Greentarget

Greentarget

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Corporate social responsibility has factored into investment decisions for years, with the integration of environmental, social and governance (ESG) a big part of corporate decision-making for nearly two decades. But the focus on ESG reached a fever pitch in 2021. Indeed, there might not have been a more common three-letter combination in the world’s boardrooms.

That’s why international law firm Fenwick sought to unearth insights about how ESG and a growing cultural emphasis on diversity was affecting biotech companies. Specifically, the firm wanted to conduct first-of-its kind research and provide an analysis of marketplace reporting practices across the sector to create a resource for companies in biotech and beyond about key governance best practices at a critical moment.

Solution

Fenwick enlisted the services of Greentarget, specifically its Research & Market Intelligence and Content & Editorial teams, on a multi-faceted research approach. The first step was a unique review of the publicly available information of the top 50 biotech companies in the United States based on market capitalization. This review, which required nearly 100 hours of research-intensive time, included SEC filings and information on company websites, which was compiled and then summarized for key industry trends and other points of interest.

This in-depth review informed the development of quantitative survey questions designed to elicit insight from key decision-makers, including individuals who held C-suite positions, were heads of ESG or held sustainability and legal roles, as well as investors from hedge funds, investment banks and venture capital firms. A focus of the survey was to gauge sentiment around expectations and challenges regarding ESG, as well as expectations about SEC intervention and a medium-term forecast.

The results were then shared with Fenwick lawyers who represent technology and biotech companies on a variety of corporate governance and transactional matters, including ESG, to gather their analysis of the specific findings. Channelling these insights, Greentarget developed a report around the findings with an emphasis on providing actionable guidance about how companies can prepare and what they should consider when implementing and reporting on ESG.

Results

The final report, “Biotech’s ESG Crossroads,” was released in February 2022, combining what Greentarget found in its initial public review, the survey findings and the expertise of Fenwick’s lawyers. The report detailed how sector executives and investors compare when it comes to ESG’s growing prominence. And it discovered a lack of standard practices around ESG disclosures, that ESG would continue to surge in prominence and that biotech companies were just getting started when it comes to addressing ESG. The report, the first of its kind on this topic for Fenwick, is expected to become an annual offering.

The email campaign developed for the report launch yielded an open rate of 39.2%, with a click-to-open ratio of 5.9%. The report itself garnered 520 unique page views, with readers spending on average of four minutes and 46 seconds on the report page.

Media also took an interest in the data, with notable industry publications like STAT, FierceBiotech, BioCentury and Corporate Secretary covering the findings. Others, like Harvard Law School’s Corporate Governance Blog, republished the report in full.

Since the report’s launch, Fenwick lawyers have presented the data directly to biotech clients, speaking with their nominating and governance committees. One Fenwick partner who helped lead the data analysis told Law.com that companies in the biotech industry had been clamouring for this type of data on governance issues for a while, and being able to provide data that supports her legal counsel has been invaluable to her clients.

The report generated such strong attention that another law firm mentioned it during their own webinar about ESG issues.

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Moments after the Supreme Court announced its landmark Dobbs v. Jackson decision, Ropes & Gray’s chairwoman Julie Jones released a heartfelt statement. In it, she shared her personal and professional reaction to the seismic shift the decision represents. 

Jones acknowledged the differences of opinion her internal stakeholders held on the decision while openly articulating her dismay regarding the reversal of Roe v. Wade. She also made her firm’s position clear, saying, “There will be many opportunities for those interested to contribute on a pro bono basis to the protection of health care rights for women, a cause which Ropes & Gray will continue to champion.”

Jones’ full statement is powerful and authoritative. But from a PR perspective, it’s not so much what she said that’s particularly noteworthy. It’s the fact that she was poised to respond in a meaningful way that sets her apart from the majority of her peers.

