How to Improve your Company’s Environmental and Social Impact

What is ESG?

Environmental, Social, and Governance (ESG) refers to a set of factors that can be used to provide an understanding of a company’s current and future environmental and social impact on the world. For companies today, ESG is a strategic differentiator in a crowded and competitive commercial market.

No longer is business about only producing a product and generating a return for investors. IBM’s 2022 CEO Study: Own Your Impact reports that “Almost half of CEOs say increasing sustainability is one of the highest priorities for their organisation in the next two to three years – up from roughly a third in 2021, an increase of 37% in just a year”.

ESG is a serious focus for many CEOs worldwide as their investors, employees, and consumers – a younger generation – are taking notice of organisations’ operations and their environmental impact. Such emphasis on ESG by companies is delivering positive business results, such as greater trust and better reputation among stakeholders, and consequently long-term financial gains.

To improve your business’s ESG, you will need to action these steps:

• Measure and assess your business’s current environmental impact, including carbon footprint, waste production, greenhouse gas emissions, energy-efficient technology, and renewable energy use.

• Determine and assess your business’s current social impact, such as diversity, inclusion, human rights, and community engagement activity.

• Review and assess your business’s current governance structure and practices, including accountability, decision-making, transparency, independent board of management, ethics, and regulatory compliance.

• Set quantifiable ESG goals to improve in all ESG areas.

• Develop an ESG strategy based on your ESG goals, including communicating your ESG agenda and improvements to all stakeholders, employees, investors, and the wider community. Concise and transparent language will ensure your goals and progress are clearly explained and better understood. Provide updates on your company’s website and through other online communication channels.

• Monitor your business’s ESG strategy and execution by preparing annual sustainability reports.

How does ESG benefit company growth?

Implementing an ESG strategy can help you grow your business in numerous ways. Incorporating ESG in to your organisation may improve your company’s reputation to increase consumer loyalty and consumer retention. Investors attracted to socially responsible companies see their values align and are more likely to invest for the longer-term, providing companies with investor stability. Employees may be more engaged and committed to greater productivity for a company that is conscious of its environmental and social impact and actively bettering its impact.

Next Step

To assist your company with fulfilling regulatory ESG disclosure requirements and with communicating your ESG agenda to your stakeholders, contact YML Group for its expertise in ESG strategy development.

How can YML help?

Talk to YML Chartered Accountants Team today to see how YML Group can assist you with your ESG strategy. For more information, view Our website and contact us on (02) 8383 4400 or by using our Contact Us page on our website.

Welcome to YML Legal – Legal Support in English and Mandarin

Introducing YML Legal

Our new legal division can assist you with all your commercial legal needs. With decades of experience and in-depth industry knowledge, YML Legal offers support in both Mandarin and English to achieve the best legal outcomes for our clients. This gives you the confidence, and support to focus on and achieve your business’s targeted growth and financial goals.

YML Legal Services

Corporate Structuring and Transactions

Is your business involved in an acquisition or disposal or a joint venture? YML Legal can help you with all types of corporate transactions and corporate governance matters to ensure a positive result for your business.

Real Estate

Does your business invest in real estate or asset management? YML Legal can support you on any acquisitions, sales, leases, and other real estate transactions to smooth the way for your business to grow.

Cross Border Investment

Does your business pursue an investment strategy involving inbound or outbound foreign assets? YML Legal can help you navigate Australia’s regulatory frameworks and can apply for Foreign Investment Review Board (FIRB) approval for your business’s international investments.

Immigration and Hiring

Hiring a new employee from overseas on a visa? YML Legal supports your business throughout the entire visa application process, so you can focus on employing the most suitable candidate.

Estate Planning

Are you thinking about how best to leave things for the next generation? YML Legal works with you to craft robust legal agreements to achieve your financial and succession planning objectives.

Technology and Cyber Security

Is your business assessing its cyber security and privacy legal risk or looking to procure new technology? YML Legal has expertise in the full spectrum of technology, data, and privacy law for your peace of mind.

Dispute Resolution

Is your business dealing with fractious disputes? YML Legal can assist you in finding pragmatic solutions for your business.

How can YML help?

Talk to YML Legal today to see how YML Group can assist you with your commercial legal needs. For more information, view Our website and contact us on (02) 8383 4499 or by using our Contact Us page on our website.

Australian Taxation Agents require Clients to provide Photo ID

Identity breaches by nefarious people in our widening technological world is cause for the Tax Practitioners Board’s requirement for tax practitioners to verify their clients’ identities with a form of photo identification. This means greater protection for you of your personal and financial information and transactions.

To mitigate devastating financial consequences affecting Australians and the Australian economy, the Tax Practitioner Board asks tax agents to ensure that they adequately authenticate their individual clients’ identities. To achieve this, clients must provide evidence to their tax agent, including a form of identification that contains a photograph.

What you need to provide to your tax agent?

As an Individual seeking to engage a registered tax practitioner in your own right, you are required to provide your Full Name plus either your Residential Address or your Date of Birth. To do this, you will need to show original documentation as evidence:

An original or certified copy of a primary photographic identification document; or BOTH of the following:

An original or certified copy of a primary non-photographic identification document; and

An original or certified copy of a secondary identification document.

YML Group – Your registered Tax Agent

At YML Group we value our clients and, as directed by the Tax Practitioners Board, we wish to protect both your identity and our practice. You will soon receive an email from us requesting the necessary identification documentation to assist us with validating your identity with YML Group.

How can YML help?

Talk to our YML Chartered Accountants Team today to see how YML Group can assist you with your identification process. For more information, view Our website and contact us on (02) 8383 4400 or by using our Contact Us page on our website.