Ryerson CSR Institute Session: Unpacking the "Governance" part of ESG: In conversation with BMO's Chief Sustainability Officer, Michael Torrance

When thinking about corporate responsibility, although the environmental and social aspects of the "Environment-Social-Governance" (ESG) framework may be the first that come to mind, in fact it is the corporate governance aspects which "make the wheels go around." Without a good operating system, the corporate ability to identify and address E&S opportunities and risks, and to translate them into action on the ground is seriously jeopardized. In the ESG context, corporate governance encompasses board and management structures, as well as policies, standards, training, information disclosure, auditing, compliance with both externally imposed laws and standards and internal policies, and continual improvement all in support of the environmental and social directions the corporation is taking.

How do large multinational corporations make decisions on which environmental and social issues are priorities, and balance them against the need to develop and provide attractive, effective and cost-efficient products and services? How do MNCs take into account and engage with shareholders, customers, workers, governments, communities, NGOs, and others, all vying for their attention? How do they pivot to contend with crises like the COVID-19 pandemic and climate change?

As Chief Sustainability Officer, Managing Director and Associate General Counsel for BMO Financial Group, Michael Torrance (external link)  is ideally positioned to provide insights on this subject. In his position as BMO's Chief Sustainability Officer, Michael leads strategy and implementation of sustainability governance, disclosure, engagement and innovation at BMO Financial Group. Before joining BMO, Michael was a Partner at an international law firm where he spearheaded the development of a global environmental, social and sustainability governance risk advisory practice. His experience includes application of international standards of environmental and social risk management and human rights due diligence in the corporate and banking contexts. Michael has authored widely used texts and guides on international environmental and social governance frameworks including the Equator Principles and IFC Performance Standards on Environmental and Social Sustainability.

Moderating the session will be Dr. Kernaghan Webb, Director of the Ryerson CSR Institute and a Law and Business professor in Ryerson University's Ted Rogers School of Management who is also cross appointed to the Law Faculty.

The talk is co-sponsored by the Ryerson Corporate Social Responsibility Student Association, the Ryerson Commerce and Government Association, and the Ryerson Law and Business Student Association. Support for the "In conversation" sessions from the Trade Commissioner Service of Global Affairs Canada is also gratefully acknowledged.