Inside Institute of Management Accountants
The WEF brings together 3,000 of the world’s most powerful leaders in government, business and civil society. Richtermeyer was invited by the World Business Council on Sustainable Development (WBCSD) to speak at a session focusing on sustainability and risk management.
WBCSD, based in Geneva, is a CEO-led organization of more than 200 leading businesses working together to accelerate the transition to a sustainable world. Richtermeyer, who serves as IMA’s representative on the board of COSO (Committee of Sponsoring Organizations of the Treadway Commission), joined the WBCSD session for an interactive discussion emphasizing the acceleration of the integration of environmental, social and governance (ESG) risks into enterprise risk management (ERM), business decision making and capital allocation.
Richtermeyer gave a presentation highlighting the recently refreshed COSO ERM Framework and then moderated a panel discussion with several leaders with expertise in ESG, including: Peter Bakker, President and CEO, WBCSD; Katherine Garrett-Cox, CEO, Gulf International Bank (UK); and Dan Esty, Hillhouse Professor of Environmental Law and Policy, School of Forestry & Environmental Studies and Clinical Professor of Environmental Law & Policy, Yale Law School.
The WBCSD is working with COSO in a joint effort to develop first-of-its-kind guidance to help organizations worldwide respond to the increasing prevalence and severity of ESG-related risks, ranging from extreme weather events to product safety recalls.
Said Richtermeyer, “It was an honor to be able to represent COSO and, by extension, IMA at this historic and influential meeting. IMA has been one of the champions of integrated reporting and among the leaders in the sustainability movement, so it was my privilege to introduce this draft guidance to leaders from all over the world. This is an important topic, as nearly 70 percent of the world’s largest companies already use the existing COSO ERM Framework. So, WBCSD’s efforts to supplement the Guidance with ESG risks will be a significant development to advance better business decision making.”
In addition to presenting in Davos, Richtermeyer recently was honored with an award for her “Leadership, Initiative and Service” by the Accounting Programs Leadership Group (APLG) of the American Accounting Association (AAA). Richtermeyer, who recently completed her term as president of the APLG, was presented with the award during the APLG/FSA Annual Seminar, held in San Antonio, Texas, on Feb. 9 and 10.
This year’s Davos theme was “Creating a shared future in a fractured world,” and discussions at the four-day event ranged from climate change and economic development, to political polarization and the importance of science. More information on the WEF can be found at www.weforum.org. More information about WBCSD can be found at www.wbcsd.org