His Royal Highness The Prince of Wales contributed to the ACC Global GC Summit by delivering a video message focusing on climate change. ACC and The Prince's Accounting for Sustainability Project (A4S), a nonprofit founded by HRH The Prince of Wales in 2004, today announced their collaboration to advance the role of the general counsel (GC) in encouraging corporate initiatives that drive environmental, social, and governance (ESG) missions forward.
LONDON (23 May 2019) — The Association of Corporate Counsel (ACC), a global legal association representing more than 45,000 members in 85 countries, and The Prince’s Accounting for Sustainability Project (A4S), a nonprofit founded by HRH The Prince of Wales in 2004, today announced their collaboration to advance the role of the general counsel (GC) in encouraging corporate initiatives that drive environmental, social, and governance (ESG) missions forward.
ACC and A4S will start working together during the ACC Global GC Summit in London, 22-24 May, where A4S will speak on the importance of corporate sustainability efforts and the role of the GC or chief legal officer (CLO) in advancing these endeavors. A4S currently works with chief financial officers and their teams, accountants, investors, governments/regulators, and academia. The cooperation between the two organizations recognizes that the chief legal officer can have a significant impact on the creation of sustainable business models.
Jessica Fries, Executive Chairman of A4S, said: “We are thrilled to be working with the global in-house legal community to advance efforts around the world. ESG issues tie into the legal, regulatory, and risk matters GCs handle every day, and we see the GC playing a vital role in advancing sustainable outcomes.”
His Royal Highness The Prince of Wales contributed to the ACC Global GC Summit by delivering a video message focusing on climate change. You can view the message at www.acc.com/governance.
According to the 2019 ACC CLO Survey of more than 1,600 CLOs in 55 countries, 56 percent of law department leaders say their companies currently have or are developing a sustainability plan. Of those CLOs whose companies have sustainability plans, 93 percent say they lead, influence, or contribute to these efforts. Sustainability is slightly more likely to report to the CLO (11 percent) than to the COO (10 percent) or CFO (9 percent), though the CEO is still the most common company lead for sustainability efforts (33 percent).
“Businesses today recognize that being profitable is no longer enough. They need to ensure that environmental, social and governance principles are at the heart of their decisions,” said Veta T. Richardson, ACC president and CEO. “The chief legal officer is uniquely positioned to influence the company’s progress in these areas, and we look forward to working with A4S to advance the CLO’s role in this space and underscore the value that’s contributed.”
At the ACC Global GC Summit, CLO leaders presenting on ESG issues include ACC Board Chair Simon Fish (BMO Financial Group), Tony West (Uber), Donny Ching (Royal Dutch Shell), Lily Hughes (formerly Public Storage), James Gallagher (Manulife Financial Corporation), Ricardo Cortés-Monroy (Nestlé), and Melissa Kennedy (Sun-Life Financial Inc.). Other business, government, and legal leaders presenting include Greg Medcraft (Organization for Economic Co-operation and Development and formerly the Australian Securities and Investments Commission), Ulysses Smith (Bingham Centre for the Rule of Law), Meryam Omi (Legal and General Investment Management), and Veena Ramani (Ceres).
Following the Summit, ACC and A4S will look for future opportunities to collaborate, including sessions on ESG issues at the 2019 ACC Annual Meeting and future General Counsel Summits.
About ACC: The Association of Corporate Counsel (ACC) is a global legal association that promotes the common professional and business interests of in-house counsel who work for corporations, associations and other organisations through information, education, networking, and advocacy. With more than 45,000 members in 85 countries employed by over 10,000 organisations, ACC connects its members to the people and resources necessary for both personal and professional growth. By in-house counsel, for in-house counsel.® For more information, visit www.acc.com and follow ACC on Twitter: @ACCinhouse.
ABOUT A4S: The Prince's Accounting for Sustainability Project (A4S) was established by HRH The Prince of Wales in 2004. Our aim is to make sustainable decision making business as usual.
We work with the finance and accounting community to:
- Inspire finance leaders to adopt sustainable and resilient business models
- Transform financial decision making to enable an integrated approach, reflective of the opportunities and risks posed by environmental and social issues
- Scale up action across the global finance and accounting community
A4S has three global networks: the Chief Financial Officers Leadership Network, a group of CFOs from leading organizations seeking to transform finance and accounting; the Accounting Bodies Network whose members comprise approximately two thirds of the world’s accountants; and, the Asset Owners Network which brings together Pension Fund Chairs to integrate sustainability into investment.
www.accountingforsustainability.org