Companies with tax departments that aren’t taking sustainability efforts into account are missing an opportunity
New York, NY (PRWEB) March 22, 2012
Big4.com, the premier social networking forum for professionals and alumni of Accenture, Andersen, BearingPoint, Capgemini, Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers PwC has reported on a new Ernst & Young survey, Working Together: Linking sustainability and tax to reduce the cost of implementing sustainability initiatives, that reveals only 16% of responding companies that have or are developing an environmental sustainability strategy which include their tax or finance departments. The breakdown of the respondents showed that 19% were Chief Sustainability Officers (CFOs) while the majority at 81% were tax directors or their equivalents.
Paul Naumoff, Global and Americas Leader of Climate Change and Sustainability Services and CleanTech Tax Services was well aware of the consequences of disconnect between the departments.
“Reducing energy consumption and carbon emissions, switching to alternative energy and fuel sources, innovating for cleaner technologies and offsetting carbon emissions – all of these efforts have tax considerations,” he said. “Companies with tax departments that aren’t taking sustainability efforts into account are missing an opportunity.”
Big4.com also noted other consequences of this lack of involvement by the tax department. Thirty seven percent of respondents were unaware of the incentives that were available for sustainability initiatives and of those that knew of them, only 17% said their companies actually took advantage of the offerings. Since there is a traditionally lower ROI on some of these sustainability projects, the Ernst & Young survey concluded that reducing the overall cost means including the tax department to make use of all available incentives.
A remedy devised by Ernst & young suggests that companies frame the discussion in broad Reduce, Switch, Innovate and Offset (RSIO) categories.
Big4.com is the accounting, tax, consulting and IT professions’ premier resource, and has been exclusively focused on Big Four firm professionals and alumni for 10 years, providing high quality content, connectivity and commerce. The Big Four Job Board offers fresh job opportunities – clients include the world’s leading companies. Big Four News covers key news, developments, events, survey results, press releases and appointments. The Big Four Blog provides opinion and insight on recent and key developments, news, happenings, management changes, regulations, acquisitions and capital market activities. Big4 Video is a professionally produced news covering key global developments in this space.
Big4.com has a strong presence on key social media platforms:
Youtube: Big4Video is a professionally produced weekly news magazine.
Twitter: twitter.com/big4 has 9,000 followers.
LinkedIn: The Big Four Alumni and Professionals group is the largest corporate and alumni group with 85,000+ members.
Facebook: The Big4 fan page has 5,500 fans at facebook.com/big4page.
Xing: The Big Four Alumni and Professionals group has 1,450+ members.
# # #