More than ever, the professional service firm’s executive committee is called upon to make decisions regarding issues that don’t directly impact their business, or participate in narratives that have not required their participation in the past. Many of these issues and narratives are fraught with emotional risk for certain stakeholder groups, requiring abundant empathy and a strong understanding of their audience. For these reasons, executive committees should consider engaging directly with a PR firm that can provide objective guidance in this new landscape. Here are five ways engaging a strong PR resource can help an executive committee navigate the special situations that are heading its way with greater frequency. 

1. Know When and How to Speak Out on Social Issues

We’ve said it before. In today’s world, social concerns are business concerns. And that means your firm can’t afford to sidestep the hot-button topics your audience cares about. 

That doesn’t mean you need to speak out about everything that’s happening in the world. But it does mean you should carefully examine your values and develop unique points of view on the issues that matter most to your firm and your stakeholders.

For Julie Jones, that meant crafting a statement about Dobbs even before the decision was final. For other firms, it might mean developing positions of authority about tax reform, ESG principles, or climate change. 

Whatever the case may be, a good PR firm can help your executive committee anticipate what’s approaching on the horizon. That way you won’t be left scrambling to respond after another firm has beat you to the punch.

2. Protect Your Firm’s Reputation in Times of Crisis

It can be difficult for any leader, no matter how experienced, to know the best way to handle a crisis. That’s especially true if the crisis in question poses a threat to the firm’s reputation. 

Some accept an unwarranted ding to their firm’s public image for fear of making the situation worse. Others try to curtail the damage by minimizing or downplaying their firm’s wrongdoing or missteps. Neither end of this spectrum demonstrates the authenticity and vulnerability that a difficult PR scenario requires.

That’s why PR counsel is so important in the heat of the moment. We advise clients on how to respond to difficult situations with empathy for their audience. Keeping your audience’s concerns, questions, and needs at the forefront of your crisis communication plan is the crucial first step toward moving beyond the eye of the storm.  

3. Communicate Effectively During Leadership Transitions

Executive transitions — particularly at the most senior level — are news events that are certain to attract the public’s attention. As such, it’s critically important to communicate clearly with clients, stakeholders, and the public before, during, and after key executive changes.

But many executive committees don’t take time to plan for transitions before they happen. And without clear succession plans in place and solid communication plans to back them up, executive committees can miss valuable opportunities to properly leverage the moment when the time comes to announce a transition.

Working with a PR firm before leadership transitions are even on the table enables your executive committee to:

  • Craft compelling institutional narratives about where the firm has been and where it’s headed in the future.
  • Define and articulate your firm’s unique value proposition, which can become the common thread that connects an outgoing leader to an incoming one.
  • Capture and preserve the institutional memory and knowledge of key leaders before they depart. 

Successful leadership changes are carefully planned and expertly communicated. And the best way to ensure your firm experiences a seamless transition is to consider how your audience will view the relationship between the past and the future well in advance.

4. Make Informed Decisions About Client Representation

Your executive committee should engage in healthy debate regarding which clients to represent and which to pass over. That’s particularly vital in the age of cancel culture. It’s become increasingly common for individuals and community advocacy groups to access client lists and pressure firms to reconsider their affiliation with controversial individuals or businesses. 

A PR partner can help executive committees consider questions like:

  • Will representing this client contradict — and therefore undermine — our stated values? 
  • Is this engagement likely to invite threats to our reputation? And if so, are the short-term gains worth the risk?

By engaging a PR firm to help you consider these and other questions, your executive committee can shape a smarter, more strategic process around client selection.

5. Communicate Transparently, Especially With Internal Stakeholders

Two decades ago, the Sarbanes Oxley Act was passed to increase transparency related to corporate governance practices. As a result, corporate boards sought out PR representation to help them manage accurate, transparent disclosures that their public shareholders and other stakeholders could understand and accept.  

Executive committees at professional services firms should take a page from this playbook as they develop internal communication strategies. 

Why? During the pandemic, your employees became accustomed to receiving frequent, transparent, and open communications. They felt they were kept in the loop about rapidly changing scenarios and circumstances. They saw a different side of executive leaders when children, pets, and spouses made unexpected cameo experiences during even the most important meetings and calls. And they continue to crave — and yes, expect — transparency about the decisions you make on behalf of the firm.

