Indigenous wellbeing at centre of Indigenous Business Australia’s first environmental, social and governance strategy

Callan Morse - August 27, 2024

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Indigenous Business Australia chair Eddie Fry. (Image: The Australian)

Aboriginal and Torres Strait Islander wellbeing is at the centre of Indigenous Business Australia's first Environmental, Social and Governance strategy, announced on Tuesday.

Focusing on wellbeing of Country, culture and community, IBA says the strategy seeks to move beyond compliance and risk management to incorporate the lived experiences of Indigenous Australians.

The federal body's Environmental, Social and Governance (ESG) strategy has five priority areas, including: climate change and resilience, customer and data security, human rights and labour, integrity and business ethics, and lending and investing responsibly.

IBA Chairperson and proud Dagoman man, Eddie Fry, said IBA is committed to the integration of ESG principles to support the aspirations of Aboriginal and Torres Strait Islander people, their businesses, co-investors, and the communities Indigenous businesses serve.

"Connection to Country, culture, and community are inherent to Aboriginal and Torres Strait Islander values, worldviews and genealogy, providing a blueprint for sustainable development," Mr Fry said.

"IBA knows and recognises the important and inseparable links between Country and Aboriginal and Torres Strait Islander people. It is our responsibility and obligation to care for Country to ensure sustainability for future generations."

The priority areas align with the objectives outlined in IBA's Strategy Towards 2028, areas IBA says present significant risk and opportunity in the short and medium term.

Mr Fry said IBA is conscious of the urgency for a coordinated national and global effort to improve monitoring, evaluation, reporting and rehabilitation across a range of environmental, social, and governance (ESG) areas.

"IBA began a rapid transition because we have a very important role and responsibility to facilitate access to finance and capital that allows Aboriginal and Torres Strait Islander people and communities to meaningfully participate in the changing economic and ESG landscape," he said.

"We're exploring new opportunities to invest responsibly alongside Aboriginal and Torres Strait Islander people in sustainable ventures."

IBA says the rights and interests of Indigenous people over land and waters - and an intrinsic understanding and cultural knowledge of the landscape - means First Nations peoples are best placed to protect and restore Country and build resilience to climate change as well as other systemic and societal issues.

"We must all continue to evolve our approach to incorporate environmental and intergenerational aspects into our overall impact," Mr Fry said.

IBA said its strategy provides a "structured, systematic and strategic approach" to emerging ESG-related compliance and reporting requirements for matters including modern slavery and climate risk.