Canadian companies exceed global benchmark for reporting on sustainability, but lag in other key areas December 17, 2020 EnergyNow Media
Author: KPMG Canada
A new KPMG Global report finds that reporting on sustainability is on the rise in Canada. The vast majority (
92 per cent) of Canada’s top 100 companies report on environmental, social, and governance (ESG) performance – an increase of 10 per cent in the last three years, and many (
74 per cent) include sustainability-related information in their annual reports – a jump of 25 per cent since 2017.
Yet, while Canadian companies significantly outperform the global peer benchmark on both measures, Canada is still catching up in some areas including in seeking third-party assurance on their disclosures. Currently only
-The quest for financial materiality gathers pace
-World governments may finally be on the same page
-Corporations can be held legally liable for ESG reporting accuracy
By Sarah Mills
Just weeks after the election of Joe Biden, it has been announced that the Sustainability Accounting Standards Board and the International Integrated Reporting Council (IIRC) will merge into one global organisation called the Value Reporting Foundation (VRF).
The merger is expected to create the most comprehensive corporate global sustainability framework to date and will be completed by mid-2021.
Backed by international legislation, it will cast social disclosure nets around the world to ensure that the massive covid stimulus and ESG dollars being directed towards investments that support environmental and social aims is finding its mark; and to battle greenwashing and “social washing”.
IFAC endorses international sustainability standard-setting board accountingtoday.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from accountingtoday.com Daily Mail and Mail on Sunday newspapers.