As we start to see economies reopening and potential second-wave of COVID-19 starting to emerge in certain regions, this months’ newsletter focuses on a host of topics including the latest developments and guidance on the Task Force on Climate-Related Financial Disclosures (TCFD), the new green exchange from Hong Kong and resources on investor expectations during these challenging times.
Key players across the construction sector share TCFD implementation experience
Leading construction and building material companies – ArcelorMittal, CRH, LafargeHolcim, Lendlease, Saint-Gobain and Skanska – dive into climate-related risks, opportunities and disclosure in WBCSD’s latest TCFD Preparer Forum report. This report, in conjunction with the work of other TCFD Preparer Forums, helps companies implement the TCFD’s recommendations on climate-related financial disclosure, reflecting the risk assessment, strategic scenario building and management decision-making that enables the low-carbon transition.
EMAN virtual event: Building resilience in a time of crisis – the role of sustainability leadership, accounting & reporting
WBCSD and the Environmental and Sustainability Management Accounting Network (EMAN) are delighted to host a free one-day virtual event 16 September for the 24th EMAN Conference “Building resilience in a time of crisis: the role of sustainability leadership, accounting and reporting”. Sign up here to join us for inspiring plenary followed by afternoon workshops on Strengthening ESG disclosure, Integrating ESG into enterprise risk management and Building business capacity to value nature in decision-making.
HKEX releases the Sustainable and Green Exchange
The Hong Kong Stock Exchange (HKEX) has launched the Sustainable and Green Exchange (STAGE), an online portal to provide greater information, access and transparency on a wide range of sustainable, green and social investment products. The portal helps conversations on the positioning, innovation and marketing of sustainable and green finance amongst issuers, asset managers, investors and professional advisers. Check it out here.
Pathways to build a global ESG disclosure framework
The Institute of International Finance (IFF) has published a position paper which proposes a pathway to create a cross-sectoral, harmonized framework for ESG disclosure highlighting key actors to push progress. Similarly, Accountancy Europe released its follow-up paper on interconnected standard setting covering recent ESG reporting developments and a path forward. Harvard Law School Forum on Corporate Governance published a piece on The Rise of Standardized ESG Disclosure Frameworks in the US with a useful overview of the current state of US reporting.
Investors call for companies
to step on Social
Representing over USD $8.2 trillion in assets under management, this Investor Statement on Coronavirus response calls for companies to ensure employee focus during this time of crisis. The S in ESG is gaining momentum with the current pandemic highlighting serious pitfalls. Read also the Human Capital Management: The Mission Critical Asset on the subject.
Investors want timely and clear disclosures
The Financial Reporting Council’s (FRC’s) Lab provides guidance on investor expectations as their newly released report outlines practical advice on what investors expect to see from company disclosures during these uncertain times. Their second report gives specific guidance on going concern, risk and viability disclosures. Check out also the Five Tips for Embedding ESG in the Earnings Call: Communicating Sustainable Value Creation Quarter by Quarter.
A4S resources on the role of finance in creating resilient business models
Looking to understand the role of finance in creating resilient business models and a sustainable economy? The Prince’s Accounting for Sustainability Project (A4S) offers free content to support organizations including webinars, podcasts and even 12-month core program for senior finance professionals. Explore more here.
Public comment period for GRI’s Universal Standards
GRI’s independent standard-setting body, the Global Sustainability Standards Board (GSSB), is welcoming feedback on the exposure draft of their revised Universal Standards (GRI 101, 102, 103) until 9 September 2020. More info here.
New on the Reporting Exchange
- Recently released 2020 edition of the Sustainability Reporting Guidance for the Oil and Gas Industry which has updates to six areas including climate change and social impacts.
- Finance function partnering for the integration of sustainability in business
- CFO as value creator— finance function leadership in the integrated enterprise
- The Climate Financial Risk Forum publishes its guide to help the financial industry address climate-related financial risks Climate Financial Risk Guide