Items tagged with "ESG"

Proliferation of Frameworks risks ‘sustainability reporting fatigue’

A recent article in the Financial Times neatly pinpoints an underlying problem with sustainability reporting: the proliferation of frameworks that threaten to overwhelm investors and reporters. Companies are increasingly responding to investor demand for more environmental, social and governance (ESG) information, however, with so many competing frameworks – such as the GRI, SASB, TCFD and […]

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IMF advocates for mandatory Climate Risk Disclosure

Floods, hurricanes and wildfires have an undeniable impact on the countries and economies devastated by them – but are the risks of these increasingly common climate-related disasters being properly considered by investors? A recent International Monetary Fund report argues that investors and equity markets have been ignoring the growing risk of financial losses associated with […]

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Green Reporting Headed Digital?

In opening remarks at the Eurofiling ESEF Digital Day yesterday, the European Commission’s Alain Deckers described the work going into the review of Europe’s Non-Financial Reporting Directive (or NFRD) which governs disclosure of ESG reporting. The key issue? The need for a single set of high quality standards. An ongoing issue that is receiving attention […]

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ESG “Scores” unhelpful for Investors

This week the US Securities and Exchange Commission (SEC) held a (virtual) meeting of the Asset Management Advisory Committee. Amongst other topics, on the agenda were questions of private investments in relation to Environmental, Social and Governance (ESG) issues. SEC Chairman Jay Clayton introduced the committee by underlining why, for him, the current system of […]

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XBRL International supports digital ESG disclosures

XBRL International last week issued a comment letter in support of proposals outlined in the Accountancy Europe paper Interconnected Standard Setting for Corporate Reporting. Accountancy Europe describes the problems associated with proliferating non-financial information (NFI) reporting initiatives and offers an ambitious solution: a global, interconnected reporting standards setter. XBRL International supports this analysis and much of […]

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EU consults on new ESG Disclosure Standards

The European Supervisory Authorities (ESAs) have published a consultation paper seeking input on proposed environmental, social and governance (ESG) disclosure standards for certain financial services providers and products. The proposals would require the sustainability characteristics or objectives of financial market participants, advisers and products to be disclosed. EU-wide benchmarks for determining ‘sustainable’ activity would be used to […]

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EU establish Sustainable Investment Terms

To encourage private investment in sustainable growth the EU Council has adopted a classification system aimed at creating a common language on environmental objectives across Europe. In order to reduce greenwashing and improve investor confidence in financial products labelled as ‘sustainable’, common, clear metrics through which to discuss environmental objectives are important. An EU wide […]

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Accountancy Europe supports EC Initiative to review Non-Financial Reporting

The European Commission (EC) are currently undergoing a review process, taking a fresh look at its Sustainable Finance Strategy and Non-Financial Reporting Directive in order to better deliver on its Green Deal policy objectives. This week Accountancy Europe have emphasised their support of this consultation, highlighting how the field experience of the 1 million professional accountants […]

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France Tackles Greenwashing

Last month France’s securities regulator, the Autorité des Marchés Financiers (AMF), introduced a new policy designed to help tackle greenwashing in asset management. In order to help ensure information communicated to investors is clear, accurate and not misleading, the policy consists of a set of minimum requirements for fund managers to meet in order to […]

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ESMA on ESG Enforcement Actions

The recent European Securities and Markets Authority (ESMA) annual report on enforcement of corporate disclosure demonstrates the increased attention paid by regulators to Environmental Social and Governance (ESG) disclosures. The report presents the 2019 activities of ESMA and European accounting enforcers when examining the compliance of financial and non-financial statements provided by European issuers. Enforcement […]

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