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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
  • Decarbonizing Health Care: Engaging Leaders in Change By: Vivian S. Lee, Kathy Gerwig, Emily Hough, Kedar Mate, Robert Biggio and Robert S. Kaplan
  • Getting a Clearer View of Your Company’s Carbon Footprint By: Robert S. Kaplan, Karthik Ramanna and Stefan Reichelstein
  • Comparison of COVID-19 Hospitalization Costs across Care Pathways: A Patient-level Time-driven Activity-based Costing Analysis in a Brazilian Hospital By: Ricardo Bertoglio Cardoso, Miriam Allein Zago Marcolino, Milena Soriano Marcolino, Camila Felix Fortis, Leila Beltrami Moreira, Ana Paula Coutinho, Nadine Oliveira Clausell, Junaid Nabi, Robert S. Kaplan, Ana Paula Beck da Silva Etges and Carisi Anne Polanczyk
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