L.E.K. provides pro-bono consultancy services to Life Science Cares

15 August 2018 Consulting.us

L.E.K. Consulting has been chosen by Life Sciences Cares (LSC) to support the nonprofit in the creation of a strategic five-year plan for economic growth and sustainability. LSC is a charitable effort of the life sciences industry to help tackle poverty in the Greater Boston area.

Life Sciences Cares is a nonprofit organization that draws on the financial and human resources of the life sciences industry in order to help tackle poverty in the Greater Boston area. The organizations drives initiatives that fight hunger, homelessness, and domestic abuse. Life Sciences Cares also funds STEM programs, success classes, job training, and mentoring to help break the cycle of poverty.

The nonprofit has announced the selection of management consultancy L.E.K. Consulting as a pro bono partner organization in 2018. L.E.K. is leading global business consulting firm, serving clients across a number of industries, including retail, energy, healthcare, and life sciences. In a recent ranking conducted by IgeaHub surveying life science and healthcare industry executives, researchers, investors, health policymakers, and patient advocates, L.E.K. was identified as a top consulting firm in the healthcare, pharma, and life sciences industries.

L.E.K. will draw on its deep strategic consulting expertise to help LSC create a five-year strategic plan to drive the nonprofit’s economic sustainability and growth. LSC currently works with about 150 life sciences companies and their leaders, building relationships and volunteer efforts with 19 nonprofit partner organizations.L.E.K. provides pro-bono consultancy services to Life Science Cares"Life Science Cares is growing fast amidst really incredible support from the industry," said founder and board chairman Rob Perez. "We are thrilled to have the great minds at L.E.K. Consulting working alongside us to build the organization for a long and successful future, maximizing our potential to impact poverty and improve lives."

L.E.K. will volunteer a crack team of strategists over a six-week period to support LSC. The pro-bono engagement was championed by L.E.K. Consulting's global head of Biopharmaceuticals & Life Sciences, Pierre Jacquet, M.D., Ph.D. Jacquet, a managing director at the firm’s Boston office, also sits on the Life Sciences Cares Board of Advisors.

"As early participants with Life Science Cares' work, we have seen the incredible potential to engage the life sciences industry in giving back,” Jacquet said. L.E.K. is thrilled to be partnering with Life Science Cares to offer our expertise as they look to a future of growth and increasing impact.”

Corporate social responsibility and giving back to the community are a big part of L.E.K.’s core ethos. The consultancy has, as a result, been honored with Excellence in Social & Community Investment awards from Consulting Magazine for three of the past four years.

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Business reporting increasingly focused on sustainable development goals

18 April 2019 Consulting.us

According to the prevailing scientific consensus, climate change, pollution and environmental degradation resulting from current economic models cannot be sustained without considerable effect on societies going forward. Purpose beyond profit is being expressed by businesses, while meeting global targets for sustainability is also being incorporated into wider business practices. Reporting on positive and negative business impacts remains poor, however.

The economy has, for decades, come first. The consequence of that mindset, particularly with poorly planned growth, has left future generations with large-scale problems. The scientific community has for decades warned of over-pollution and over-consumption, with many of the world’s largest businesses now grudgingly taking heed.

Climate change, biodiversity and waste are the current key issues, with the UN climate accord putting in place a maximum bound for human-induced warming. Loss of biodiversity and dealing with pollution remain major areas in which global protocols will be necessary to mitigate long-term negative impacts with little short-term gains.

While global-level, intergovernmental collective action will be necessary to transition to a sustainable economic model, the UN Sustainable Development Goal (SDG) are a key port of call for businesses seeking to meet current sustainability criteria for their activities. A new report from PwC, titled ‘Reporting with Purpose and Impact’, explores how effectively companies are meeting SDG reporting goals – which show the increasingly social and enviro-conscious public whether a company is meeting the sustainability goals in its operational footprint.

Responsible business reporting increasingly focused on SDG

One key indicator of good reporting is a clear statement of purpose for the business as a whole. Concentrating solely on shareholder profit could have a negative impact on the public perception of a company – particularly if that profit appears to come at the expense of SDG goals themselves. A statement that includes the wider positive impact of a company, as well as the ways in which it mitigates its externalities, are increasingly seen as a necessary tool to improve public perception.

As such, the report shows that companies that have a wider social purpose to their existence tend to have a better public perception and a wider licence to operate in society. The study found that 47% of companies had a clear statement of purpose that aligned with their core business, while 45% of companies failed to have a clear statement of purpose.

The study notes that though reporting has historically focused on key social and environmental metrics (such as CO2 emissions), new reporting standards look at the whole footprint of companies across their entire value and supply chains – including subsidiaries, contractors, and suppliers.

The fuller accounting explores the whole impact of their activity on society and the environment, which makes it considerably harder to hide the effect of their suppliers or subsidiaries, which could have considerable environmental impact – even though the parent company has in theory “reduced its emissions to zero.” Furthermore, positive achievements like reducing poverty or improving quality of life needs to be considered in light of the long-term sustainability of that achievement. 

In the end, analysis of FTSE 350 reporting finds that companies are not clearly reporting their impacts on the environment, are not aligning their stated purpose with their environmental outcomes, and are largely focusing only on positive aspects of their impact, rather than the less flattering whole.