Participants of the Corporate Reporting Dialogue – an initiative bringing together the major standard setters and framework providers globally – will announce the findings of their global market consultation on building better alignment via a webinar on Tuesday 25 June 2019.
Through an online survey and a series of global roundtables held in 11 countries - Australia, Colombia, France, Germany, Italy, Japan, Malaysia, Poland, South Africa, US and UK - from March until June 2019, around 250 stakeholders, including businesses and investors, were consulted on how to support effective disclosures, addressing the Task Force for Climate-related Financial Disclosures (TCFD) recommendations, and identifying how non-financial metrics relate to financial outcomes and how this can be integrated in mainstream reports.
The consultation findings reaffirmed an urgent call from the market to unravel and solve inconsistencies in metrics for climate change reporting. Further consultation findings and implications will be discussed during the webinar.
Ian Mackintosh, Chair of the Corporate Reporting Dialogue, commented: “We have listened to the market, which expressed an urgent need to alleviate the confusion surrounding corporate reporting misalignment, especially regarding climate change.”
“All the participants of the Corporate Reporting Dialogue are committed to driving greater coherence, consistency and comparability. We will respond to the market demand for better information, with an initial focus on the alignment of metrics, to support businesses and investors in tackling climate-related risks by using the participants’ frameworks in a complimentary fashion.”
Experts from CDP, the Climate Disclosure Standards Board (CDSB), the Global Reporting Initiative (GRI), the International Integrated Reporting Council (IIRC) and the Sustainability Accounting Standards Board (SASB) will review the Better Alignment Project global consultation findings in the interactive webinars on 25 June 2019 (repeated 8am / 4pm UK time). Webinar participants will be invited to share their views on the consultation results and engage with the experts to ensure that the work of the Corporate Reporting Dialogue remains grounded in the needs of the market.
The Better Alignment Project’s global stakeholder consultation process took place from March until June 2019. The consultation process included an online survey, available on www.corporatereportingdialogue.com from 20 March until 1 May 2019, and regional stakeholder engagement roundtables held in locations around the world up until June 2019.
Information gathered from the consultation period will inform an initial report due for publication in September 2019, showing the linkages of the TCFD recommendations with the respective frameworks and the commonalities between the frameworks. It will also inform potential areas for Corporate Reporting Dialogue participants to focus on going forwards as we drive better alignment.
Notes for editors:
Findings from the consultation process will be presented at two webinars on 25 June. Participants must register for the webinars in advance to gain access: https://www.eventbrite.co.uk/o/corporate-reporting-dialogue-19405976553
The Corporate Reporting Dialogue is an initiative, convened in June 2014 by the International Integrated Reporting Council, designed to respond to market calls for greater coherence, consistency and comparability between corporate reporting frameworks, standards and related requirements.
The Better Alignment Project is a ground-breaking two-year project to drive better alignment of sustainability reporting frameworks, as well as with frameworks that promote further integration between non-financial and financial reporting. The aim is to make it easier for companies to prepare effective and coherent disclosures that meet the information needs of capital markets and other stakeholders in society.
Further information about the project can be found on the Corporate Reporting Dialogue website.
Media contact: Juliet Markham, Head of Communications, IIRC
Contact via email: [email protected] or telephone: +44 207 504 2575
Participants of the Corporate Reporting Dialogue Better Alignment Project:
CDP is an international non-profit that drives companies and governments to reduce their greenhouse gas emissions, safeguard water resources and protect forests. Visit www.cdp.net or follow @CDP to find out more.
Climate Disclosure Standards Board (CDSB) is an international consortium of business and environmental NGOs, committed to advancing and aligning the global mainstream corporate reporting model to equate natural capital with financial capital. Visit www.cdsb.net or follow @CDSBglobal for more information.
Global Reporting Initiative (GRI) is an international independent organization that has pioneered corporate sustainability reporting since 1997. GRI helps businesses, governments and other organizations understand and communicate the impact of business on critical sustainability issues such as climate change, human rights, corruption and many others.
International Integrated Reporting Council (IIRC) is the convenor of the Corporate Reporting Dialogue. It is a global coalition of regulators, investors, companies, standard setters, the accounting profession and NGOs. The coalition is promoting communication about value creation as the next step in the evolution of corporate reporting. Visit www.integratedreporting.org or follow @theiirc
Sustainability Accounting Standards Board (SASB) is an independent standard-setting organization that develops and maintains robust reporting standards that enable businesses around the world to identify, manage and communicate financially material sustainability information to their investors. SASB standards are evidence based, developed with broad market participation, and are designed to be cost-effective for companies and decision-useful for investors. To download any SASB industry-specific standards, or learn more about SASB, please visit www.SASB.org.
Additional participants in the Corporate Reporting Dialogue:
International Accounting Standards Board (IASB) The IFRS Foundation is a not-for-profit international organisation responsible for developing a single set of high-quality, global accounting standards, known as IFRS Standards. IFRS Standards are now required in over 140 jurisdictions, with many others permitting their use.
International Organization for Standardization (ISO) is an independent, non-governmental international organization with a membership of 163 national standards bodies each of which represent the stakeholders in their countries. Through its members, it brings together experts to share knowledge and develop voluntary, consensus-based, market-relevant International Standards that support innovation and provide solutions to global challenges.
Financial Accounting Standards Board (FASB) (FASB participates as an observer) is the independent, private-sector, not-for-profit organization that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP).