From a legal point of view, proactively addressing the new OSHA requirements minimises the risk of legal issues, financial penalties, and reputational damage. However, aligning with the updated OSHA goes beyond risk management and compliance. It intersects with a company’s commitment to employee well-being, ethical business practices, and improved stakeholder trust, including among investors, customers, and the community. Effective risk management is also a cornerstone of strong governance practices and contributes to long-term business sustainability. These form part of the Social and Governance pillars of ESG.

Action steps may include:

• Reviewing and updating your company’s safety policies and procedures in line with the new changes to OSHA.
• Conducting regular training sessions for employees and management to ensure awareness and compliance.
• Implementing robust record-keeping and reporting systems to track safety incidents and corrective actions.
• Developing and promoting mental health and well-being programmes within your organisation.
  

As organisations increasingly prioritise ESG criteria, staying informed and compliant with these changes to OSHA is not just a regulatory obligation but a strategic imperative for enhancing your ESG efforts.

A more detailed write-up on these changes can be accessed here.

If you have any queries, please contact the authors, Hoi Jack S’ng (hjs@lh-ag.com) and Tan Hooi Ping (hpt@lh-ag.com).