Sustainability reporting and non financial reporting are extra financial and may form part of a business's corporate reporting portfolio alongside its financial reports. 

Sustainability reporting discloses information about sustainable development topics that are deemed material to a business by a broadchurch of its stakeholders, who collectively believe these topics are affected by, or have an affect upon, the business. 

A subset of sustainability reporting is non financial reporting, which discloses information intended for the providers of financial capital about sustainability topics that could materially affect enterprise value.

15 min read | Last updated 30 April 2021

Global Corporate Reporting System

The global corporate reporting system isn’t a single system, but two – financial and extra financial – and each of these comprises several subsystems, each working concurrently, but separately, across the global business landscape. The ideal would be single sets of financial reporting and extra financial reporting standards and a commonly agreed reporting framework that integrates all disclosures meaningfully, mandated globally.

Side Notes
Reporting standards
provide guidance on deciding material topics and choosing appropriate metrics for the disclosure of performance in a consistent and credible way.

Reporting frameworks are guiding principles or standardised formats that help a business present its particular array of disclosures to stakeholders in a comparable way, year to year and business to business.

Global Financial Reporting System

Within financial reporting, there are two systems, one for the US and one for the rest of the world. In each case, an independent board sets standards for the disclosure of corporate financial data, including a reporting framework / principles for publishing those disclosures. Securities regulators at country level mandate the use of particular standards by listed issuers.

  • IASB (board) / IFRS (standards) – applied globally
  • FASB (board) / GAAP (standards) – applied by the US regulator

The traditional corporate annual report includes a set of financial statements and narratives interpreting the year’s financial performance with cautious notes on business outlook. The content and format of financial statements is dictated by the regulator’s choice of GAAP or IFRS. In either case, report users (investors) are provided financial data that is in a standard format so it is comprehensive and comparable. This is invaluable to analyses of business performance and to benchmarking, and it means that financial statements are relatively straightforward to prepare and assure, keeping issuers’ costs reasonable.

Global Extra Financial Reporting System

Extra financial reporting comprises all corporate reporting outside the financial statements and traditional annual report. Extra financial reports include integrated annual reports, standalone sustainability reports, sustainability data reports and climate-related financial risk disclosures.

Corporate sustainability has a long history, in Europe reaching back to the Victorian era, but frameworks for mainstream corporate sustainability reporting were first mooted in the early 90s (eg triple bottom line reporting) as a means to issuing standardised reports on the many significant business effects that are not represented in the financial statements (HBR, 2018). Significant extra financial matters can materially affect some stakeholders, including investors, and the argument has grown that these matters should be disclosed in some form of corporate report as part of being a responsible business.

While regulators in many countries mandate that issuers publish a report that describes material extra financial matters, they tend not to prescribe a particular approach. For instance, under the Listings Requirements of the Johannesburg Stock Exchange (JSE), listed companies are required to prepare an integrated report or explain why they are not doing so. No particular integrated reporting format is mandated, however it is common practice in South Africa to use the International IR Framework.

Companies everywhere are more or less free to choose whichever extra financial standards and reporting framework they wish, off-the-shelf or self-designed. Companies are also free, therefore, to adopt a materiality principle that suits their world view. As a result, the types and quality of extra financial reporting ranges enormously. This causes several problems: CEOs must decide what disclosures to make, ESG investors must cope with a lack of comparability between companies and all other stakeholders must hope for and decipher what they need. The risk of greenwash is high.

Side Notes
Material topics reflect the substantive influence of a business’s economic, environmental and social impacts on the decisions of stakeholders.

Non financial reporting is intended for shareholders and focuses on enterprise value, disclosing on sustainability topics that may materially impact the company – this is an ‘outside-in’ risk perspective on materiality.
Sustainability reporting is intended for multiple stakeholders and is focused on the company’s contribution to sustainable development, disclosing on sustainability topics that are material to all stakeholders, including investors – this is an ‘inside-out’ impact perspective on materiality.

Corporate Reporting Guidance

The main guiding bodies for global financial, non financial and sustainability reporting are listed in the tables below.

FINANCIAL REPORTING

Standards Setters Reporting Standards Reporting Frameworks Report Repositories
IASB sets financial standards used globallyIFRS financial standardsIASB conceptual framework or country equivalentmandated by country, eg New Zealand Companies Office
FASB sets financial standards used in the USGAAP financial standardsGAAP reporting principlesmandated by country, eg US Securities and Exchange Commission
FSB makes recommendations about the global financial systemTCFD climate-related financial risk disclosure framework

NON FINANCIAL REPORTING

Standards Setters Reporting Standards Reporting Frameworks Report Repositories
SASB Standards Board
sets non financial standards, primarily used in North America
SASB industry-specific non financial standardsSASB implementation primerselected examples published in the SASB database
WEF universal non financial metrics (white paper)
CDSB natural capital reporting framework
IIRC IR frameworkselected examples published in the IIRC database

SUSTAINABILITY REPORTING

Standards Setters Reporting Standards Reporting Frameworks Report Repositories
GSSB sets sustainability standards, used globallyGRI universal and modular sustainability standardsGRI content indexvoluntary submissions to the GRI database
The European Commission sets the rules for extra financial reporting by large companies in EU member states.Currently, NFRD rules apply. The NFRD is being replaced by a new EU Corporate Sustainability Reporting Directive (CSRD) from 2022, based on proposals by EFRAG.
CDP questionnairesubmissions published in the CDP database
SDG Disclosure Recommendations and accompanying SDG Impact Standards for Enterprises (currently in consultation phase)
UN Global Compact COP requirementsCOPs listed in the UN Global Compact database

Extra financial reporting standards and frameworks are described in more detail further below.

