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Opinion/Comment

A paradigm shift in the board room: Incorporating sustainability into corporate governance and strategic decision-making using big data and artificial intelligence

Dr. Madelyn Antoncic
Journal of Risk Management in Financial Institutions, 13 (4), 290-294 (2020)
https://doi.org/10.69554/CKMY8783

Abstract

In this paper, the author discusses the need to elevate sustainability to the scrutiny of the Board. Coronavirus disease-2019 and the lessons learned must nudge corporations to think and act more holistically about sustainability and incorporate sustainability into the fabric of the organisation. Each Board Committee must do its part in ensuring the company adopts a robust framework around sustainability. Equally important to reporting on sustainability issues and measuring and managing sustainability risk, is measuring and analysing a company’s sustainability ‘reputational footprint’. Key Board Committees all need to understand the impact global macro systemic risks can have on the company and the impact the company can have on externalities which can affect its sustainability ‘reputational footprint’. Boards need to ensure that every strategic decision is made through a sustainability lens. Not only will this enhance its societal impact but can be a key driver of performance. A strategic focus on sustainability at the Board level can be a source of competitive advantage. Boards need to measure and understand their sustainability ‘reputational footprint’ and benchmark themselves against their peers. Using big data and artificial intelligence, a corporate Board could integrate sustainability data into its business model and strategic decisions to give it a competitive advantage vs its peers. Boards need to have sufficient fluency in the latest sustainability technology to apply advanced statistical, data-driven information to optimise their sustainability ‘reputational footprint,’ which lowers their cost of capital and improves other financial metrics.

Keywords: corporate boards; board committees; governance; sustainability risks; strategic decisions; big data

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Author's Biography

Dr. Madelyn Antoncic is Managing Partner at Global AI Corporation (GAI), a big data and artificial intelligence (AI) company providing environmental, social and governance (ESG) and UN Sustainable Development Goals (SDG) data to institutional asset managers, corporations and governments. She is also Chief Executive Officer (CEO) of Global-AI.org, using big data to measure progress of companies and countries toward achieving the United Nations (UN) SDGs. Global-Ai.org was awarded a 10-year mandate to work with the UN on harmonising corporate sustainability reporting through big data and AI. Before joining GAI, she was CEO of the Sustainability Accounting Standards Board, is a former Vice President and Treasurer of the World Bank and has held global leadership roles for more than 30 years at the Federal Reserve Bank of New York, Goldman Sachs, Barclays Capital, Lehman Brothers and PGI.

Citation

Antoncic, Madelyn (2020, September 1). A paradigm shift in the board room: Incorporating sustainability into corporate governance and strategic decision-making using big data and artificial intelligence. In the Journal of Risk Management in Financial Institutions, Volume 13, Issue 4. https://doi.org/10.69554/CKMY8783.

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cover image, Journal of Risk Management in Financial Institutions
Journal of Risk Management in Financial Institutions
Volume 13 / Issue 4
© Henry Stewart
Publications LLP

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