Ernst & Young LLP survey finds that due to lack of collaboration between tax and sustainability departments, companies missing key financial opportunities
There’s a lot of talk about the other green of sustainability – financial savings. However, a recent survey from CBIA member Ernst & Young LLP found that many companies might be missing opportunities, as tax departments and sustainability programs lack integration. Only 16% of companies that either have or are developing an environmental sustainability strategy said their tax or finance departments are actively involved in it, according to the survey entitled Working Together: Linking sustainability and tax to reduce the cost of implementing sustainability initiatives .
The survey included responses from 223 senior executives at companies predominantly in the United States. Of the survey respondents, 19% were Chief Sustainability Officer (CSOs), while 81% were tax directors or their equivalent. Responses from each group were vastly different, highlighting the lack of coordination between the two groups. For example, only 28% of tax directors believe their company has a sustainability strategy or is developing one, compared to 90% of CSOs surveyed.
The survey, entitled Working Together: Linking sustainability and tax to reduce the cost of implementing sustainability initiatives can be accessed by visiting Ernst & Young’s web site here (pdf).