News & Views

As part of the  Workplace Gender Equality Amendment (Closing the Gender Pay Gap) Bill which was passed in 202, WGEA will publish the gender pay gap for employers with a workforce of 100 or more employees from mid February 2024.

 Employers are encouraged to read about these changes in the extensive WGEA guide to the understanding the WGEA reforms as they include additional requirements for employers starting from late 2023.

The process of publishing employer gender pay gaps will happen in stages, due to the way the legislation was designed. 

Go to the WGEA website HERE to find out more about employer obligations.

The Global Reporting Initiative (GRI), one of the leading organisations promoting standardized ESG reporting, has announced the publication  of “GRI 101: Biodiversity 2024,” a major update to its  Biodiversity Standard, aimed at enabling companies to publicly disclose on their most significant biodiversity impacts, and how they are managed.

Read more about this in an article from Mark Segal, from ESG Today.

In an article from HR Leader, studies show that 11 per cent of the Australian population identify as part of the LGBTI community, however less than 1% of chief executive positions are held by people openly identifying as part of this community.

The article notes that employers can do their part to reduce the divide by creating development opportunities for LGBTI workers and a diverse leadership team can bring together a variety of perspectives and experiences. 

Read more in the HR Leader article HERE.

At COP28 this year, the SBTi marked more than 4,000 businesses with validated science-based targets. This figure has doubled annually: from 2,000 last year and 1,000 the year before. To match the growing demand for credible corporate climate action, and for those organisations who want to have their targets validated, the SBTi has released a set of new and improved resources to further increase efficiency and transparency.

The science-based target validation documents being released and updated are:

Procedure for Validation of SBTi Targets - new document to consolidate practical information on setting targets and explain how the SBTi implements criteria and standards.

SBTi Criteria Assessment Indicators - a new document that collates all criteria from near-term, net-zero and sector-specific guidance and outlines minimum documentation requirements for alignment.

SBTi Corporate Target Submission Form - an updated resource for companies to develop their targets and submit them to the SBTi for assessment.

See the SBTi website release HERE for more information. 

Research company RSGI has published their 2023 "Greenprint" report which is an annual report analysing the ‘Responsible Business’ and ESG reports of major law firms globally. 

Their research includes a rating of law firms with the most transparent and thorough targets and reporting and finds that around 30% of law firms publish reports, but less than half of these are of high quality and all vary greatly in terms of structure, length and sophistication. 

Law firms take a variety of approaches to ESG reporting and there has previously been little accountability for their commitments. This report is designed to provide that accountability and provide a useful guide for peers, legal purchasers and the industry as a whole.

 Read the report HERE.

Listen to the latest Episode of the Lawyers Weekly Show, where we can hear about how employers can take proactive and reactive steps about wellness to properly engage with the issue and protect people in the workplace.

Also covered in this episode are discussions on regulatory action in prosecuting employers over psychosocial hazards, the need for employers to see themselves as having positive duties to manage staff wellness, where Australian workplaces currently sit relative to global counterparts, overcoming longstanding and ingrained practices in Australian legal workplaces, why firms may not be making as much progress on wellness as they are on matters such as artificial intelligence, and what constitutes good governance.

Listen to the Podcast from Lawyers Weekly HERE 

The UN Global Compact Network (UK) has found that the deteriorating environment for the LGBTIQ+ community in the UK presents the private sector with an opportunity to implement transformative, progressive strategies in the areas of diversity, equity, and inclusion. 

To assist in the, they have released a resource named ‘LGBTIQ+ Inclusion in the Workplace’  to support businesses in accelerating their LGBTIQ+-inclusion initiatives and creating a safer environment for their employees who are members of the community. It offers practical steps and policy implementations that businesses should adopt to support the entirety of their workforce.

See the resource HERE.

With nearly 1 million species are at risk of extinction, and the world’s largest ecosystems, including the Amazon rainforest and major coral reefs and wetlands, are reaching tipping points, the UN Global Compact (at COP28) notes that companies are learning that they can’t afford to be left behind – 395 million new jobs and over $10 trillion dollars in business opportunities are expected to arise from nature-positive transitions.

In launching the "UN Global Compact Think Lab on Biodiversity and Nature" they call for private sector action to consider impediments and opportunities for business action towards a Just Energy Transition.

See their press release HERE

At COP 28, while countries finally agreed to support moving the global economy away from fossil fuels, many wonder if they mean it, or if they can achieve it.

With no enforcement mechanisms, no clear timelines for action and insufficient finance for poorer nations, this is unlikely to hold the world to the relatively ‘safe’ limit of 1.5 degrees Celsius of global warming.

See a wrap up of the issue in the Thomson Reuters Context Newsletter HERE.

Those of you who have been on a sustainability journey for some time may remember the Interface Flooring journey, and their founder Ray Anderson's ground-breaking publication, 'Mid Course Correction'.

Fifty years on, Interface talk about their journey with Sustainable Business, and 'Walk the Talk' with an interesting 'Early Adopter’s Guide to Sustainability:5 Lessons Learned'

Have a read HERE