EMEA Recruitment is proud to present the second instalment of our limited series, Conversations with Finance Leaders, in collaboration with Geneva Business School.

These episodes will bring you the tangible experiences of specialist professionals with the expertise of the Business School’s leading academics.

In this episode, John Bower, Director, welcomes Nicolas Carrera, Group Treasurer at Metalor Technologies, and the Business School's Dr. Aleksandra Jancikova to explore the hidden dangers of ESG strategic ignorance and the fine line between selective oversight and corporate negligence.

Please note: This conversation was recorded at the Geneva campus, which may cause some background noise and variations in sound quality.

Aleksandra introduces the conversation as a chance to explore unique perspectives drawn from over 20 years of combined professional experience.

Nicolas introduces Metalor, a major player in the precious metals industry. He highlights its three business streams: refining precious metals (from mines and recycled sources); producing plating solutions; and manufacturing electrical switches (driven by the demand for data and AI centers). Founded in 1852, Metalor operates globally, and its ownership has evolved from private equity to a family-owned structure – which has influenced real change.

Sustainability is still in the company’s DNA, but the shift in ownership brought new transparency and stakeholder communication expectations. NGOs have scrutinized the sector, so improved media engagement and adopting best-in-class sourcing practices has become even more important. The board now plays an active role in ESG oversight, moving beyond financial risk to assess materiality from multiple perspectives.

In the last couple of years, Metalor has also worked on the corporate sustainability reporting (CSRD) approach and has finalized its year of analysis. Stakeholder expectations from banks, NGOs, and customers have evolved, and Metalor aims to report on a wide spectrum of risks and prioritize them accordingly.

Aleksandra agrees that identifying material risks - financial, environmental, and social - is challenging, especially in sensitive sectors like Metalor’s.

At GBS, ESG is integrated across the management function. One-third of the academic curriculum touches on ESG-related topics, and there are specialized courses to build expertise among students. She contrasts GBS with large corporates like Metalor, noting having a dedicated ESG role is less practical for smaller institutions. Instead, integration across functions and KPIs is essential. For example, GBS invites board members to speak with staff and students, encouraging open conversations. Even when tough topics arise, the aim is constructive feedback and aligning decisions with strategic priorities.

Nicolas explains how CSRD helped Metalor implement more structured practices, including board visits to plants and hands-on engagement. For example, human impact and risk profiles differ significantly between operations in Europe and Asia. Each plant now has designated staff responsible for ESG pillars, allowing clearer and localized reporting.

CSRD’s structured methodology ensures consistent reporting across teams and geographies. Metalor now has systems in place so that the board has the data required for informed decision-making. With acquisitions and growth, it’s been essential to bring everyone to the same level of understanding.

A single ESG representative at the group level wouldn't work for such a global operation. Instead, the business ensures that people on the front lines understand ESG expectations, particularly for sourcing and due diligence. Local teams must be equipped to make decisions that align with anti-money laundering (AML) and quality control standards. Nicolas notes that internal practices and information flows are critical - internal missteps can lead to public scandals. The goal is to ensure that relevant information reaches the board and informs timely decision-making.

A major focus for Metalor is the supply chain. Around 30% of its gold comes from mines, and some of those are artisanal, which carry higher risk. Through initiatives like Swiss Better Gold and support from SECO, Metalor engages directly in the field to ensure compliance. When geopolitical risks arise - such as sourcing gold from regions under sanctions – clear communication with the board is required to make fast decisions.

Aleksandra raises a concern about how management presents data to the board; shiny numbers can mask deeper issues. She emphasizes the importance of understanding the line between compliance and ethics.

Nicolas agrees, pointing out that Metalor avoids sourcing 50% of the world’s gold supply due to ethical or compliance concerns. By using geo-forensic tools, they can verify sources and make informed decisions, even if that means cutting off certain supply streams.

