Disclosure

Disclosure

The resources below have been collated to provide non-executive directors with a knowledge hub.  This brings together relevant climate change materials from regulators, standard setters and other content creators.
Resources are provided based on our Terms and Conditions.

Newly added resources

Bank of England

Details of the Prudential Regulation Authority’s plans to help firms maintain their safety and soundness and deliver the critical functions they provide to the economy.

May  2020

Responsible Investor

 Climate Action 100+ CEO, Stephanie Pfeifer, reflects on the progress across Europe and what’s next on the horizon.

10 July 2020

Investor Relations Magazine

The number of FTSE 100 companies mentioning the Task Force on Climate-related Financial Disclosures (TCFD) in their reporting has surged over the last year, although important gaps remain in disclosure, according to new research.17 June 2020

Expert Investor

While support for the TCFD has risen, the voluntary framework has not yet produced comprehensive data. Now is the time for mandatory disclosure.

29 May 2020
Previous reports, analysis and articles
TopicOrganisation / Publication / AuthorLinkInformationDate
Standards and RegulationEcoAct
Lucy Haines
EcoAct CDP FAQs: your questions answeredCDP is one of the largest internationally recognised climate and sustainability reporting frameworks. During our webinar a
few weeks ago, we received many questions about the 2020 disclosure cycle. In this post we aim to answer them to help you to prepare.
FAQs such as: As a first-time responder, is it possible to get a score with a minimal disclosure? Can we disclose just our emissions?
31/03/2020
Standards and RegulationEcoActFull disclosure: A guide to TCFD alignmentThis report provides an explanatory guide to the TCFD and its recommendations,
including some practical guidance for implementing them and improving your climate-related actions and disclosures.
19/03/2020
Standards and RegulationFinancial Conduct AuthorityProposals to enhance climate-related disclosures by listed issuers and clarification of existing disclosure obligationsWe propose to introduce a new climate-related disclosure rule in our Listing Rules (LR), to promote adoption of the TCFD’s recommendations and recommended disclosures. Our proposed rule will require commercial companies with a UK premium listing (including sovereign-controlled commercial companies) to include a statement in their annual financial report, setting out:
1. whether they have made disclosures consistent with the TCFD’s recommendations and recommended disclosures in their annual financial report
2. where they have:
i. not made disclosures consistent with some or all of the TCFD’s recommendations and/or recommended disclosures, or
ii. included some or all of the disclosures in a document other than their annual financial report an explanation of why
iii. where in their annual financial report (or other relevant document) the various disclosures can be found.
We propose that the new rule takes effect for accounting periods beginning on or after 1 January 2021. This will mean that the first reports to have to be issued in compliance with the proposed rule would be published in 2022
06/03/2020
Standards and RegulationClimate Disclosure Standards Board
and CDP
EU Environmental Reporting HandbookWhat does environmental reporting look like in line with the EU Non-Financial Reporting Directive?Content, examples of disclosures on environmental matters, tips and resources19/02/2020
Standards and RegulationForesight, Climate & EnergyClamping down on financial greenwashing in the EUIn climate terms, for example, sectors to be considered green should not undermine an EU path to 65% emissions reductions by 2030, which is what science says is needed to keep the temperature rise to 1.5°C and avoid climate catastrophe. This means that all fossil fuels, including natural gas, should be out.17/02/2020
Standards and RegulationKPMGClimate in the annual reportMaking sense of climate reporting / Financial statement and disclosure implications / Providing relevant disclosures / Applying materiality / Meeting the requirements of an annual report27/01/2020
Standards and RegulationWorld Economic Forum
Prepared in collaboration with Deloitte, EY, KPMG and PwC
Toward Common Metrics and Consistent Reporting of Sustainable Value Creation“As CEOs, we want to create long‐term value to shareholders by delivering solid returns for shareholders AND by operating a sustainable business model that addresses the long‐term goals of (the) society, as provided for in the SDG roadmap. At the same time, data on responsible business and sustainability is proliferating, enabling companies to better understand their impact and implement responsible strategies. What we seek is a general framework for companies to demonstrate their long‐term sustainability; a framework that integrates financial metrics along with relevant non‐financial criteria such as ESG considerations, gender equality, compensation practices, supply chain management, and other activities..”
Brian Moynihan, Chairman and CEO Bank of America
22/01/2020
Standards and RegulationFinancial Reporting LabClimate-related corporate reporting – where to next?This report has been developed to assist companies and provide practical guidance on how to meet investor expectations using the TCFD framework.22/10/2019
Standards and RegulationClimate Disclosure Standards Board & Sustainability Accounting Standards BoardTCFD Good Practice HandbookThis handbook identifies good practices in implementing the TCFD recommendations.23/09/2019
Standards and RegulationClimate Disclosure Standards BoardTCFD Knowledge hubA climate-related financial disclosure e-learning platform designed to help organisations fill the knowledge gap and enhance their disclosures of climate-related information.23/09/2019
Standards and RegulationICAEW and The Carbon TrustReporting on climate risks and opportunities: a practical guide to the recommendations of the taskforce on climate-related financial disclosuresInvestors have joined the climate change debate and are demanding climate risk disclosures from companies they invest in. What are the TCFD’s recommendations to companies on how to report potential financial impacts from climate change on their businesses?01/06/2018
