INTHEBLACK March 2025 - Magazine - Page 47
P O D C AS T
INTHEBLACK PODCAST
SUBSCRIBE
Subscribe to the INTHEBLACK podcast, which addresses
a broad range of topics to help accounting, finance and
business professionals and leaders thrive in an increasingly
complex business environment.
to the podcast
BEYOND PROFITS: THE CASE
FOR SOCIAL IMPACT REPORTING
The “S” in environmental, social and governance (ESG) is gaining
importance when it comes to company reporting. Adam Vise, group
treasurer, strategy and social value at Australian Unity, shares insights
into the company's approach to social impact reporting.
INTEGRITY IS EVERYTHING
“We’ve started with a very simple principle
and that is: integrity is everything. I think
the world of ESG is becoming very
cognisant of the importance of that. If you
just make it up, you should expect scrutiny,
probably litigation and definitely a loss of
customer belief.”
SOCIAL IMPACT AND
FINANCIAL RETURNS
“We can make a far more significant
improvement in the social side, in terms
of wellbeing, by demonstrating that we
are improving people’s lives. Our hypothesis
is that it will show up in financial returns.
We have raised and spent about half
a billion dollars this year and last year
on investments that get good Community
and Social Value (CSV ) scores and good
financial return scores. We’ve got Westpac
providing us capital. We’ve got our mutual
members providing us capital, and we’re
saying ‘We are backing this in as a potential
pathway of demonstrating greater financial
stability and sustainability. We think that it
also enhances social outcomes.’ I think
ADAM VISE,
AUSTRALIAN UNITY
over the next three or four years we will
see whether we’re right.”
PUT WELLBEING AT THE HEART
“We want others to adopt a similar
methodology — a universal way of measuring
impact for people. Wellbeing at the heart
of it. Wellbeing is just a people measure
of ‘how do you feel?’ And so our goal is:
come and copy our framework.”
WHERE TO START WITH ESG
“The number one challenge is where
to start, because I’d imagine a lot of people
go, ‘We’re not a social impact business.
Why would I bother?’ So that’s hard.
And for some that are [a social impact
business], they go, ‘Yeah, we really need
to measure this, but really what are we
about?’ And the key is actually how to start.”
“You’ve got to start by thinking about your
stakeholders and what does the entity think
about not just corporations — it can be
charities, it can be a not-for-profit, it can
be a local community. What are you trying
to achieve? And what are you trying to
achieve for the stakeholder? Invert it.”
LISTEN
to the full episode
intheblack.cpaaustralia.com.au 47