They address the danger of “plausible deniability” in ESG - when people avoid asking tough questions to preserve status or bonuses. Metalor prioritizes building trust with shareholders who understand industry realities, Nicolas explains. The organization commits to disclosing high-risk issues that could jeopardize that trust.

To close the discussion, Alexandra outlines key mechanisms that help organizations avoid ESG ignorance:

• Culture of inquiry – encouraging open discussions without fear
• Designated ESG committees – especially for large, complex organizations
• Clear escalation channels – ensuring critical information reaches the board
• Linking incentives to ESG KPIs – aligning goals and accountability
• Acknowledging the journey – ESG is an evolving process, not a fixed target

Nicolas shares how Metalor is implementing several of these steps.

On incentives, Nicolas admits Metalor is still on the journey to integrate ESG KPIs into executive performance frameworks, but has the board’s full support. The CSRD process has helped raise awareness and set clearer priorities across the organization.

Aleksandra concludes that ESG is indeed a journey; it’s not just about checking compliance boxes or reaching fixed goals - it’s about continuously improving and shaping a better future.

Audience Q&A

The episode then enters a live Q&A session with the audience.

The first question is directed at Nicolas and asks whether there are any opportunities in pursuing a cynical ESG approach. Metalor began its transparency journey ten years ago, noting that initial efforts in traceability using blockchain and geo-forensic passports didn’t bring immediate returns. However, these efforts have now become essential, especially in the watch and jewelry industry, and help differentiate the company. He discusses how urban mining and recycling are becoming more prevalent and how traceability throughout the supply chain is improving with systems like SAP.

He believes there will be a competitive advantage to these approaches in the future. Aleksandra adds that a strategic ESG perspective can offer real opportunities, citing an example of an oil and gas company that shifted to renewable energy and now generates most of its profits from that area.

On ESG KPIs, Nicolas explains that most of Metalor’s ESG metrics are reported in their CSRD disclosures and shared with banks and stakeholders. Clients like ABB, Siemens, and Schneider are increasingly demanding ESG reporting, which drives internal improvements.

Nicolas shares that, during COVID-19, Metalor kept all its refineries open by applying early safety practices seen in China. This gave them an advantage, especially when other refineries closed. They adapted quickly, including renting planes to meet demand when transport was disrupted.

Despite rising costs in precious metal financing, particularly between December and March, ESG initiatives have not been paused. The company remains in a strong position and can pass on some of the increased costs to clients.

You can watch the full episode below or find the EMEA Recruitment podcast on your preferred app:

Alternatively, you can listen below:

Or find the full episode on Libsyn: https://emearecruitment.libsyn.com/emea-recruitment-podcast-171-the-hidden-dangers-of-esg-strategic-ignorance-nicolas-carrera-dr-aleksandra-jancikova

Please use the timestamps below to find the most interesting part of the episode for you:

01:15: Introducing the conversation and main aims
04:30: An introduction to Metalor
07:10: GBS’s ESG curriculum
07:45: Integrating ESG roles into the business
10:10: Beyond the financial pillar
12:25: GBS’s approach to integrating ESG metrics
18:55: Avoiding scandals
21:50: The fine line between compliance and ethics
25:20: Plausible deniability
28:50: Building a culture of inquiry
31:30: Designated ESG committees in complex environments
33:15: Escalating matters to the board
34:55: Linking incentives to ESG KPIs
36:50: Pursuing a cynical ESG approach
38:45: Competitive advantages
41:20: Metalor’s ESG KPIs
43:05: Why leverage is difficult in the commodities industry
46:05: Metalor’s methods in the pandemic
49:50: Rising cost pressure in the macroeconomic environment

The EMEA Recruitment podcast is brought to you in partnership with international medical charity Operation Smile. Learn more about their work in supporting children and adults with cleft lip and palate: www.operationsmile.org.uk/partners/emea-recruitment/

To share any ideas you have for future episodes, please get in touch: [email protected]