Using financial data from 1,833 firms with US revenues of more than $1 billion in 2008/09, independent analyst firm Verdantix finds that spending on 29 sustainability initiatives will grow from $28 billion in 2010 to $60 billion in 2014. Over the 2009 to 2014 period the US sustainable business market will experience a 19% compound annual growth rate. The sustainable business market forecast finds that growth of 11% in 2010 will increase to 16% in 2011 and 24% in 2012. Growth in spending is driven by improved economic growth, risk drivers, competitive dynamics, innovation diffusion, higher oil prices, state-level GHG regulations and renewable energy policies. The study covers all industries and all sustainability initiatives from energy efficiency to spending on strategy, risk and brand.
There has been an increase in senior-level corporate positions—those with VP and Director titles in the CSR and sustainability sector. Companies are placing an increased value on CSR as a component of corporate strategy, which elevates the importance of positions overseeing CSR. The emergence of the CSO title is indicative of the growing trend of sustainability as a core business strategy.“CSO” is a title that senior-most CSR executives will increasingly carry.
In order to stand out from the competition and be successful in the 21st century, companies must establish themselves as progressive, forward-thinking entities that are ready to take on today’s complex challenges. As a result, conducting business in a sustainable and socially-conscious manner, as well as diversity in the workplace are now recognized as key drivers of bottom-line growth and corporate reputation. With this in mind, Tory Clarke and Larry Griffin, founding partners of Bridge Partners LLC, an executive search firm developed CSR Insights, a network and knowledge-base related to social responsibility leadership.
The corporate social responsibility studies and reports we spotlight cover the following topics: attaining sustainable growth through corporate social responsibility; CRS’ emergence as a crucial instrument for minimizing conflicts with stakeholder; the impact on proactive policies on employees, consumers and diversity and their relationship to the firm’s financial performance; the notion of a socially responsible corporation is potentially an oxymoron because of the naturally conflicted nature of the corporation, using corporate Social Responsibility to Understand the Credit Crisis; a look at whether the modern corporate governance model is sustainable; and the impact of political views on corporate decision-making and corporate social responsibility.
