Corporate non-financial reporting does not allow investors to understand companies’ impacts and “by extension their development, performance and position”, according to a group of civil society organisations and experts.The Alliance for Corporate Transparency analysed reporting by 105 European companies. Although the vast majority of companies acknowledged the importance of environmental and social issues in their reports, “more often than not” the information was not clear in terms of concrete issues, targets and principal risks, the alliance said.The solution, according to the group, is for EU rules on non-financial reporting to be more specific about what companies should disclose.“The results of our research suggest the need for the standardisation of disclosure and clarifications on when companies ought to report such information with respect to several key issues,” the report added. For example, with respect to climate change, legislation ought to clarify the requirement for the disclosure of companies’ long-term transition plans to a zero-carbon economy and their economic implications, in line with the recommendations of the Task Force on Climate-related Financial Disclosures.Filip Gregor, head of responsible companies at law firm Frank Bold, the project co-ordinator, said: “Our research shows that most companies don’t disclose sustainability information that really matters, but that there is a not insignificant minority that does provide meaningful information.“To ensure comparable and meaningful disclosure by all companies the legislation needs to be clearer. Standardisation of disclosure balanced with flexibility is absolutely indispensable to enable sustainable finance as well as corporate accountability.”The research project set out to analyse how European companies implemented requirements of the Non-Financial Reporting Directive (NFRD) and recommend how it could be improved.European Commission updatesIts report comes as the European Commission is preparing to update the non-binding guidelines that accompany the EU framework.According to the technical expert group advising the Commission, the Commission planned to adopt the revised guidelines in June and to seek feedback from stakeholders on the update with a one-month online consultation to start by the end of February.The technical expert group was tasked with providing recommendations to the Commission about how to include guidance for companies on climate-related disclosures as part of the revision of the non-binding guidelines. These were published in a report last month.The findings of the Alliance for Corporate Transparency chime with those of a project carried out by the Cambridge Institute for Sustainability Leadership in conjunction with the Investment Leaders Group.Together they developed the “Cambridge Impact Framework”, a set of metrics that investors could use as proxies for their progress towards the UN’s Sustainable Development Goals, in the absence of data that would allow the social and environmental impact of investment funds to be properly assessed.
Share Marek Suchar: “As esports betting grows, we will no longer speak about it as one sport” June 18, 2020 Submit Share Related Articles LiveScore adds new leagues to streaming offering August 12, 2020 Highlight Games goes global with ComeOn deal June 19, 2020 StumbleUpon Highlight Games, the specialist games developer who are 38% owned by Swedish gambling firm Cherry AB, has announced an agreement to integrate its flagship SOCCERBET product with Eurobet.Tim Green, Highlight Games Chief Executive Officer, commented: “SOCCERBET represents an exciting evolution of the virtual sports formula, and we are delighted to extend its reach with an operator as large and respected as Eurobet. “Italy is a nation of football lovers, and we are certain that our unique and exciting game featuring the biggest stars and best action from Serie A will strike a chord with Eurobet players across the country.”SOCCERBET Italia, which is to harness years of real life Serie A action, will be made available to customers of the Italian operator across retail, online, and mobile channels.The product is currently undergoing ‘extensive’ player testing to optimise the full product launch, with it scheduled to be rolled out in mid 2018.Carlo di Maio, Sportsbook Director at Eurobet, added: “SOCCERBET Italia is a revolutionary new video rich virtual product, and we are excited to be at the forefront of its launch in our home market.“Being able to provide our customers with real action footage of their favourite Italian sides is a huge step forward, and we look forward to enjoying a rewarding relationship with Highlight Games.”An innovative take on virtual sports, SOCCERBET combines six ten second clips from football fixtures across several seasons, and presents the minute long package as an individual game.Stating that it is ‘capable of slotting seamlessly into an operator’s omni-channel offering, the game offers all the betting markets that sports fans have come to expect from the modern-day betting experience.’