In today's business landscape, companies are increasingly recognizing the importance of not only sustainability but also social responsibility. These forward-looking organizations understand that their impact extends beyond environmental stewardship. They actively seek to address social issues, promote diversity and inclusion, and contribute positively to the communities in which they operate, particularly when it comes to supply chain management. By integrating social considerations into their business strategies, these companies strive for a more inclusive and equitable society while ensuring long-term success.

Over the past 25 years, Asset Benchmark Research (ABR) has been undertaking a comprehensive coverage of best corporate practices in advancing the environmental, social, and governance (ESG) agenda in the region. In this context, The Asset ESG Corporate Awards 2024, designed to recognize and celebrate ESG excellence, is currently underway.

With an aim to furnish a dialogue on how companies can improve their ESG practices, ABR is pleased to share some findings from last year’s ESG Corporate Awards participants on their approaches to social commitments.   

For example, close to 80% of companies conduct an assessment of suppliers' compliance with the code of conduct and ESG principles on a yearly basis. This emerging trend underscores a heightened emphasis on supply chain sustainability and responsible sourcing practices as integral components of corporate social responsibility. It signifies a strong commitment among companies to ensure ethical and sustainable practices throughout their supply chains, which not only mitigate potential risks but also reflect a clear recognition of the positive impact responsible sourcing can have on corporate reputation, stakeholder trust, and long-term business sustainability.

ABR's analysis last year further uncovers an intriguing finding: a 40% increase in companies taking proactive steps to address non-compliance with supplier code of conduct. The data indicates that nearly twice as many companies are now implementing corrective measures, such as offering ESG education programmes to suppliers or organizing supplier conferences. This upward trend signifies a growing recognition among companies of the importance of driving sustainability throughout the supply chain. By providing education and fostering dialogue through conferences, companies aim to create a shared understanding of ESG principles and cultivate a collaborative approach to achieving compliance and sustainability goals. This shift towards a holistic and proactive approach to ESG management reflects a commitment to driving systemic change and building sustainable value chains, with a focus on supplier engagement and accountability. The surge in these corrective measures not only enhances supply chain resilience but also contributes to broader sustainability objectives, reinforcing the companies' dedication to responsible business practices.

There has been an 8% increase in companies where at least half of the middle management positions are held by females. This shift reflects a positive trend towards greater gender diversity and inclusivity within corporate leadership. This increase not only enhances the representation of women in leadership roles but also fosters a more diverse perspective in decision-making processes. Companies that prioritize gender diversity are likely to benefit from improved performance, innovation, and employee satisfaction, ultimately contributing to a more equitable workplace culture.​​

The initiatives highlighted here provide just a glimpse of the wide array of captivating projects in which companies are actively involved, showcasing their steadfast commitment to social progress and impact.

As always ABR is committed to better understand how corporates are adapting to the new norm, where sustainability is a critical consideration when thinking about day-to-day business.

We are inviting proactive companies to share their story with us and take part in our ongoing Corporate ESG Awards 2024 programme.

Interested to learn more about these awards? Please go here and request a rulebook.