A big 𝘁𝗵𝗮𝗻𝗸 𝘆𝗼𝘂 to Chiara Del Prete (Chair of the EFRAG Sustainability Reporting TEG) for last week's insightful and empowering webinar! 🔥 Thanks also to the hundreds of people who joined. Here is the recording's access & some key quotes/take aways:
• 𝗘𝗦𝗥𝗦 𝗳𝗼𝗹𝗹𝗼𝘄𝘀 𝗮 𝗽𝗿𝗶𝗻𝗰𝗶𝗽𝗹𝗲-𝗯𝗮𝘀𝗲𝗱 𝗮𝗽𝗽𝗿𝗼𝗮𝗰𝗵, leaving companies responsible for identifying what is meaningful to them.
• This is just the 𝘀𝗮𝗺𝗲 𝗮𝘀 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗿𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴 and is necessary to avoid greenwashing.
• “𝗢𝘂𝗿 𝗯𝗲𝘁 𝗶𝘀 𝘁𝗵𝗮𝘁 𝘄𝗲 𝘄𝗮𝗻𝘁 𝘁𝗼 𝘀𝘂𝗰𝗰𝗲𝗲𝗱 𝘁𝗼𝗴𝗲𝘁𝗵𝗲𝗿”. And of course it will take some effort. It took financial reporting 20 years!
• 𝗧𝗵𝗲 𝘀𝗲𝘃𝗲𝗿𝗶𝘁𝘆 𝗼𝗳 𝗮𝗻 𝗶𝗺𝗽𝗮𝗰𝘁 doesn’t change based on company size—a fatality is a fatality, whether in a firm of 300 or 300,000 employees.
• “𝗥𝗲𝘀𝗶𝗱𝘂𝗮𝗹 𝗿𝗶𝘀𝗸” 𝗹𝗼𝗴𝗶𝗰: if there would be an impact by stopping the prevention, then it should be considered material.
• 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝗻𝗴 𝗮𝗰𝗿𝗼𝘀𝘀 𝗱𝗶𝘃𝗲𝗿𝘀𝗲 𝗿𝗲𝗴𝗶𝗼𝗻𝘀 must consider local conditions, e.g. for health and safety, as risks vary significantly between regions.
• 𝗙𝗼𝗿 𝗴𝗿𝗼𝘂𝗽𝘀: Both top-down and bottom-up approaches to double materiality can work, depending on a company’s governance structure. If governance is decentralized, materiality assessments should be done at a sub-level.
• 𝗧𝗵𝗲 𝗳𝗶𝗿𝘀𝘁 𝘀𝘁𝗲𝗽 𝗶𝗻 𝗱𝗼𝘂𝗯𝗹𝗲 𝗺𝗮𝘁𝗲𝗿𝗶𝗮𝗹𝗶𝘁𝘆 𝗶𝘀 𝘂𝗻𝗱𝗲𝗿𝘀𝘁𝗮𝗻𝗱𝗶𝗻𝗴 𝘁𝗵𝗲 𝗰𝗼𝗻𝘁𝗲𝘅𝘁 before deciding on a central or local approach.
• 𝗦𝗲𝗰𝘁𝗼𝗿 𝘀𝘁𝗮𝗻𝗱𝗮𝗿𝗱𝘀: The current approach forces companies to create their own sector-specific disclosures, leading to additional effort & lack of comparability.
Access the full recording covering Omnibus discussion, Sector standards, value chain and many insights on sustainability reporting topics.
➡️https://lnkd.in/d3WENbQM
