g-f(2)2395 McKinsey's 2023 ESG Report: Driving Sustainable and Inclusive Growth in a Year of Upheaval

 

genioux Fact post by Fernando Machuca and Claude

Introduction:

McKinsey's 2023 Environmental, Social, and Governance (ESG) Report highlights the firm's commitments, programs, and performance on ESG priorities during a year of upheaval and opportunity. The report focuses on three key areas: sustainability, inclusive growth, and responsible practices, showcasing McKinsey's efforts to accelerate sustainable and inclusive growth while adhering to the highest professional and ethical standards.

genioux GK Nugget:

"McKinsey aspires to be the largest private-sector catalyst for decarbonization while helping build inclusive economies, institutions, and workforces through client work, operations, and community engagement." — Fernando Machuca and Claude, May 17, 2024

genioux Foundational Fact:

In 2023, McKinsey conducted 1,720 sustainability-related client engagements, served as an impact partner for COP28, and collected an internal carbon fee of $50 per ton on all air travel emissions. The firm also upskilled, reskilled, or supported 19 million people toward economic inclusion through nonprofit partners and pro bono programs, and reached 1 million participants through McKinsey Academy's capability-building programs since 2014.

The 10 most relevant genioux Facts:

1. McKinsey conducted 1,720 sustainability-related client engagements with 761 clients in 2023.
2. The firm served as an impact partner for COP28, helping to establish the Oil and Gas Decarbonization Charter.
3. McKinsey collected an internal carbon fee of $50 per ton on all air travel emissions.
4. The firm's clients contribute 20 percent of GDP growth and create one million jobs each year.
5. Leap by McKinsey has helped build 620 new businesses since 2019, including more than 20 unicorns or decacorns.
6. McKinsey Academy's capability-building programs reached one million participants since 2014.
7. The firm upskilled, reskilled, or supported 19 million people toward economic inclusion through nonprofit partners and pro bono programs.
8. McKinsey's global workforce is 48 percent women.
9. The firm vetted 100 percent of new clients against its CITIO client-service framework in 2023.
10. McKinsey has spent approximately $1 billion on building, enhancing, and operating its risk, legal, and compliance functions since 2018.

Conclusion:

McKinsey's 2023 ESG Report demonstrates the firm's commitment to driving positive, enduring change by working side by side with leaders from idea to impact delivery. Through its sustainability efforts, inclusive growth initiatives, and responsible practices, McKinsey aims to be a catalyst for decarbonization, build inclusive economies, and maintain the trust of clients, colleagues, and society. The report highlights the firm's progress in these areas and its continued dedication to accelerating sustainable and inclusive growth while adhering to the highest professional and ethical standards.

REFERENCES

The g-f GK Context

Bob Sternfels, 2023 ESG report, Accelerating sustainable and inclusive growth for all, McKinsey, May 15, 2024.

ABOUT THE AUTHORS

Bob Sternfels is the global managing partner of McKinsey & Company and chairs the firm's board of directors. His focus is ensuring McKinsey lives up to its dual mission of helping our clients realize lasting and substantial improvements in their performance; while also attracting, developing and retaining exceptional people in an inclusive culture.

Classical summary of the report:

McKinsey's 2023 Environmental, Social, and Governance (ESG) Report provides a comprehensive overview of the firm's commitments, programs, and performance on ESG priorities during a year marked by global upheaval and new opportunities. The report focuses on three key areas: sustainability, inclusive growth, and responsible practices.

In the realm of sustainability, McKinsey aspires to be the largest private-sector catalyst for decarbonization. The firm conducted 1,720 sustainability-related client engagements with 761 clients in 2023 and served as an impact partner for COP28, helping to establish the Oil and Gas Decarbonization Charter. Internally, McKinsey collected a $50 per ton carbon fee on all air travel emissions to finance its carbon-related procurement.

McKinsey's commitment to inclusive growth is evident through its efforts to build inclusive economies, institutions, and workforces. The firm's clients contribute 20 percent of GDP growth and create one million jobs each year. Leap by McKinsey has helped build 620 new businesses since 2019, while McKinsey Academy's capability-building programs have reached one million participants since 2014. The firm also upskilled, reskilled, or supported 19 million people toward economic inclusion through its nonprofit partners and pro bono programs.

Responsible practices are at the core of McKinsey's operations, with the firm aiming to lead with integrity and maintain the trust of clients, colleagues, and society. In 2023, McKinsey vetted 100 percent of new clients against its CITIO client-service framework and spent approximately $1 billion on building, enhancing, and operating its risk, legal, and compliance functions since 2018.

The report also highlights McKinsey's commitment to diversity and inclusivity, with women comprising 48 percent of its global workforce. Additionally, the firm aligns its reporting with leading ESG standards and frameworks, including the Global Reporting Initiative (GRI) Standards, the World Economic Forum International Business Council's (IBC) Stakeholder Capitalism Metrics, and the Task Force on Climate-related Financial Disclosures (TCFD).

Overall, McKinsey's 2023 ESG Report demonstrates the firm's dedication to driving positive, enduring change by working alongside leaders to accelerate sustainable and inclusive growth while adhering to the highest professional and ethical standards.

Bob Sternfels

Bob Sternfels is the Global Managing Partner of McKinsey & Company and chairs the firm's board of directors¹. He is committed to ensuring that McKinsey lives up to its dual mission of helping clients realize lasting and substantial improvements in their performance, while also attracting, developing, and retaining exceptional people in an inclusive culture¹.

Sternfels is a founding member and chair of the African Leadership Group Advisory Board and a co-chair of the First Chance Campaign at Concordance¹. He serves on the boards of the US China Business Council, New York City Jobs Council, and FCLTGlobal¹. He is also an active member of the Business Roundtable, Asia Business Council, The International Advisory Council for The Singapore Economic Development Board, Tsinghua SEM Advisory Board, Trilateral Commission, and the Council on Foreign Relations¹.

He is a graduate of Stanford University and the University of Oxford¹. In his personal capacity, he serves on the board of QuestBridge, the advisory board of USA Water Polo, and as a trustee of the Rhodes Trust¹. He is also a private pilot¹.

Sternfels is married to Ashley, and they have three children¹. He has also contributed to several published works, particularly in areas vital to navigating today's challenging operating environment². His insights cover a range of topics, including resilience, sustainable growth, and strategic courage². He was re-elected for his second term as McKinsey’s global managing partner in 2024².

Source: Conversation with Bing, 5/17/2024

(1) Bob Sternfels | McKinsey & Company. https://www.mckinsey.com/our-people/bob-sternfels.

(2) Recent insights from Bob Sternfels - McKinsey & Company. https://www.mckinsey.com/featured-insights/themes/recent-insights-from-bob-sternfels-mckinseys-global-managing-partner.

(3) Bob Sternfels - docs.house.gov. https://docs.house.gov/meetings/GO/GO00/20220427/114669/HHRG-117-GO00-Bio-SternfelsB-20220427.pdf.

(4) Bob Sternfels - Global Managing Partner at McKinsey & Company - The Org. https://theorg.com/org/mckinsey/org-chart/bob-sternfels.

(5) en.wikipedia.org. https://en.wikipedia.org/wiki/Bob_Sternfels.

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