EY exists to build a better working world , helping create long-term value for clients , people and society and build trust in the capital markets . EY helps protect and create value for all stakeholders and to build a better working world . Thermo Fisher Scientific , a world leader in serving science , is one such stakeholder .
“ We ’ ve developed a great partnership with Thermo Fisher , serving as their technical advisor on ESG-related regulations such as the EU CSRD ,” explains Lucy Godshall , Principal , EY Climate Change and Sustainability Services .
The Corporate Sustainability Reporting Directive ( CSRD ) is a new European regulation that has caused a pivotal shift in sustainability reporting .
“ The partnership between Thermo Fisher and EY has centered around learning together ,” says Chris Shanahan , VP Global Sustainability Supply Chain at Thermo Fisher Scientific .“ We ’ re both learning and taking feedback and it ’ s been very constructive . But companies shouldn ’ t underestimate the work that ’ s involved with CSRD .”
Partnering together on CSRD
EY supports Thermo Fisher in understanding what is most material to them as an organization as part of its double materiality assessment , identifying potential disclosure gaps and preparing for its first CSRDcompliant report .
“ It definitely takes a village and we are learning together as we go , navigating the complexities of the EU CSRD while considering the implications to Thermo Fisher ,” says Lucy . “ Our approach has been grounded in collaboration and inclusion .”
Early preparation is important to Thermo Fisher , as there will be long term implications to the decisions that the company will make to comply with these regulations . It is critical that decisions are made thoughtfully to avoid unintended consequences .
Partnering to scale impact
Sustainability regulations like the CSRD are driving companies to be more transparent on their performance and be held accountable for their actions . As a global Fortune 100 company , Thermo Fisher has a tremendous opportunity to drive impact , particularly through its sustainability partnerships .
Lucy concludes : “ Partnerships in sustainability continue to be a driving force for organizations to scale their impact and we ’ re extremely proud to be working with Thermo Fisher in this space as it aligns with our purpose at EY to build a better working world and shape the future with confidence .”