🔍 In a pretty bold move, IKEA Germany is stepping up – they’re paying €6 million to compensate victims who were forced into labour under the East German regime, decades after the fact. For years, stories have trickled out about political prisoners being forced to work for IKEA suppliers back in the '70s and '80s. This gesture? It’s a huge nod to acknowledging the past and making things right. 🌱 At its core, ESG helps capture the full picture: risks, opportunities, and the long game of responsible business. Sure, we talk a lot about penalties regarding non-compliance, but shouldn’t the focus be on real, impactful actions beyond fines? IKEA’s move reminds us – that it’s about what companies do, not just what they say. 🌐 Curious how real-time data can add depth to your ESG monitoring? Book a demo with Ashna Joseph to explore how data intelligence can keep you ahead of emerging risks, spot trends, and catch critical issues before they escalate. https://lnkd.in/djTW5BQd #ESG #DataDrivenRisk #ResponsibleBusiness
💡 In a milestone move, IKEA Germany will voluntarily pay €6 million to compensate victims of forced labour under East German dictatorship. This follows decades of investigations and campaigning, after revelations that political prisoners were used as forced labour for IKEA suppliers in the ‘70s and ‘80s. https://lnkd.in/dYgwPqf4 🌿 ESG emerged 20 years ago as a framework to capture non-financial risks and opportunities. While the advantages of ESG considerations (better risk management, innovation, and sustaining long term success, to name a few) are widely acknowledged, it still seems to be a label only attached to the ‘socially conscious’. 📈 Financial penalties are the default reaction to any regulatory non-compliance. While it may be a trendy buzz word, the real impact of ESG considerations and being socially conscious shouldn’t be reduced to fines alone. 🌏 IKEA’s effort to address historical wrongs is a great start – and serves as a reminder that real impact comes from actions, not just adherence to a trend. Reach out to Opoint if you want to know how we can better your ESG solutions. https://lnkd.in/dtPScYsG