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 […]
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 […]
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 […]
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 […]
As the UK continues to increase mandatory environmental disclosure requirements, Companies House and the Financial Reporting Council (FRC) have released a new XBRL taxonomy making it easier for firms to comply.
The EU Commission recently announced an ambitious review of the Non-Financial Reporting Directive – which will include work on non-financial reporting standards. Taking into account the host of measures and expectations set out in European Commission Executive Vice-President Valdis Dombrovskis’s speech, it is likely that companies in the European Union should expect major changes in the […]
Ahead of the UN summit in Glasgow this November, Christine Lagarde, President of the European Central Bank (ECB), recently urged companies and central banks to speed up climate risk assessment and improve environmental disclosures. Speaking at the launch of the finance agenda for the UN climate summit COP26, Lagarde spelled out the serious financial risks […]
The Task Force for Climate-related Financial Disclosures (TCFD) recently announced a milestone of reaching more than 1,000 supporters globally – indicating a desire within a wide range of market participants to strengthen climate reporting. Increasingly, firms are accepting that climate risk is financial risk – and investor demand for high quality, comparable, accurate data on […]
Climate issues seem to be… well… hot. This week the UK’s Financial Reporting Council (FRC) announced a major review of how companies and auditors assess and report on the impact of climate change. The review will assess to what extent existing reporting requirements, including recommendations for companies to report in line with the TCFD framework, are […]
On Tuesday, European Commission Executive Vice-President Valdis Dombrovskis gave a speech at a key IFRS conference setting out a broad vision for the future of corporate reporting, incorporating a number of important strands for the XBRL community.