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The goal of a properly established ESG strategy is to point an organization towards sustainability

in a manner that is not based on “greenwashing”.
This term can be explained as a type of disinformation with the goal of merely creating the
impression of an environmentally responsible company (or organization) to the public.

In the context of the ESG approach and the individual SDGs, the World Economic Forum and the

International Business Council, in cooperation with consulting firms, published the “Big Four” in
its 2020 document entitled “Measuring Stakeholder Capitalism”. This document defines common
metrics for sustainable value creation. The goal of the International Business Council was to
improve the methods via which an organization measures and demonstrates its contributions to
society with the aim of creating more prosperous organizations and building more sustainable
relationships with our planet (World Economic Forum, 2020).

The goal of this document is to identify the basic set of universal ESG metrics and information on

publishing an organization’s sustainable approach. This is done via alignment with the UN’s
Sustainable Development Goals (SDGs). This document suggests 21 primary and 34 secondary
criteria. These criteria are divided into four basic pillars that can be used to effectively and
universally assess a sustainable approach (Asociace společenské odpovědnosti, 2021; World
Economic Forum, 2020).

There are four connected pillars that build upon the UN’s SDGs, which are described in the table
below:
Table 2: SDGs divided into 4 pillars

Pillar Description

These areas focus on the role of an organization in the protection of the
Planet
planet.
These areas include issues linked to the responsibility of an organization
People towards its employees.

Prosperity These areas are linked to economic, social and technological development.
Governance These areas focus on the missions and responsible management of
principles organizations and risk management.
Source: Asociace společenské odpovědnosti, 2021; World Economic Forum, 2020

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