OPINION | Sustainability reporting is not just a casual tick-the-box exercise By Ron F. Jabal READ:
Shared ValuesThe Securities and Exchange Commission is expected to require publicly listed companies to submit their sustainability reports next year but several of them are still in a quandary on how to prepare their reports. I sat down with several of these listed companies, and they say they are still at a loss on what to report, how to report, and who will prepare such reports — arguing that they will probably submit the reports out of compliance.
Kristine Aguirre, Partner, Head of ESG KPMG in the Philippines, noted that a key driver for sustainability reporting in the Philippines is that SEC “memorandum circular” that was issued in 2019. The circular supports publicly listed companies to assess and manage the environmental, social, and governance aspects of their organization, and measure and monitor their contributions against universal sustainability targets.
Interestingly, the fourth trend is that the UN SDG reporting prioritizes quantity over quality. Based on the results of the survey, majority of companies report on SDGs, with 10% of companies reporting against all 17 SDGs. The most popular SDGs being used by companies are SDG 8: Decent Work and Economic Growth; SDG 12: Responsible Consumption and Production; and SDG 13: Climate Action.fth trend is that climate risk reporting is the most acknowledged issue being reported on by companies.
To keep it simple, sustainability reporting is the disclosure of ESG goals. It also includes the communication of a progressing state towards these objectives. In other words, beyond simply communicating the company’s sustainability ambitions, the organization takes stock of the action plan implemented to reach its targets.
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