In February 2021, Accountancy Europe and ecoDa organised a collaborative workshop supported by EY Wavespace methodology on the future role of audit committees as part of sustainable corporate governance.
The workshop brought together board and audit committee members, business leaders, and investor representatives from across Europe, along with policymakers, representatives of non-governmental organisations, and the accountancy profession.
The summary of this workshop has just been released Driving the evolution of sustainable corporate governance: reflections on the future role of audit committees.
It explores changes for audit committees that build on existing responsibilities while stimulating innovation in policymaking. The ideas put forward by participants are summarised in the report. Some of the key reflections are that:
- Boards, including audit committees, should consult with their relevant stakeholders and consider their interests as part of board decision-making
- Integrating sustainability considerations into the company’s strategy and operations is the responsibility of the full board, as well as the CEO
- The audit committee should review their composition and assess their skills and experience regarding ESG matters