SA has some of the most advanced corporate standards, policies and guidelines on environment, social and governance issues.
What further encouraged a culture shift was the introduction by the JSE in 2015 of the Socially Responsible Investment index, later replaced by the FTSE/JSE Responsible Investment index, which gave investors a new guide. By contrast, for a significant number of companies’ compliance is a reluctant, box-ticking exercise. Their sustainability reports are marketing documents, with little or no credible and rigorous assessment of impact. For these companies ESG impact is a lower priority than financial returns, CSI monitoring systems tend to be weak and ad hoc, and there is little appetite to commission high quality professional evaluations of philanthropic spending.
There are at least 20 JSE-listed companies that spend between R100m and R2bn a year on CSI. The efficacy of these social investments could be significantly improved with more evidence-based and rigorous monitoring and evaluation integrated into the design of these programmes. This would have a powerful positive impact on society in general, the image of the private sector and its relationship with government.
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