Toni McKee, Director of Stakeholder Engagement, Black Sun Global
In 2023, sustainability went from being a dusty brochure sidebar to a woven thread in the narrative tapestry. We saw companies integrate their social and environmental efforts into their core stories, showcasing not just impact reports, but the human faces and everyday choices driving change. On a global level, Patagonia stole the show with their Worn Wear campaign. And our clients Primark, NatWest and Sainsbury’s were right alongside them. But let's be honest, some greenwashing persists out there and we can help bring it to a halt.
Here's to hoping 2024 brings us radical transparency, where sustainability commitments aren't just aspirational pronouncements, but measurable actions with bumps, setbacks, and all. It's about showing the messy journey, the honest conversations, and the genuine passion that fuels progress. Because let's face it, authenticity resonates way louder than perfectly polished facades – and our clients are beginning to embrace it. In 2024, let's deliver the real, raw, and purpose-driven stories that win hearts and minds. It's good for business, good for the world, and frankly, just good storytelling.
Richard Dixon, Chief Digital Officer, Black Sun Global
In 2023, the market proved challenging with a noticeable decline in the number of companies actively pitching their digital communications. We saw a much bigger divide between digital frontrunners and the rest. Yet, our focus on deepening value for existing clients paid off.
Looking ahead to 2024, the landscape is expected to witness a shift towards more sophisticated digital communications. The emphasis will be on rich, authentic content and heavy prioritisation of omnichannel engagement with user-centric experiences across all digital channels.
AI will also undoubtedly start playing a bigger a role in how companies communicate and engage stakeholders online – from generating dynamic content to powering chatbots that make it easier for people to find the information they need on websites, portals and e-commerce sites.
We believe 2024 will also see our clients putting a greater focus on data-driven results and performance, indicating a growing reliance on analytics and measurable outcomes as key metrics for stakeholder engagement.
Anne Kirkeby, ESG and Investor Communications Director, Black Sun Global
The keyword for corporate reporting in 2023 was regulation. While it was a relatively light year in terms of new regulations coming into force, many businesses have woken up to the massive reporting burden on its way in the form of CSRD, ISSB, the new UK Corporate Governance Code, and CSRDDD to mention only a few. For many, ‘dressing up’ existing reporting will not be anywhere near enough and will be require tangible action, significant resource, and a full year of data to comply.
EU’s CSRD (Corporate Sustainability Reporting Directive) alone will require companies in scope (and this will apply to many UK businesses) to report on up to 12 sustainability standards and 1,000 indicators in the Annual report. And this will depend on the outcome of a double materiality assessment, which many businesses will have to undertake for the first time.
In 2024 (and in years to come), we expect companies to initially be very focused on compliance. This might mean some may reduce non-regulated content in the Annual Report to keep page numbers down. We also expect them to conduct more materiality assessments because of CSDR and produce more regulated reports too (ex. transition plan reporting/human rights reporting).
Thinking about content more strategically will also become more important. If Annual Reports become more disclosure and compliance-driven and much of the content from sustainability reports go into annual reports, what happens to communication? Companies have often relied on the Annual Report to fulfil the needs of ALL stakeholders. However, the focus on compliance may open new avenues for more strategic communications that address individual stakeholder needs and preferences.
Elli Siapkidou, Director of Insight & Innovation, Black Sun Global
The big theme for 2024 would be corporate accountability, and the role of companies in managing natural and human capital and adapting towards more sustainable business models. With CSRD steering the help, businesses faced the dual challenge of minimising negative impacts while improving the positive contributions to nature and climate. The insights from COP28 and DAVOS 2024 underscore transitioning away from fossil fuels to more sustainable models, with heavier emphasis on climate, nature, and energy strategies.
As Generative AI reshapes the landscape of human capital and job losses, and sustainability regulations demand more comprehensive reporting on climate, human rights, and environmental stewardship, businesses will have to almost reinvent themselves to move forward in this era.
About Black Sun
Black Sun is a global group of strategic advisors, consultants and stakeholder engagement specialists. We help global brands transform their stakeholder relations, fuel innovation, and drive more sustainable business practices.
We partner with visionary companies to define and communicate their purpose, strategy, performance and culture and to bring to life their value creation story. Our services and solutions directly address the business-critical concerns of today; best-practice disclosure and reporting; effective communication of their long-term sustainability story; building trust and deepening engagement through digital communications.
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