By: Michael Kraten, PhD, CPA
One of the primary presumptions of the sustainability reporting movement is that data transparency will empower consumer choice. In other words, if rival companies publish comparable and reliable data on their web sites, consumers will use that data to identify vendors that reflect their values.
That does not mean, of course, that consumers will always “buy first” from vendors that share their priorities. Buyers may decide that price, quality, convenience, and other factors should impact their purchase decisions. However, the sustainability reporting movement presumes that a significant amount of purchasing capital will flow to supportive companies. It also presumes that this capital flow will influence corporate behavior.
It does not take much time to download publicly available corporate sustainability reports and review such data. If you wish to do so, here are some suggestions to keep in mind.
Much sustainability information is published on beautifully formatted web pages. Feel free to review it, but companies usually publish the most credible data in static PDF documents with titles like Annual ESG Report, Business Sustainability Report, and Corporate Responsibility Report.
These PDF reports are similar in appearance to traditional annual financial reports, given that their metrics complement the data in financial reports. For that reason, sustainability reports are often posted in the Investor sections of the web sites of publicly traded companies.
Furthermore, when you open these PDF documents, look towards the final pages of the reports for data tables that are filled with sustainability metrics. Although you’re welcome to review the visually attractive text and charts on the earlier pages, please keep in mind that rows and columns of hard data are much harder to “greenwash” than picturesque words and images.
In addition, the data tables should contain information that has been prepared and reported in accordance with the selected terms and definitions of credible, reputable nonprofit standard setting organizations. Look for references to organizations like the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), United Nations Sustainable Development Goals (UN SDGs), Climate Disclosure Standards Board (CDSB) and Task Force for Climate-related Financial Disclosures (TCFD) as promulgators of such standards. Then review the specific measurements that have been chosen for publication and ask yourself: “Are these choices consistent with my own values? Would I have asked the organizations to select these measurements from the full array that are published by the GRI, SASB, etc.?”
Most of the time, when you decide where to spend your money, you choose between organizations that compete for your business. Even if the sustainability reports of those competitors are not directly comparable to each other, you should consider your own values and then compare the data in each report to what you would have preferred the organizations to measure. Often, when you take this approach, you will be pleasantly surprised at your own ability to identify the vendors that come closest to sharing your preferences.
That is why you should read corporate sustainability reports. Why not try it? When you purchase products and services, you may as well invest your capital in organizations that serve your priorities and produce the data reports that prove it.
An earlier version was published at michaelkraten.blogspot.com. All rights reserved by author.
Stanley Goldstein, one of the founders of the Sustainability Investment Leadership Council, launched the accounting firm Goldstein Golub & Kessler (now part of RSM). After the firm was bought, Stanley became a private equity investor and is now the Chairman of Knickerbocker Financial Group. Mr. Goldstein has served on numerous corporate boards and is the founder of American Friends of James Joyce, The New York Hedge Alternative Investment Roundtable and Donors' Forum (a philanthropic roundtable).
Rebecca Craft
Andrea Schmitz
Nidhi Chadda
Jeffrey Yin currently serves as the Chief Financial Officer and General Counsel of Artsy (
Sarah Tomolonius is the Vice President of Investor Relations at M13, a consumer tech-focused full-service venture capital engine. Ms. Tomolonius is the co-founder of the Sustainability Investment Leadership Council. Ms. Tomolonius served as Vice President, Marketing and Investor Relations for Arlon Group, a food and agriculture investment firm, from December 2012 to June 2018, and served as Senior Professional, Management Reporting & Analytics from December 2010 to December 2012. From October 2008 to December 2010, Ms. Tomolonius served as Associate, Investor Relations for Citi Private Equity, a private equity group that was acquired by StepStone Group in October 2010. From October 2005 to September 2007, Ms. Tomolonius served as Research Analyst, Corporate & Public Affairs Group of Edelman, a global public relations firm. Ms. Tomolonius served as Program Assistant, Water & Coastal Program of Natural Resources Defense Council, a non-profit international environmental advocacy group, from October 2002 to September 2005. Ms. Tomolonius has served as a Director on the Board of Quest Resource Holding Corp. (NASDAQ: QRHC) since 2016 and is a member of the Audit and Nominations & Governance Committees. Ms. Tomolonius also served in numerous board capacities for non-profit organizations, including Chair of the Sustainability Committee for the New York Alternative Investment Roundtable and President of the Board of HeARTs Speak, a nonprofit organization, from February 2014 to February 2017, and she remains a board member for the organization.
