Share Your Viewpoints on the Social and Human Capital Protocol
While ISO nears publication of Human Capital 30414 reporting standards, the Social and Human Capital Coalition has launched an effort that includes the April 17 release of draft protocol for social and human capital impact assessment. To help gather input on the protocol, management at companies, industry associations, and professional associations are invited to share their viewpoints by clicking here by June 18, 2018.
According to Mike Wallace, Interim Executive Director of Human and Social Capital Coalition, which is being established with the support of the World Business Council for Sustainable Development (WBCSD), the Coalition aims to support companies as they examine their impacts on social and human capital and will help standardize an approach to measuring, managing and reporting on such impacts. Members of the WBCSD and the Coalition include recognized multinational leaders in sustainability, professional services firms, multi-lateral organizations and international NGOs (non-governmental organizations.) The organizations describe themselves as “global multi-stakeholder collaborations that bring together leading initiatives and organizations to help companies recognize, measure and value the importance of people and communities.”
The goals of the Social & Human Capital Protocol are: 1) provide a consistent process to guide companies through the journey of measuring, valuing and better managing social and human capital; 2) to provide a framework for collaborative action towards harmonized and standardized approaches. Wallace manages this effort on a volunteer basis with the support of his company Brown Flynn, an advisory services firm specializing in corporate responsibility and sustainable governance strategy development.
Wallace says the immediate task of the coalition is to “bring together the variety of stakeholders to identify common approaches to assess impacts on social and human capital. We’d like to hear from public and private companies, professional and industry associations, as well as investors, non-profits and other experts in this area. Then we want to gather and share leading examples of social and human capital management. As we go deeper, we all benefit from participating companies sharing best practices, as well as how they are integrating other existing frameworks and guidance and the metrics they are using to report such information. When all this information is gathered, our technical experts will begin to bring this into a common nomenclature and finalize the Protocol.” The organization hopes to begin this final process by the end of this year.
Wallace says there are already a range of sustainability reporting frameworks, guidelines and standards that reference social and/or human capital, such as the Global Reporting Initiative (GRI), the UN Global Compact, the International Integrated Reporting Council (IIRC) and the Sustainability Accounting Standards Board (SASB). “These all provide excellent resources for companies seeking to report on the broader suite of environmental, social and governance issues (ESG). The Social & Human Capital Protocol will take a more targeted approach and will seek to weave together existing guidance and identify any remaining gaps. I looked at the ISO standards on human capital reporting and they are very comprehensive. No one would disagree with the various topics and metrics suggested, but there are literally dozens of new initiatives that are also suggesting a range of topics and metrics. The Protocol aims to reference and integrate these related efforts where applicable and provide streamlined guidance so that users of the Protocol can efficiently address the growing demand for social and human capital performance information.”
For more information on the coalition or to join, go to: Social-human-capital.org.
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