Women's power drives sustainability: Top companies in the 2024 ESG ranking!

Women's power drives sustainability: Top companies in the 2024 ESG ranking!

PwC Austria examined the ESG performance of 140 of the country's top-selling companies and achieved astonishing results. According to the analyzes based on sustainability reports, average ESG performance rose to 32 percent in 2024, compared to 26 percent last year. Nevertheless, no company achieved the maximum possible score, indicating existing gaps in sustainable practices. The study highlights that companies with a higher proportion of women in management achieved significantly better results: The 19 companies with at least 30 percent women performed 50 percent better than average. As PwC reports, there is a correlated relationship between boardroom diversity and ESG performance, an interesting dynamic that could present both opportunities and challenges for companies.

There remains a need for improvement

Despite the progress, the need for action remains clear in certain areas. 40 percent of the companies examined measure their emissions, but only 14 percent have been able to demonstrate an actual reduction in their CO₂ emissions in the last three years. In particular, the integration of ESG criteria into management compensation and increasing the proportion of women in management positions could be crucial here. “The mechanisms are well known: data forms the basis for goals, and goals drive performance,” explained Philipp Gaggl from PwC Austria, emphasizing the need for clear and measurable climate targets to really improve sustainability performance.

Overall, it can be said that listed companies in particular are leaders in the implementation of ESG criteria. These achieve an average performance of 50 percent, while non-listed companies only achieve 25 percent. The pressure from both financial markets and regulatory requirements is promoting this development. PwC highlights the relevance of clearly defined ESG transparency and dealing with sustainability challenges as a business opportunity. As Leadersnet notes, it remains to be seen how companies will implement the new requirements of the Corporate Sustainability Reporting Directive (CSRD) from 2025.