New logic of accountability on sustainability challenges selective view of stakeholders
An article by Aron Belinky , professor at FGV EAESP and specialist in corporate sustainability, published in the magazine GV Executivo , analyzes the impact of new sustainability reporting standards — such as IFRS S1 and S2 and ESRS — on the way companies identify and relate to their stakeholders. The reflection proposes a critical distinction: not all stakeholders are considered interesting by organizations, which reveals strategic and ethical challenges in the ESG scenario.
The text is based on the premise of stakeholder theory, according to which companies that are more aware of the impacts they generate on different groups in society also tend to be more adaptable and competitive. However, business practices often select only those audiences that most influence their direct results, neglecting relevant actors who have no power to lobby, such as vulnerable communities or the environment. This strategic shortsightedness compromises the coherence of ESG practices, especially when seeking credibility in sustainability reports.
In this context, the new international standards — IFRS S1 and S2, launched by the IFRS Foundation, and the ESRS, adopted by the European Union — bring a more structured approach to sustainability reporting. They introduce the idea of building blocks , which allows combining different standards according to the company's sector, size and regulatory context. The article highlights three fundamental concepts to understand this new logic: context , impact and materiality .
The concept of dual materiality — which considers both the impacts of the world on the company and the company's impacts on the world — is central to differentiating reports that effectively guide sustainable decisions from those that merely comply with formal obligations. The author warns: opting for a restricted and convenient view of materiality can lead to inefficient allocation of resources, loss of competitiveness and, ultimately, irreversible damage to reputation and the planet.
The adoption of the new standards, which will be mandatory for many companies starting in 2024, will require profound changes in management, governance and corporate communication systems. More than meeting technical requirements, it will be necessary to review strategic premises and increase the commitment to genuinely listening to all stakeholders — not just the most interesting ones.
