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Ext. PublicationSuccess Story: ESG Enhancements Lead the Way to Compliance and Investor Confidence
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The Client
A natural gas drilling company with 2022 annual revenue of more than $4 billion.
The Challenge
Given the evolving landscape of ESG reporting requirements, coupled with stakeholder expectations, the company recognized a need to enhance its processes for ESG reporting and greenhouse gas (GHG) emissions reporting. The company faced complex regulatory obligations related to ESG reporting, particularly concerning Scope 1 and Scope 2 emissions. Stakeholders, including investors and the community, had increasing expectations regarding transparent and accurate reporting on environmental and safety performance. There was a need to streamline data identification, collection, validation, and reporting processes to ensure completeness and accuracy.
The Process
Weaver conducted a series of process design evaluation and validation projects. These projects focused on key areas such as Scope 1 emissions, Scope 2 emissions and Health & Safety performance.
- Evaluation of Process Design: We evaluated the design of existing processes and controls supporting data identification, collection, validation, and reporting of performance indicators.
- Documentation of Processes and Controls: We documented these processes and controls through comprehensive flowcharts, capturing key roles, responsibilities, control points, data flow, and supporting information systems.
- Identification of Gaps and Recommendations; Our team identified process and control gaps, providing actionable recommendations for process improvement and enhancements to the control environment.
- Technical Review and Data Reconciliation: A technical review was conducted by emissions subject-matter experts to verify emissions data sources, calculation methodologies, and reporting against accepted standards.
The Deliverables
- Documented Processes. Management received a well-documented process framework with clear roles and responsibilities across the ESG reporting team.
- Control Enhancements. Our assessment highlighted areas of control gaps, empowering the company to enhance their ESG reporting processes effectively.
- Confidence and Compliance. The strengthened control environment and data reconciliation efforts increased management and board confidence in the completeness, accuracy, and supporting evidence of the ESG disclosures.
