November 21, 2022

Walé Oriola Quoted by Minnesota Lawyer and Finance & Commerce on ESG in Construction Projects

Minnesota Lawyer and Finance & Commerce shared environmental, social and governance (ESG) takeaways for companies from investment management counsel Walé Oriola at Faegre Drinker’s 2022 Construction Law Summit.

During the “Making Projects Sustainable: Navigating the Push Towards a Green Future & Closing” panel, Oriola said, “ESG is very broad and all-encompassing and difficult to distill down what it means.”

The publication reported that the Securities and Exchange Commission might propose new rules regarding ESG involving how companies manage risks and relationships with employees, stakeholders, customers and suppliers. Oriola explained that institutional investors and federal agencies are incorporating ESG into their projects and investments at record amounts next year.

Oriola suggested three steps for companies, including 1) assessing their readiness to comply with ESG principles, 2) capturing data on emissions from their processes and projects for ESG reporting and 3) crafting a narrative of their ESG practices without overemphasizing their progress, which can help to avoid greenwashing charges.

In conclusion, Oriola noted, “We think reputational harm is quite huge in this area, so you want to be sure that if you’re going to be putting yourself out there, and you interact with any type of these ESG factors — be it on the social factors or the governance factors — that you do document everything that you do.”

The full article is available for Minnesota Lawyer and Finance & Commerce subscribers.

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ESG
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