“If the work doesn’t go in now, there’s a risk we’re not ready for these [ISSB] standards,” she said.
“And we are in catch-up mode – Europe is further advanced than us.”
Listed companies have developed a more sophisticated approach to ESG reporting over the past few years as investors started to focus in on these details. Despite this, PwC’s 2022 research shows significant gaps remain when it comes to the types of information shared with the market.
Just one quarter of businesses explain to their shareholders the qualifications of board members for managing a company in the face of climate change, and just six per cent outline how their boards are being trained on this issue.
While the number of listed companies with gender diversity targets has jumped to 77 per cent this year, 23 per cent of companies do not disclose their targets or how they are tracking against these.
“It’s a bit astounding that not everybody is disclosing their policy in this day and age. This has become a market issue… Customers care about it, investors care about it. I think you are going to find that if companies aren’t taking it seriously, they will suffer,” Stubbins said.
Assurance Leader at PwC Australia, Kristin Stubbins.
She also urged ASX-listed businesses to do more on reconciliation action plans, with just 33 per cent of companies outlining a strategy that has been endorsed by Reconciliation Australia.
“I think it’s something that all ASX 200 companies should be seeking to get in place.”
Many of Australia’s largest retailers have outlined comprehensive sustainability policies over the past two years, including net-zero carbon commitments, but the difficulty of tracking indirect and supply chain emissions, known as scope 3 emissions, remains a challenge. A recent review of the retail sector by Microsoft revealed one in four companies were not confident of hitting their net-zero targets.
The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Sign up to get it every weekday morning.
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