A good PR firm knows how to help leaders demonstrate transparency, openness, and authenticity when communicating to (and eliciting feedback from) their employees. 

Don’t Neglect Your Executive Committee’s Unique PR Needs

The executive committee is responsible for stewarding the firm’s wellbeing while simultaneously charting its course for the future. This important work shouldn’t be done in a vacuum, or an echo chamber. A strong PR resource can provide insight into the audience that is necessary to craft a  thoughtful and authentic response to any number of newly urgent and risky issues.  

Of course, the best time to engage a PR firm is before you need one. So even if the skies are currently clear at your firm, let’s talk.

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Executives are increasingly expected to speak up on a range of issues – but just because they have something to say doesn’t mean a news outlet will run it. Depending on the content and intended audience, an external publication might not even be the best medium for the message.

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Amidst the Great Resignation, companies increasingly face disruption from the mass exodus and acquisition of employees. The departure of public relations and marketing leadership can prove especially difficult, given their handle of your company’s communication strategy – involving both publicity and reputation management.

Though this period of staffing transitions is poised to persist, it doesn’t require the derailment of your company’s marketing and communications plans. Involving your external PR firm during the off/onboarding process is a great way to keep your communications momentum going.

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Building on our longstanding partnership with the Berkeley Research Group, a world-renowned consulting firm, Greentarget created and executed a research and market intelligence campaign to assess the global state of M&A disputes across a variety of industries and sectors.

The research report, M&A Disputes Report: A Global Perspective, analyzed the survey responses of 225 lawyers, private equity professionals, and corporate finance advisors.

Key findings from the December 2021 report included:

  1. Most deals deals started during the pandemic had since been completed, and most practices experienced minimal slowdown in volume.
  2. The types of disputes encountered were those expected of a distressed market.
  3. Sector type was a bigger determinant of M&A activity and dispute probability than region or cross-border dynamics.
  4. Respondents had mixed feelings about the effectiveness of MAC/MAE clauses as contractual tools to guard against post-closing disputes.
  5. The increasing frequency of private equity deals had changed the M&A landscape and will continue to impact how disputes arise and are litigated in 2022 and beyond.

The report directly generated a slew of earned media attention for Berkeley Research Group and provided its clients with valuable data.

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If your firm is facing a crisis that’s about to make headlines, your first instinct is probably to try to make the story go away. That’s understandable. No one wants bad press or to see her or his firm’s name dragged through the mud. 

But you can’t stop reporters from doing their jobs. They are going to tell your story regardless of your feelings about it. And if you try to kill the narrative, your efforts could cause more reputational harm for you and your firm than the bad news itself.

As a senior leader, it is up to you to calmly guide your firm through the crisis with honesty, transparency and humility. There may be no way out, but there is a way through. And in our experience, the way through is eased by mindful appreciation of certain things that aren’t commonly found in your typical crisis playbook.     

Here are the seven truths you should remember when the next crisis hits.

1. The Press Coverage Is Going to Be Bad. You Can Only Make It Less Bad. 

If a reporter asks you to provide a comment for a story about a crisis at your firm, you can’t make the story go away, turn it from negative to positive, or avoid the likely ding to your reputation. The coverage is going to be bad. But you may be able to exert control over how bad it is by: 

  • Giving the reporter an interview. As counterintuitive as it may feel, now is not the time to shy away from the spotlight. Instead, engage skillfully with valid arguments and counterpoints that provide context for your side of the story.
  • Helping reporters get it right. Credible journalists want to be fair and accurate. Give them context and information that will enable them to separate fact from fiction.
  • Communicating directly with your audience. No matter how many people hear the bad news that’s about to break, remember: The world is not your audience. Spend the lion’s share of your energy communicating directly with your employees and clients and other stakeholders who matter most.

