Corporate Sustainability Framework by Eccles and Serafeim
Here's a brief summary of the 4-stage sustainability strategy framework by Eccles and Serafeim:
1. IDENTIFY the most critical ESG issues in your type of business.
2. QUANTIFY the financial impact of ESG improvements (one can use the SASB Materiality Maps for this, which distinguishes 43 potential impact issues in 5 main categories: Environment, Social Capital, Human Capital, Business Model and Innovation, Leadership and Governance).
3. Undertake MAJOR INNOVATION in products, processes and business models to achieve the improvements under 2 (Improving a single product or process innovation will be insufficient to affect the whole corporation).
4. COMMUNICATE with stakeholders about these innovations. For example by integrating ERG information in the annual report.
Source: HBR May 2013
For some more information, see also the discussion topic: Overcoming Barriers of Corporate Sustainability