In remarks to the audience at a Financial Times summit earlier this month, Gurbir Grewal, SEC Director of Enforcement, citing a recent poll from Deloitte, observed that over "a third of executives reported that their organization’s accounting and financial data was targeted by cyber adversaries last year." As threats increase, Grewal maintained, cybersecurity is "foundational to maintaining the integrity of not just our securities markets, but our economy as a whole."
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The main article asks if companies are prepared to meet new demands to address human rights. Having spent several years assessing companies on their approach to human rights, I believe most companies have – for decades – failed to meet fundamental expectations on respect for human rights, and that these new demands are in part a response to that failure; voluntarism hasn’t yielded sufficient results, and mandatory due diligence and disclosure legislation is booming.
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The International Organization of Securities Commissions (IOSCO) has today announced its endorsement of the International Sustainability Standards Board’s (ISSB) Standards following its comprehensive review of the Standards.
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Following the Financial Stability Board’s announcement that the work of the Task force on Climate-related Financial Disclosures (TCFD) has been completed—with the ISSB Standards marking the 'culmination of the work of the TCFD'—the IFRS Foundation has today published a comparison of the requirements in IFRS S2 Climate-related Disclosures and the TCFD recommendations.
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The FRC Lab’s ESG Data production report formed the first phase of this project. In it, we looked at the production of ESG data from the company’s perspective. The second phase of the project examines how investors access and collect ESG data (distribution) and how they use it (consumption). We then identify what companies can do to facilitate this.
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When the Task Force on Climate-Related Financial Disclosures (TCFD) launched in 2015, its primary aim was to prevent a potential meltdown in the financial markets. Policymakers were concerned that businesses might not be effectively managing their climate-related risks, which could potentially lead to economic losses and threaten global financial stability. Accordingly, the TCFD’s recommendations promoted better reporting of climate-related financial information.
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ESG topped the list of long-term investment priorities for CFOs in a new survey released by global professional services firm EY, while paradoxically also identified as the most likely area to experience near-term budget cuts, as firms look to boost short-term results.
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