Original article:
https://sdgimpact.undp.org/enterprise.html
United Nations Development Programme / SDG Impact Standards for Enterprises
The second (and final) public consultation period for the SDG Impact Standards for Enterprises is open until 31 May, 2021. The second public consultation draft has already benefited from the lessons learned from the first public consultation and several stages of consultation on the SDG Impact Standards for Bond Issuers and Private Equity Funds.
We encourage robust feedback and input through the public consultation process, including written responses to the consultation questions and look forward to further feedback from all.
About the SDG Impact Standards
Enterprises and investors increasingly recognize that sustainable development is at the core of long-term value creation but are not yet systematically integrating sustainability and impact considerations in their decision-making. SDG Impact aims to help make this process easier through SDG Impact Standards.
The SDG Impact Standards are practice standards, revolving around internal decision-making, designed to transform how enterprises and investors think about value creation, and integrate impact management and contributing positively to the SDGs in their strategy, management approach, disclosure, and governance practices. Grounded in existing principles, standards and market best practices, the Standards provide context for applying other tools and frameworks, including metrics, taxonomies, and reporting frameworks.
In addition to the Standards for Enterprises, SDG Impact is developing Standards for Bonds Issuers and Standards for Private Equity Funds. SDG Impact also collaborated with the OECD in the development of Impact Standards for Financing Sustainable Development (IS-FSD).
About the Standards for Enterprises
The Standards are for Enterprises committed to contributing positively to sustainable development and towards achieving the SDGs. All Enterprises – irrespective of size, geography, or sector – can use the Standards. This includes publicly listed enterprises, public-interest, and private entities (both for-profit or not-for-profit), non-governmental organizations (NGOs), small and medium enterprises (SMEs), and state-owned or other public-sector entities.
The Standards set out a decision-making framework to help Enterprises integrate impact management into their strategy, management approach, disclosure, governance and decision-making practices. They help Enterprises link their approach to creating long-term, sustainable value for the Enterprise with contributing positively to sustainable development in line with the SDGs. They do this by directing attention and resources to where Enterprises can optimize their contribution by focusing on material positive and negative impacts. Embedding the Standards into management decision-making will strengthen impact performance and facilitate higher quality and more consistent disclosures.
The foundational elements of the Standards are:
- contributing positively to sustainable development and achieving the SDGs
- which cannot be achieved without demonstrating respect for human rights, planetary boundaries and other responsible business practices
- and is realized through effective impact management and decision-making
About the Standards for Private Equity Funds
- Standard 1 (Strategy): Embedding foundational elements into purpose and strategy
- Standard 2 (Management Approach): Integrating foundational elements into operations and management approach
- Standard 3 (Transparency): Disclosing how foundational elements are integrated into purpose, strategy, management approach and governance, and reporting on performance
- Standard 4 (Governance): Reinforcing commitment to foundational elements through governance practices
How the Standards work with other principles, tools and frameworks
The Standards are grounded in existing principles, standards, and market best practices, and provide context for applying other tools and frameworks, including metrics, taxonomies and reporting frameworks.
SDG Impact Standards – transforming decision-making to deliver the SDGs
How the Standards work with other principles
Public Consultation
The consultation process meets the UNDP Principles for social and environmental standards. The SDG Impact Standards for Enterprises will undergo a total of two rounds of public consultation. This second period is open from 31 March until 31 May 2021.
SDG Impact’s engagement plan seeks feedback from a broad range of Stakeholders, including the investment and business community, civil service organizations, organizations expert in human rights and the rights of indigenous peoples, other United Nations bodies and initiatives, academia and relevant industry groups and professional bodies. Our approach is to engage with Stakeholders early and provide draft Standards for people to react to, work with and relate to their work and goals.
Organizations and individuals are encouraged to provide feedback via the guiding questions. Feedback responses will be made publicly available unless marked confidential.
We appreciate your participation in the consultation process. Please send all feedback or questions to: sdgimpact.standards@undp.org
Download the Standards
Download SDG Impact Standards for Enterprises draft for second consultation
Download Guiding consultation questions SDG Impact Standards for Enterprises - March 2021
Download the Glossary
Download the FAQs
Download the response to the most recent consultation input
Download the mapping to the SDGD Recommendations
Ways to use the Standards
Voluntary independent use
These Standards are provided to Enterprises as a best practice guide and self-assessment tool. Enterprises can use them to align their internal processes, practices and decision making.
Enterprises are encouraged to use the Standards in their entirety as a gap analysis and self-assessment tool, and to fill gaps and improve practice over time.
Voluntary Assurance Framework and SDG Impact Seal
An external assurance framework and SDG Impact Seal are being developed in tandem with making the Standards available as a voluntary, self-assessment guide.
Complementary resources
UNDP is supporting these SDG Impact Standards with:
A glossary
A compendium of guidance notes and links to useful resources
Online training on impact measurement and management being developed through CASE at Duke University, and Assurer training (being developed through Social Value International) and accreditation to build additional capacity, capability and consistency within the assurance community.
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