With South African organisations under pressure to intensify their commitment to sustainability and corporate social responsibility (CSR), being able to track these initiatives is more critical than ever. This is where media monitoring can be instrumental as it provides decision-makers with the data they need to ensure activities align with public expectations while still meeting regulatory requirements, according to Joe Hamman, Director of Novus Group.
Sustainability is important to South Africans with 86% of those surveyed stating that companies have a responsibility to take care of the planet. Additionally, 73% of people admitted that they would adopt a more sustainable lifestyle if it was clear which brands were sustainable. By being more sustainable and implementing strategic CSR activities, local corporates therefore not only tick an important regulatory box, but they can unlock new business growth opportunities along the way.
“The significance of sustainability and CSR in the corporate sector continues to grow. This is driven by a growing awareness and demand from consumers, investors, and regulatory bodies alike,” says Hamman. “In this environment, media monitoring becomes an important tool for any company looking to align its operations with these stakeholder expectations.”
Legislation does not obligate companies to fulfil their CSR activities. Additionally, there is also no duty to provide disclosure on environmental, social, and governance (ESG) matters. Even so, JSE-listed companies are subject to disclosure obligations that apply to financially material ESG issues. Given the ‘court of public opinion’, local businesses are increasingly required to demonstrate their commitment to these matters. This makes having the ability to accurately track, report, and adjust efforts in these areas a key component of corporate strategy.
“Media monitoring therefore provides businesses with a multifaceted approach to understanding and enhancing their corporate sustainability efforts. By measuring sentiment on various issues, companies can gain insights into public perception and identify focal areas for their CSR initiatives. And by tracking media sentiment, companies can also evaluate the impact of their sustainability efforts, thereby empowering them to identify where adjustments need to be made as effectively as possible.”
The real-time updates provided by an integrated media monitoring service are essential to stay ahead of public opinion and any potential regulatory changes. This ensures that decision-makers can quickly respond to evolving sentiments and maintain a positive corporate image. Moreover, competitor benchmarking through media analysis enables businesses to identify best practices and areas for improvement. With sustainability and CSR regulations constantly evolving, staying updated on compliance requirements is essential for corporate success.
Novus Group provides advanced media monitoring solutions designed to equip local businesses with the information needed to adapt sustainability and CSR efforts. For more information, contact us here.