Our clients are realizing the importance of measuring and valuing their social and human capital and looking to us for technically robust, practical ways of applying capitals thinking."
Technical Director, ERM
In 2018, the World Business Council for Sustainable Development (WBCSD) turned to ERM to help develop the Social & Human Capital Protocol (Protocol). Similar to WBCSD’s work on the Greenhouse Gas Protocol and the Natural Capital Protocol, WBCSD engaged ERM to help establish a formal governance structure, a technical advisory council, build a global network of engaged stakeholders, and develop and launch the Protocol.
Through our combined networks and global stakeholder support, ERM proceeded to build out and launch the Protocol through a series of global workshops, presentations and events. The official launch of this effort was announced by ERM CEO Keryn James at the annual GreenBiz conference in February 2019.
The world changed dramatically since the launch of the Protocol. Social issues have risen to the top of every organization’s agenda, with movements like #MeToo and Black Lives Matter elevating social issues. The global pandemic heightened attention on social justice issues – as well as worker health and safety, wellness and well-being – which has shifted the way we all view human capital management.
ERM Partner Mike Wallace serves as North American Strategic Director, Capitals Coalition, and ERM Technical Director Doug MacNair is a Technical Advisor. As strategic advisers, ERM’s collaboration and support of the Capitals Coalition continues to promote the use and uptake of the Protocol through a range of virtual roundtables to industry and professional associations, government agencies and leading nonprofits. These sessions aimed at educating all stakeholders on the emerging issues, including evolving standards and guidelines that still shape the metrics that shape social and human capital management. One such event, Defining Human Capital Management in 2021 highlighted the Sustainability Accounting Standards Board (SASB) and its work to update their Human Capital metrics. The webinar featured speakers from SASB, Shift, the Capitals Coalition, State Street, L’Oreal and ERM.
ERM and the Capitals Coalition continue to host monthly calls with over a dozen leading multinationals who are all helping to shape the way the world views Capitals Thinking. In collaboration with L’Oreal and the Capitals Coalition, ERM will release the Social & Human Capital Primer, which is aimed at the Executive Level audience.
Read the report: Everyone Benefits: Connecting health and safety and human capital.
Technical Director, ERM