New Research Urges C-Suite Leaders to Prioritize Robust ESG Strategies

Tuesday, March 26, 2024

New research conducted by travel, hospitality, and leisure management consultancy, PACE Dimensions, in partnership with BVA BDRC, underscores the imperative for C-suite decision-makers to prioritize a robust ESG (Environmental, Social, and Governance) strategy. The study reveals that ESG is no longer a discretionary pursuit but a critical business imperative. It highlights the pressing need to address consumer demand for a strong ESG narrative while mitigating the risk of asset devaluation due to inadequate investment.

This pioneering research delves into attitudes and perspectives on ESG, illuminating its profound influence on business planning and development across various regions, sectors, and demographics. Armed with these insights, business leaders can craft strategies to drive enhanced commercial performance.

ESG considerations are now intrinsic to all levels of operation, and the successful activation of a positive ESG strategy is pivotal to business success. Failure to act risks leaving businesses saddled with devalued assets, as evidenced by the research findings.

Tim Davis, Managing Director of PACE Dimensions, brings two decades of experience as a respected C-suite management consultant and board advisor to global enterprises. Under his leadership, the company assists travel and hospitality firms in navigating and capitalizing on opportunities arising from macro environmental shifts, including evolving consumer demands, digital advancement, and sustainability imperatives.

The study underscores the heightened significance of involvement from brand, corporate, and reputational communication teams in decision-making processes. Establishing an authentic, transparent, and compelling stance on ESG initiatives and policies can unlock commercial opportunities when executed effectively. Conversely, inaccuracies or shortcomings in ESG communication pose escalating risks to organizational reputation.

Tim Davis, managing director of PACE Dimension, says:

“This is powerful data. Along with BVA BDRC, we’ve worked on this study to help our clients and others across the sector develop informed strategies and plans to optimise their performance.

“We can provide bespoke data specific to the needs of any business or brand that wants to sharpen performance and align with the opportunity and risks that ESG presents. Our findings underline that this is no longer a nice thing to do, and nor is it a siloed department in business.  ESG permeates at every level and activating a positive ESG strategy is key to businesses performance. Failing to act now will see businesses lose value and with stranded assets.’ 

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