Sustainability Reporting

Summary Report | Event Material 

Event Programme

About the event

The IFRS Foundation has launched a public consultation on a global approach to sustainability reporting and on the possible role of the Foundation. They have published a consultation paper. Standardisation and comparability of reporting are critical for capital markets, but also for (empirical) research in accounting, law, finance, economics and related disciplines on sustainability.

The European Corporate Governance Institute (ECGI) and the Impact Economy Foundation organised a workshop to discuss the consultation document. The workshop began with an economic analysis of sustainability reporting. The economic consequences, such as capital market effects and real effects in firm behaviour, was highlighted. Next, the workshop reviewed examples of companies that are already providing sustainability reporting on a voluntary basis, and asked what are the benefits and costs?

The workshop then moved to panel discussions centred on the consultation questions. High-level policy makers, academics and practitioners discussed the consultation questions. The key issues included: standardisation; mandatory vs voluntary reporting; climate change only or other environmental topics such as biodiversity loss also; and single materiality (impact on company's financial value) or double materiality (impact on financial value as well as impact of company on social and environmental value). The workshop delivered new insights to the IFRS Foundation on these issues as well as inspiration to academics to pursue research in this emerging area, with sustainability now high on the agenda of governments and companies.

Useful links:

IFRS Consultation document: https://bit.ly/36wy9Qb 

All Public Responses to the Consultation: https://bit.ly/38KnbJT

Joint statement of support from the UK government and financial regulators: https://bit.ly/3nxFgPx

Hans Christensen, Luzi Hail, Christian Leuz (2019) Adoption of CSR and Sustainability Reporting Standards: Economic Analysis and Review

Commentary from BlackRock: https://bit.ly/35t64dn

Submission by Federated Hermes

Open letter from Professors at Saïd Business School, University of Oxford: https://bit.ly/36nAXR6

Article by Bob Eccles & Tim Mohin: We mustn’t miss this crucial moment to create a global Sustainability Standards Board

Article by Richard Barker and Bob Eccles: Investors need to get behind materiality

Article by Bob Eccles and Michael Krzus: https://integratedreporting.org/10-years/robert-eccles

Article by Janine Guillot, CEO, SASB: https://bit.ly/2IyCx9l

Harvard Business Review article “The Future of ESG Is…Accounting?” by Richard Barker, George Serafeim and Bob Eccles

Submission from the UK Financial Conduct Authority: https://bit.ly/3km1txS

Statement from Deloitte: https://bit.ly/38By4NW

Article by Teresa Ko (IFRS Trustee): https://bit.ly/3ltyolv

Article by Integrated Reporting: https://bit.ly/2Iwor8c

ESMA response to the IFRS Consultation (16 Dec 2020)