Mohita Sinha serves as the Co-Chair of SILC’s Education Committee. With extensive experience leading complex finance and risk regulatory reporting transformations at global financial institutions, Mohita helps organizations evolve from voluntary action to regulatory compliance to true value creation. Her current focus is on climate risk integration, guiding companies to understand, operationalize, and embed risk considerations into business strategy while meeting compliance requirements.
Jessica Moon, Education Co-Chair, is a strategic leader at the Sustainable Investment Leadership Council (SILC), where she champions the integration of sustainability into core business and investment strategies. She designs and leads convenings that unite leading cross-sector professionals in critical dialogues focused on unlocking sustainable financial returns through innovative solutions. With over two decades of experience, Jessica brings a unique perspective, combining her legal acumen with deep sustainability expertise and a holistic understanding of the interconnectedness of business functions. Her leadership at Scholastic Inc., where she pioneered their ESG & Sustainability function, demonstrates her ability to develop and implement strategies that drive both environmental and financial value. Jessica empowers leaders to see sustainability as a key driver of strategic advantage and long-term financial success, fostering a future where impact and returns are intrinsically linked.
Dr. Michael Kraten is an executive management consultant and business educator. He maintains specialties in entrepreneurship, business modeling, decision analysis, sustainability and resilience, educational gaming, strategic planning, valuation, risk management, and forensic analysis.
Sophia Shahabadi
As a Managing Director at Silver Leaf Partners and sustainable finance subject matter expert, Marc Tannous established the Sustainable Finance Practice as a service organization to represent managers and companies seeking alpha by scaling sustainability / impact solutions. The Practice provides capital introduction, customer referral, and advisory consulting. 
Sydney Improta
As a coach, facilitator and consultant, Deborah Goldstein works with NY, U.S. and international organizations and individuals who are motivated to thrive in the 21stcentury workplace environment.
Jason Dodier is an American international business professional at Schneider Electric, which is the global specialist in energy management. Since commencing his career with Schneider Electric, Jason has lived in the United States, Middle East and Europe, while performing a variety of functions on behalf of the company in operations, business development, marketing and sales management. Jason is currently a Corporate Ambassador for electrical distribution, communications technology, sustainability, and innovation, activity on social media and delivering speeches on these topics worldwide.
Fitzgerald Angrand is a transactional attorney specializing in debt finance and alternative investments in the cannabis industry, representing investors, private equity funds, private debt funds, family offices, distressed debt funds, lenders and operating companies.
Matthew Levy is a Manager with PKF O’Connor Davies in the Not-for-Profit Services Group. He is a CPA and has been with PKFOD since 2012. He graduated from Lehigh University with a Bachelor of Science in Accounting. He currently serves as the treasurer of the Sustainability Investment Leadership Council.
Heather Loebner leads Sustainability and ESG strategy at CircleIT, a B Corporation in the IT Asset Disposition (ITAD) industry. Sustainability plays a critical role at CircleIT, focused on repurposing IT devices at end-of-life and eliminating e-waste aligned with a circular economy model. Loebner leads an internal and client-facing ESG strategy that increases transparency, establishes a path to carbon neutrality and net zero, and builds social and environmental impact through strong governance aligned with B Corporate values and certification.
J. Michael Kirkland, CPA, CGMA is a veteran financial executive with over 30 years of experience in accounting, industry, consulting, and business development. He also serves the CPA profession with distinction, lending strong and visible leadership to professional and student groups.