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Stock Exchange Benchmark On Non-Financial Reporting Rules

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Date: 26 October 2012

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18 pages, 10 figures

Executive Summary

Finance and investor relations teams are under pressure from stakeholders to report on non-financial metrics. Stock exchanges are also becoming increasingly vocal on non-financial disclosures, adding to this pressure. This report helps senior managers and executives responsible for disclosure on environmental, social and governance (ESG) performance as well as investors, to understand the current demands of stock exchanges regarding non-financial disclosure. The report includes a benchmark of the sustainability reporting requirements of 10 stock exchanges, including Bombay Stock Exchange, Johannesburg Stock Exchange and London Stock Exchange. Stock exchanges in emerging markets are actively encouraging listed firms to disclose non-financial metrics, while in European markets national regulations are starting to mandate specific disclosures. Verdantix analysis finds that despite this increased interest in non-financial metrics, there is little in the way of enforcement. The onus is on firms to report voluntarily, using respected reporting frameworks, to ensure thorough risk management and positive investor relations.

TABLE OF CONTENTS

STOCK EXCHANGES’ NON-FINANCIAL REPORTING DEMANDS LACK CLOUT
Publicly Traded Firms Need A Joined-Up Response To Non-Financial Reporting
Stock Exchanges Add To Reporting Demands On Listed Firms
Stock Exchange Enforcement Of Non-Financial Reporting Remains Weak
Firms Should Apply Voluntary Reporting Frameworks To Achieve More Rigorous Non-Financial Reporting
Non-Financial Reporting Has Benefits For Finance And Investor Relations Teams

TABLE OF FIGURES

Figure 1. Australian Securities Exchange Non-Financial Environmental & Social Reporting
Figure 2. BM&FBOVESPA Non-Financial Environmental & Social Reporting
Figure 3. Bombay Stock Exchange Non-Financial Environmental & Social Reporting
Figure 4. Bursa Malaysia Non-Financial Environmental & Social Reporting
Figure 5. Euronext Paris Non-Financial Environmental & Social Reporting
Figure 6. Hong Kong Stock Exchange Non-Financial Environmental & Social Reporting
Figure 7. Johannesburg Stock Exchange Non-Financial Environmental & Social Reporting
Figure 8. London Stock Exchange Non-Financial Environmental & Social Reporting
Figure 9. Shanghai Stock Exchange Non-Financial Environmental & Social Reporting
Figure 10. Taiwan Stock Exchange Non-Financial Environmental & Social Reporting

ORGANIZATIONS MENTIONED

Alliance Trust Investments, Aviva Investors, Australia Stock Exchange, Bank of America Merrill Lynch, BlackRock, BM&FBOVESPA,bnP Paribas, Bombay Stock Exchange, Bursa Malaysia, Carbon Disclosure Project, Deloitte, Deutsche Bank AG, Dow Jones, Ernst & Young, EUROSIF, Financial Accounting Standards Board, FTSE, GlaxoSmithKline, Golden Agri Resources, Goldfields, GRI, Hindustan Unilever, Hong Kong Stock Exchange, HSBC Global Asset Management, IIRC, Johannesburg Stock Exchange, Jones Lang LaSalle, KPMG, London Stock Exchange, Marks & Spencer, Microsoft, Morgan Stanley, NASDAQ, National Stock Exchange of India, Nestlé, New York Stock Exchange, NYSE Euronext, Puma, PwC, Rathbone Greenbank, Sappi, Sasol, Securities and Exchange Board of India, Shanghai Stock Exchange, Sustainability Accounting Standards Board, Taiwan Stock Exchange, Tata Steel, Telefónica, The Coca Cola Business, Unilever, UN PRI, USSIF, US Securities and Exchange Commission