31 May Sustainability and ESG Reporting 2.0 – The Next Frontier
The regulations around sustainability and ESG (“environmental, social, and governance”) reporting continue to evolve, having changed in the last year, and there are now even more changes on the horizon for 2022 and beyond. In addition, public companies are now having to discuss and address the effects of climate change and the risks they carry.
Currently, there are several ESG reporting standards and frameworks that organizations are using to report ESG information. With the goal to bring more consistency to ESG reporting, six of the seven most used are being consolidated with the International Sustainability Standards Board (ISSB) or have committed to coordinate their standard-setting activities with the ISSB. On March 31, 2022, the ISSB released exposure drafts of its new standards, which include industry-specific standards.
The use and importance of voluntary or mandatory sustainability reporting is increasing and is here to stay. While not yet mandatory for all companies, more directives are being initiated globally for publicly traded and larger companies; the trend is that non-financial disclosures are becoming increasingly valued.
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