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Reimagining the Balanced Scorecard for the ESG Era

By: Robert S. Kaplan and David McMillan
  • Format:Electronic
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Abstract

Companies are increasingly aware that their customers and society in general expect businesses to adopt and work towards social and environmental objectives as well as the traditional financial ones. This involves not only re-evaluating firms’ models but re-imagining new, more inclusive ecosystems from a multi-stakeholder point of view. In this article, the authors propose an update to the Balanced Scorecard, one of the most successful management tools of all time, so that it can better help align stakeholders coming from very different places around each other’s goals as well as their own.

Keywords

ESG (Environmental, Social, Governance) Performance; Business Ecosystems; Balanced Scorecard; Adaptation; Business Model; Business and Stakeholder Relations

Citation

Kaplan, Robert S., and David McMillan. "Reimagining the Balanced Scorecard for the ESG Era." Harvard Business Review Digital Articles (February 3, 2021).
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About The Author

Robert S. Kaplan

Accounting and Management
→More Publications

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More from the Authors
  • Performance Management at Afreximbank By: Robert S. Kaplan and Siko Sikochi
  • Brigham & Women's Hospital: Using Patient Reported Outcomes to Improve Breast Cancer Care By: Robert S. Kaplan
  • Collaborative Rooming: An Innovative Pilot Project to Overcome Primary Care Challenges By: Gagandeep Singh, Jill G. Lenhart, Richard A. Helmers, Michele Renee Eberlee, Heather Costley, Joel B. Roberts and Robert S. Kaplan
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