The diagram below shows how the guidance of several of these bodies (IASB, FASB, IIRC, SASB, CDSB, GRI and CDP) covers financial reporting (pink), non financial reporting (lavender) and sustainability reporting (grey).

No set of reporting guidance covers all reporting needs and there are many guiding bodies involved; hence, there are increasing calls for convergence. CEOs and investors, in particular, would like a single source of global guidance, ie a new standards board, to give extra financial reporting the robustness of financial reporting and fit it to their needs.

Nevertheless, any proposed holistic corporate reporting framework would have to gain acceptance among:

  • impact-focused stakeholders because it encourages businesses to transition toward contributing effectively to sustainable development (ie the SDGs)
  • ESG-focused investors because it provides clarity on value and risk
  • reporting entities because it is concise and therefore cost effective to prepare
  • assurance providers because it is straightforward to assure

The ideal would be single sets of financial, financially-related and impact reporting standards and a single reporting framework that integrates all disclosures meaningfully, mandated globally. Existing parts of the global corporate reporting system are not quite ready to converge toward this ideal, but the system is currently reshaping. Extra financial reporting is naturally splitting into two diverging tracks generated by alliances and mergers along contrasting views on what is material to whom and therefore merits disclosure. Manoeuvres in this space by various interested parties during 2020 and 2021 are listed below.

Extra financial reporting system rumblings:

2020
  • 17 Jan 2020: the Association of Chartered Certified Accountants (ACCA), Institute of Chartered Accountants of Scotland (ICAS), Chartered Accountants Australia and New Zealand (CA ANZ), International Integrated Reporting Council (IIRC) and World Benchmarking Alliance co-publish a paper on Sustainable Development Goals Disclosure (SDGD) Recommendations
  • 20 Jan 2020: the chief executive of investment firm BlackRock states in an open letter that by the end of 2020 he wants all companies to disclose in line with SASB standards
  • 22 Jun 2020: the European Commission publishes the EU Taxonomy, a classification system providing appropriate definitions to companies, investors and policymakers on which economic activities can be considered environmentally sustainable – designed to address greenwashing
  • July 2020: the European Commission asks the European Financial Reporting Advisory Group (EFRAG) to undertake preparatory work on a potential set of EU non-financial reporting standards
  • 11 Sep 2020: the five main extra financial institutions issue a statement of intent (pdf) outlining a shared vision for a comprehensive corporate reporting system
  • 11 Sep 2020: the International Federation of Accountants (IFAC) calls for the creation of a new sustainability standards board that would exist alongside the IASB under the IFRS Foundation
  • 22 Sep 2020: the World Economic Forum (WEF) releases a report on common metrics and disclosures
  • 30 Sep 2020: the IFRS Foundation publishes a consultation paper (pdf) to assess demand for global sustainability standards and whether they should develop them
  • 30 Sep 2020: the five main extra financial institutions publish an open letter to the Chair of the Sustainable Finance Task Force of the International Organization of Securities Commissions (IOSCO) suggesting that their statement of intent along with the IFRS Foundation’s public consultation can lead to a global architecture for sustainability disclosures and that the IOSCO can facilitate cooperation
  • 8 Oct 2020: the Financial Reporting Council publishes a discussion paper setting out ‘a bold vision for a new principles-based framework for corporate reporting as a whole’
  • 25 Nov 2020: the International Integrated Reporting Council (IIRC) and the Sustainability Accounting Standards Board (SASB) announce their intention to merge in 2021 to create a new organisation, the Value Reporting Foundation
  • 18 Dec 2020: the five main extra financial institutions publish a paper on the need for standards for reporting on the impact of sustainability matters on enterprise value, with a prototype climate-related financial disclosure standard
2021
  • 24 Feb 2021: IOSCO issues a statement confirming its commitment to working with the IFRS Foundation to establish a sustainability standards board that leverages existing frameworks and encourages a building blocks approach
  • 8 Mar 2021: The IFRS Foundation announces that, following feedback, they will continue with the establishment of an international sustainability reporting standards board to meet the needs of investors, which would focus initially on climate-related matters
  • 8 Mar 2021: EFRAG delivers two reports to the European Commission on a roadmap for new EU sustainability standards (due by 31 Oct 2022 to be adopted in FY23) and reforms to EFRAG’s governance structure to establish a two-pillar financial and non-financial reporting structure of equal weight and rigor (backed by GRI)
  • Mar 2021: the UNDP issues a second draft for consultation of SDG Impact Standards for Enterprises, which are practice standards connected to the Sustainable Development Goals Disclosure (SDGD) Recommendations
  • 10 Mar 2021: the European Commission‘s Sustainable Finance Disclosure Regulation (SFDR) becomes effective, imposing mandatory ESG disclosure obligations for asset managers and other financial markets participants
  • 21 Apr 2021: the European Commission issues its proposed Corporate Sustainability Reporting Directive (CSRD), the objective of which is to direct investment toward more sustainable activities across the EU, expanding the scope of the NFRD, which it replaces, and introducing mandated EU sustainability standards (as outlined by EFRAG)