2. You’re Going to Feel Differently About This Crisis in Three Months.

So the press coverage was bad. You’re embarrassed and morale at your organization is low.  When facing such a scenario, it may feel like the stigma will last forever. But Wells Fargo is still making loans. United Airlines is still flying planes. And you can still pick up a Whole30 Lifestyle Bowl, with double protein at Chipotle in your brand new Volkswagen. These companies worked through significant threats to their reputation and you will too. The way you respond to the crisis will influence how long it takes for you to rebound. You need an authentic mitigation strategy and effective communication plan to regroup and redirect. 

3. Your Default Corporate Statement Will Cause Eyes to Roll. This Is the Time to Be Authentic and Vulnerable. 

In response to bad press, your lawyers and advisors will want you to release a statement that shields your firm from liability. Chances are it will sound overly formal and stilted, not address the underlying issue, and sound nothing like anything a human being would actually say. If you want to repair the reputational damage a PR crisis can cause, resist the urge to hide behind the pat holding statement. 

Moments of crisis require executive leaders to respond with transparency and accountability. Your employees, clients, and other stakeholders want to know you genuinely care about addressing the underlying problems that brought your firm to this situation. 

If you need to dispute certain details in the press coverage or the degree to which the organization is responsible, you can do that. (See no. 6, below.) But do so while expressing sincere regret for any missteps that occurred on your watch. Above all, communicate empathy and concern for anyone who was harmed or affected by the events in question.

4. Set Your Ego Aside. You May Be Embarrassed, but This Is Not About You.

Sharing statements that dodge accountability is not the only way to undermine effective communication. Your own ego and the desire to avoid personal embarrassment can also get in your way. A reporter’s questions are rarely ad hominem attacks. Even if they are, taking them personally risks clouding your judgment. To address the issues at hand, your vulnerability and willingness to listen are more effective because they are disarming. 

5. If Something Is Broken in Your Firm, Fix It.

Good things can come out of even the worst situations — but only if you’re willing to do the hard work of repairing what’s broken. To that end, don’t waste the opportunity this crisis affords. As an executive, you have the power and responsibility to get to the bottom of what’s wrong. 

Some problems are easier to fix than others. But even if you discover systemic issues, don’t give up until you unravel them. Ask your employees, stakeholders, and investors to help you identify and name your organizational shortcomings. And empower these same people to help you solve them.

Once you’ve done everything you can to address and repair the situation, communicate the steps you’ve taken with the press and with your internal and external stakeholders.

6. You’re Allowed to Punch Back if It’s Warranted.

You should do everything in your power to remedy situations for which your firm is responsible. But if a reporter assigns blame to you for things out of your control — or treats you with blatant unfairness — you should absolutely address it.

Do your due diligence first. Make sure you fully understand the situation and that you have your own facts straight. But then feel free to go on the record and dismantle the opposition’s arguments using clear, to-the-point communication. Don’t accept an unmerited hit to your reputation. And enjoy the warm feeling of satisfaction that this will deliver! 

7. You Need to Take Care of Yourself.

Leading an organization through a reputational crisis is not easy. The potential for overwhelming stress and exhaustion can’t be overstated. You need to take care of yourself in order to handle the situation in the best way possible. 

Think about the fundamentals that you need in order to stay focused and productive on a normal day. Do you typically run a few miles every morning? Write in your journal to keep yourself accountable to your goals? Eat a healthy diet full of fresh fruits and veggies? 

It’s tempting to forgo selfcare and other wellness routines during stressful situations. The “all hands on deck” mentality can even make you feel guilty for spending time on yourself. But all the added pressure and stress make it more important than ever to double down on the fundamentals so you can continue to function at peak performance. 

Your organization needs you to be at your sharpest to see it through to the other side of the crisis. So give yourself opportunities to take a break from the unrelenting news cycle and focus on the people, places, and pursuits that bring you joy. Doing so will help you carry the heavy burden of leading a firm through a high-stress season.

The good news is you don’t have to navigate this crisis alone. Greentarget has developed effective PR strategies for clients facing a variety of special situations. We’d be happy to help you, too — just reach out.

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