Standards and RegulationPwCGuides to climate risk and disclosure/TCFDAre business leaders and company boards equipped to address climate change? How to respond to the TCFD recommendations.01/04/2018
PerspectivesReuters
Simon Jessop, Muvija M, Matthew Green
UK watchdog to scrutinise how companies, auditors calculate climate risk“Auditors have a responsibility to properly challenge management to assess and report the impact of climate change on their business,” Financial Reporting Council (FRC) Chief Executive Jon Thompson said in a statement.20/02/2020
PerspectivesKPMGReporting on climate risks: Are you ready to meet the requirements?Taking the time now to think about climate risks, running appropriate impact scenarios and making the relevant changes to business models and strategies gives companies the opportunity to take advantage of the new technologies and market opportunities these changes present. The report also notes the need for urgency because whilst currently voluntary, the UK government has announced that it plans to mandate TCFD-based reporting for all listed companies by 2022; and the PRI is mandating it for all signatories by 2020.17/01/2020
PerspectivesBank of America Merrill LynchClimate-geddon in reporting – a primer on TCFDThis primer highlights climate risk scenarios, TCFD requirements and a sample of disclosure from 40 companies and industry bodies across a number of sectors.12/08/2019
ReportingClimate Disclosure Standards BoardNon-disclosure campaignActively targets companies that have received the CDP disclosure request on behalf of investors but have not provided a response.The objective of the campaign is to drive further corporate transparency around climate change, deforestation and water security, by encouraging companies to respond to CDP’s disclosure request.01/06/2020
ReportingThe Guardian
Larry Elliot
Markets not paying attention to climate crisis, IMF saysCompanies should be forced to disclose their exposure to climate risk because a voluntary approach does not go far enough, the IMF said in a chapter from its latest global financial stability report (GFSR)29/05/2020
ReportingBloomberg Quint
David Wethe
Chevron’s Investors Defy Board in Demanding Climate DisclosuresIn rare move against Chevron Corp.’s board, shareholders call for disclosure on lobbying efforts to ensure they support global warming mitigation.28/05/2020
ReportingClimate Disclosure Standards BoardEnvironmental and climate-related disclosures under the EU Non-Financial Reporting Directive must improveAnalyses the 2019 environmental and climate-related disclosures of Europe’s 50 largest listed companies.19/05/2020
ReportingClimate Disclosure Standards BoardThe building blocksHighlights relevant CDP climate change questions and explains how these can be best used for reporting in the mainstream report using CDSB’s reporting principles and requirements.13/05/2020
ReportingThe Hill
Rachel Frazin
Warren calls for SEC to require climate risk disclosuresSen. Elizabeth Warren calls on Securities and Exchange Commission (SEC) to require public companies to disclose climate risks posed by their activities.29/04/2020
ReportingEY
Matthew Nelson
How can climate change disclosures protect reputation and value?Article on the 2019 EY Global Climate Risk Disclosure Barometer, which provides a snapshot of uptake of recommendations by Task Force on Climate-related Financial Disclosures (TCFD) and examines disclosures from over 950 companies; with suggested areas of improvement for climate disclosures.27/04/2020
ReportingTortoise MediaThe Responsability100 Index Insights ReportThe Responsibility100 Index tracks corporate responsibility. Inspired by the UN Sustainable Development Goals, it measures how FTSE 100 companies are performing on their commitment to key social, environmental and ethical issues.01/03/2020
ReportingAlliance for Corporate Transparency2019 Research ReportAn analysis of the sustainability reports of 1000 companies pursuant to the EU Non-Financial Reporting Directive. The main conclusion of this research is that while there is a minority of companies providing comprehensive and reliable sustainability-related information, at large quality and comparability of companies’ sustainability reporting is not sufficient to understand their impacts, risks, or even their plans.17/02/2020
ReportingReuters
Simon Jessop
Sustainability disclosures by European companies generally poor: studyOn climate, for example, the study showed that while 36.2% of firms had set a climate target, only 13.9% of companies had ensured they aligned with the 2015 United Nations-backed Paris climate deal.17/02/2020
Reportingedie Sustainability leaders forum
In association with Orsted
The 2020 Sustainable Business Leadership SurveyThis second annual survey reveals what “business leadership” looks like for sustainability, CSR and energy professionals across the UK, following our inaugural report in 2019.The report looks at key questions such as: Was 2019 a successful year from a sustainable business perspective? How optimistic do sustainability and energy professionals feel about the year ahead? What have the dual challenges of net-zero target setting and Science-based targets meant for sustainability professionals? And what are the business traits and personal skills required to turn those commitments into actions in 2020?04/02/2020
ReportingTransition Pathway InitiativeTPI report finds slow climate progress by high-emitting industriesJust 29% of the largest publicly-listed industrial companies are on course to align their emissions with those laid out in the Paris Agreement by 2030.03/02/2020
ReportingCarbon Disclosure Project (CDP)
“A list” companies 2019CDP names 179 corporates as leaders in corporate transparency and action on climate change—North American companies represent 20% of the global A List (36)20/01/2020
ReportingEcoActThe Sustainability Reporting Performance of the FTSE 100This report features a leaderboard that ranks FTSE 100 companies on sustainability reporting performance.01/09/2019
ReportingCarbon Disclosure Project (CDP)
CDP Worldwide: Global climate analysis 2019Globally, how many companies say they integrate climate risk into their business strategy; how many have identified, and managed, climate related risks on their businesses; how many companies disclose the metrics and targets they use to assess climate related risk as part of their ongoing investor relations strategy?04/06/2019
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