level, with a lot of experts advising media companies that this is not an optional exercise. The more they can invest now, the better off they’ll be when the actual compliance rules come down, rather than saying ‘I’m not going to do anything until a law is passed’ and then suddenly you’ve got some huge cash outlays.” But sustainability, ultimately, is about people and their wellbeing. Altman Solon’s series of industry surveys kicked off with DEI - diversity, equity and inclusion. How have DEI practices developed alongside – or diverged from – sustainability? DIVERSITY VS SUSTAINABILITY In the wake of the killing of George Floyd and other high-profile crimes against minority communities, US public anger pushed equality to the front of the conversation. Governments and businesses have since responded with a variety of initiatives to address imbalances in the treatment of their workers and stakeholders. “But the difference between diversity and sustainability is that sustainability is rooted in regulatory and legal frameworks. Diversity, on the other hand, is not at that level. There isn’t a legal regulatory requirement that says ‘you must be diverse.’ We’re seeing that a bit with board members but, when it comes to the other levels of the company, there’s no mandate for that, and you can’t put a dollar amount to it. A number of studies have shown that, from behind the camera to in front of the camera, it does help our industry – but it’s not a statutory issue.” Powell points to the rise and fall of diversity officers across US businesses,
calling it a ‘mess.’ Appointments were made as a reaction to a need, although without having a clear plan or mandate in place. It is an object lesson for sustainability in business, too, with a vague term like sustainability being able to take in so much that it can quickly lose direction – and effectiveness. One lesson that’s been learnt from Altman Solon’s investigations is that legislation gets results – and quickly. Many sustainability conversations talk about the importance of having an ‘enlightened CEO’ or team leadership which has a sustainability mindset. However, relying on the personality types of the revolving-door C-suite seems like a dangerous and unstable way to deal with a significant threat to public safety. Legislation means the C-suite is on board, regardless of personal feelings. One of the biggest complaints one hears from sustainability teams is the lack of budget – and therefore power – given to said sustainability teams. Even in the best circumstances – involving ‘enlightened CEOs’ – sustainability is essentially treated like a charity. Solid, intelligently written legislation can change that with a pen stroke, something supported by Powell’s own conversations. “In talking with several C-level people, even in an environment of constrained spending, if it has to do with legal and regulatory compliance, they will find the money.”
THE DIFFERENCE BETWEEN DIVERSITY AND SUSTAINABILITY IS THAT THE LATTER IS ROOTED IN REGULATORY AND LEGAL FRAMEWORKS
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Since the time of our conversation with Derek Powell, he has left Altman Solon and is now chief growth officer at the LA-based creative technology company Edisen. Illustration: Warming stripes (global, WMO, 1850- 2018) – Climate Lab Book, Ed Hawkins, University of Reading, UK
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