governance (ESG) efforts have been undertaken by an ever-growing number of businesses confronting the challenges and opportunities of this market trend. Central to this effort is the ability to accurately assess and report on ESG initiatives, and to utilize that data to drive ongoing strategic decision making. To meet this need, a Big Four consulting firm and a leading provider of cloud-based reporting solutions have recently extended their alliance to bring a tech-powered approach to ESG reporting and strategy.
Consulting firm PricewaterhouseCoopers and cloud-based reporting solutions provider Workiva are working together to help clients build trust and make better decisions by leveraging Workiva’s reporting capabilities in combination with PwC’s solutions and practices in ESG strategy, operational transformation, and data governance. Workiva recently named PwC as its North American Advisory Partner of the Year, an award that recognizes partners that have helped Workiva customers optimize their process transformation and expand use of the Workiva platform.
The ESG market is rapidly expanding, with ESG funds having captured $51.1 billion of net new money from investors in 2020—which is more than double the prior year. The market has given birth to a variety of innovative companies and investment funds, a trend increasingly embraced by consumers worldwide. In a recent report, PwC indicated that 83% of respondents think companies should be actively shaping ESG best practices, and that 76% of consumers plan on discontinuing relations with companies that treat employees, communities, and the environment poorly.
Marty Vanderploeg, Workiva’s Chief Executive Officer, said, “In a world where data is everything and teams are everywhere, traditional software can’t keep up with the pace of change in ESG reporting across evolving global standards as well as data requirements coming from boards, investors, and regulators. Working together, PwC and Workiva will build transparent, purpose-driven strategies for our mutual customers that the times demand.”
The growing demand for ESG disclosures—and the increasing scrutiny of the data they present—provides an excellent opportunity for PwC and Workiva to help clients meet the needs of investors, stakeholders, regulatory bodies, and the public. The expanded alliance should provide a solid foundation for businesses to confidently develop and refine their ESG efforts.