Müge Yücel is director of IR and sustainability at Galata Wind, an Istanbul-headquartered renewable energy firm. Since completing its IPO in 2021, the company has been working on a new approach to ESG-related disclosures and reporting.
Yücel tells IR Magazine that even though the firm operates in the renewable energy sector, it was lacking the right strategy on the disclosure front.
‘We went public in 2021, and [at that time] ESG had not been done the way we now know it: [there was] no transparency, no reporting,’ she says. ‘So we started looking into where our priorities should be and tried to implement them as part of the business strategy.’
Addressing challenges the firm has encountered as part of ESG standards implementation processes, Yücel points out having to refer to different global ESG frameworks as a major hurdle.
‘The sustainability report made us realize that there are four – possibly even five – standards we have to provide information on,’ she says. ‘Indexing these on the sustainability report shows us that sustainability ratings companies look more for that information, whereas investors look for the information behind it: how we got there.’