The three key pillars of Environmental, Social, and Governance (ESG) are crucial for shaping business sustainability and ethical practices. The Northern Territory Chamber is committed to supporting business growth by embracing ESG principles, also known as corporate citizenship or corporate social responsibility.

By considering and actively managing ESG factors, businesses can create a more sustainable, responsible, and ultimately successful future for themselves and their communities.

Environmental:

The Environmental pillar focuses on a business's impact on the planet and its resource usage. Key aspects include:

  • Energy use and efficiency, with an emphasis on renewable sources.
  • Decarbonization efforts and carbon offsetting.
  • Investment in efficient infrastructure, including buildings and transportation.
  • Reduction of waste generation, pollution, and implementation of recycling practices.

Social:

The Social pillar examines how businesses treat their stakeholders, including employees, customers, suppliers, and the wider community. Key areas include:

  • Labor and workforce relations.
  • Workplace health and safety (WHS) practices.
  • Embracing diversity, equity, and inclusion in recruitment, with a specific focus on engaging First Nations communities.
  • Community engagement and maintaining a social license to operate.
  • Ethical product development, procurement, and supply chain management, encompassing considerations such as modern slavery, human rights, and animal welfare.

Governance:

The Governance pillar focuses on how a business is managed and the internal policies and procedures that shape decision-making. Key aspects include:

  • Fair and equitable pay and benefits.
  • Upholding strong business ethics.
  • Ensuring transparency and accuracy in reporting practices.
  • Certification and compliance with relevant standards.
  • Effective board oversight and accountability.

By actively addressing these ESG pillars, businesses can contribute positively to the environment, foster strong relationships with stakeholders, and uphold ethical and transparent governance practices. This, in turn, promotes long-term sustainability and responsible business growth.