UNESCO Biosphere Isle of Man 2023 lecture
Sustainability is a core value for the Institute of Directors, and IoD Isle of Man are proud to be a Biosphere Isle of Man Partner. We recently had the pleasure of supporting the UNESCO Biosphere Isle of Man 2023 Lecture, ‘The role of business in delivering a sustainable future’, which was delivered by IoD’s Director of Policy and Corporate Governance, Roger Barker.
IoD Isle of Man recognise the importance of promoting ESG strategy and raising board awareness and we have encouraged active engagement with the business community, working with those facing similar challenges and fuelling the desire for change.
Dr Roger Barker addressed the topic in three parts:
- Green incentives
- Green governance
- Green data
Key takeaways from the lecture
- Green incentives – highlighting the need to align the desire for profit with doing environmental good.
With the Isle of Man about to enter the delivery phase of its economic strategy, including a review of its tax strategy, one obvious question to ponder is how could the Isle of Man follow suit, given that for most companies domiciled here a zero rate of corporate tax applies.
- Green governance – Dr Barker referenced the Better Business Act coalition for Directors to ‘govern for stakeholders’ and that stakeholder governance should become the governing principle of fiduciary duty within Sections 172 of the Companies Act (UK).
Given the dedication of the Isle of Man Government to retain its Biosphere accreditation from UNESCO in 2026, will they consider similar policy and legal levers to incorporate within the Island’s fiduciary legislation?
- Green data – Dr Barker addressed the need for consistency in climate change accounting and the need for a simple, consistent global standard.
As reporting and measurement evolves it will be interesting to see how this will be rolled out to Isle of Man companies.
IoD Isle of Man are ready to support the Island as it transitions to net zero. A difficult and challenging process no doubt, but one which needs to be delivered for the long term good of the Island.