Over the last few years, the term Environmental, Social and Governance "ESG" has made its way into boardrooms, strategy discussions and annual reports in the West and more recently in Africa. Gone are the days when investors, CEOs and boards of directors' sole focus was on the traditional objective of making profits and ensuring shareholder returns. The tangible and intangible benefits of ESG have been questioned by many and have been discussed at events, conferences and forums in relation to financial transactions.
In our previous article in this series, ESG – A Peek into the Future: Mission Possible?, we explored the elementary aspects of ESG highlighting what it is as well as outlining the legal framework of ESG in Kenya.
In this article, we set out to contextualise the ESG discussion to businesses generally and also explore what benefits and opportunities, if any, are available to businesses that adopt ESG strategies. Further, we shall discuss the challenges and drawbacks of ESG and what ESG means in the African context and specifically to lenders.
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