5 minutes with Dr Sophie Taysom

Environmental, Social and Governance considerations have rightfully taken a prominent position within the Built Environment over recent years.

Collingwood’s Head of Building Products & Construction, Mark Goldsmith, grabbed the opportunity to talk with Dr Sophie Taysom about her leading role within the ESG space.

As a prominent figure, Dr Taysom has spoken at various national and international events, and has extensive experience across academia, and the public and private sectors. In 2020, she established the ESG in Real Estate Group on LinkedIn which currently has well over 6,000 members.

Here’s what they discussed:

Mark: Specific to the Built Environment, I’m seeing a lot of companies investing in ESG leaders.  As this function has only gained momentum recently, what are the main pitfalls businesses need to be wary of?

Sophie: The role of the Corporate Sustainability Officer (CSO) is a challenging one as ESG considerations are fundamentally about risk management and sustainability of the entire business. What businesses need to do is ensure that the CSO is enabled to work with Boards, and C-Suites, as well as across the business.

The role of the CSO requires more than technical expertise, it requires being able to take a strategic and critical view across the business. This is part of the reason we need to think more creatively about the role. A good option for many companies will be taking on a fractional CSO to do that strategy piece.

And we need to think about what’s needed at the strategic level and what’s needed at the ops level. These can be quite different skill sets.

Mark:  And how’s best for companies to train new starters to ensure they get up to speed and offer value to both the employer and market quickly?

Sophie: In terms of ESG, there’s a very steep learning curve. When I entered this field, I had many days of my head on my desk, being utterly confused. This is despite the fact that I have a career dealing in strategy, regs and policy. And this area is so fast moving. For new starters, particularly in junior to mid-level roles, staff really need the space and time to learn.    

In terms of that learning piece, I stay up to date through LinkedIn, getting 8 to 10 related google alerts a day, and going to and/or speaking at events that can build my knowledge. There’s a lot of reading, a lot of webinars, and conversations with other experts in this area. It’s the fun part of the job as I like making sense of complexity.  

Mark: Some within the industry have been guilty of exploiting this area, with the term greenwashing becoming more commonplace.  How can companies ensure that they aren’t guilty of this, and how do they gain buy-in from the top executives? [data evidence, social value, KPI’s on staff turnover]

Sophie: This is all about the data and evidence and ensuring that any commitments made are deliverable. I’ve seen a number of companies make commitments to Net Zero without having done the work. They have no baseline, no clear plan of action. It’s like me saying I’m going to run a marathon with no understanding of my current fitness level and no plan. OK, so I get the ‘hey, that’s brilliant, good on you’, but it’s likely I’d fail (miserably). And yes, I’ve done a couple of marathons and short ultras (50k) so I know the work required.

Boards and C-Suites need to be asking these questions.

And on the data and evidence. Some of this is really tricky as there can be a lot of ‘soft’ data. This is what we see with respect to many of the S and G elements. But there are some good KPIs that can be used. For instance, with mid to large companies, it's useful to understand the level of staff turnover as that can give you useful insight into health of the business and its culture. And high staff turnover poses a direct financial risk and potentially a reputational risk. It costs a lot of replace staff.

The critical point here is, whether it be quantitative or qualitative data, to be clear on caveats – where is the data robust, where might it be not so robust, and to spell that out. I want to know the good, the bad, and the ugly. And this is increasingly what shareholders, broader stakeholders, and markets, are requiring. It’s not always comfortable as it’s requiring many companies to be transparent and accountable in ways that are new.

Mark: You’re currently consulting with several businesses, large and small, including on the subject of the impact of European Union regulations.  What are you witnessing as being the main issues, and can you point people to any quick reference tools to help steer them in the right direction?

Sophie: At the moment there’s a lot of talk about the reporting burden with new regulations such as the EU’s Corporate Sustainability Reporting Directive (CSRD). It is a real gamechanger. This will be a challenge not only for those companies reporting, but for their supply chains where data inputs will be needed, and various due diligence requirements met. And it will need to be considered by many operating outside the EU if they want access to the market and/or are part of relevant supply chains.

There’s also a lot of complexity with people not knowing where to start.

In terms of resources, I would suggest first going to the European Commission’s website to understand the context and how it is being phased in. And there is a plethora of expert webinars and articles on this topic.

Mark: I’m witnessing more start-ups within sustainable building products recently. Having worked with several, what tips can you give to budding manufacturers who’re looking to go to market with their products?

Sophie: For start-ups, my main advice would be to ‘start somewhere’.

A first step would be to conduct a materiality assessment. This is understanding those areas where you are having an impact i.e. carbon emissions, on staff, supply chains, and where you are subject to external effects i.e. supply chains, materials, regulations. Once done, it is then about understanding what this means for you, and how you manage, mitigate, and evidence those issues.

It is then worth developing a strategy and deciding on where you need to direct attention. This could be the development and implementation of policies, establishing baselines, and with these, setting a clear set of measurable and specific targets. Some of these could be ‘quick wins’, others will need to be started but may take some time and resource. This all needs to be done with an understanding of the regulatory context and direction of travel.

Core to this is working across the organisation and also engaging with suppliers and those you might be providing goods and services to, to understand their needs.    

To understand more about the work Sophie does, you can explore her website and get in touch here.

Mark:  And what’s next for you in your career, Sophie?

Sophie: I’m interested in working with even more businesses where I can add real value. That could be through projects, as a fractional CSO, or in interim roles. I’m also interested in NED Board roles – the potential to add a critical and grounded voice.  I’m planning to work across Europe and globally more, splitting my time between London and Brussels.

And I’d like to see where further I can take my group on LinkedIn. With over 6,000 members from across the world, it’s a clear indication of the level of interest.