Emerging Extra Financial Reporting Guidance

The two emerging extra financial reporting tracks are:

  1. enterprise value and risk reporting (the convergence of financial and non financial reporting)
    • of huge importance to investors and to a successful sustainable finance market
  2. enterprise impact reporting
    • a larger tent in that materiality varies widely by company according to their purpose, strategy, location and stakeholders
    • cannot (and should not) be reduced to fit an investor’s narrower perspective of what is important to report

This split may seem contrary to achieving the ideal single system, but it is clever. What is happening is that part of the sustainability reporting system is exploring how to connect with the financial reporting system, while the other part of the sustainability reporting system continues to explore and develop common reporting guidance for entity-specific matters across a vast array of topics. These are twin strategies toward the ideal.

Enterprise Value and Risk Reporting

Ethos – ensuring that the financial system is properly informed and can continue to serve business in a changing world
Audience – single audience (ie financial capital providers)
Materiality – single materiality (ie matters of business importance)

SASB and IIRC intend to merge in 2021 to form the Value Reporting Foundation since SASB standards and the IIRC’s Integrated Reporting framework are both focused on how enterprises create, protect or, indeed, destroy their own value.

But there is a gap in corporate reporting for investors that neither SASB nor IR currently fills. Investors are interested in risks to enterprise value, but many companies are not adequately reporting the financial risks posed by sustainability-related issues. Existing non financial standards (SASB) only describe the business’s metrics on potentially risky topics, not the potential risks they pose to financial capital. Therefore, sustainability-related financial disclosure standards need to be developed.

Sustainability-related financial disclosures and financial accounting disclosures could be disclosed together using integrated reporting (IR) as their common framework.

A first attempt at developing such a standard is the prototype climate-related financial disclosure standard (jointly issued by CDP, CSSB, GRI IIRC and SASB), which is based on TCFD. TCFD is a best practice process for developing business resilience to climate-related change that concludes with a set of 11 disclosures on governance, strategy, risk management and mitigation metrics and targets.

The IFRS Foundation, which sets global financial standards, intends to establish a new international sustainability reporting standards board to meet the needs of investors, which would focus initially on climate-related matters.

Enterprise Impact Reporting

Ethos – ensuring that business contributes to a changing world through the support and scrutiny of many actors
Audience – multiple stakeholders
Materiality – double materiality (ie matters of business importance and stakeholder importance)

The purpose of business sustainability is to enable a business to contribute effectively to sustainable development, which for many industries suggests transformational change, requiring the support of multiple actors. Those actors have a wide range of information needs.

EFRAG was asked in 2020 by the European Commission to do the preparatory work for a potential set of EU non-financial reporting standards that would replace the existing Non Financial Reporting Directive (NFRD) that had applied to large businesses (>500 employees). EFRAG reported back in March 2021 with 54 proposals (pdf) for a new Corporate Sustainability Reporting Directive (CSRD).

The proposed CSRD significantly expands the scope of the standards (from 11,000 listed companies and banks under the NFRD rules) to nearly 50,000 companies, including:

  • all listed companies
  • all large companies that meet at least two of three criteria
    • > 250 employees
    • > €40 million turnover
    • > €20 million total assets

The mains points are:

  • the new standards will be sustainability standards, not non financial standards
  • a mandatory level of limited assurance will apply, including
    • integration of the sustainability statements within the annual report
    • involvement of an audit partner
    • alignment with EU Taxonomy Regulation
    • alignment with Sustainable Finance Disclosure Regulation
  • the architecture of the standards is 3X3 (see diagram below)
    • three layers (sector agnostic, sector specific and entity specific) of reporting standards
    • three reporting areas (strategy, implementation and performance measurement)
      • strategy reporting will include materiality, governance, management responsibilities and the business model
    • three topics (environmental, social and governance)
  • the standards will seek to balance retrospective and forward-looking information, ie targets will need to be linked to outcomes
  • double materiality
    • the two dimensions are impact materiality (inside-out impacts) and financial materiality (sustainability matters reasonably likely to affect enterprise value, based on quantitative or qualitative data)
    • these matters are not confined to the control boundaries of the organisation but extend through its value chain
    • there is a dynamic relationship between impact materiality and financial materiality
    • sector-agnostic and sector-specific materiality assessments are to be performed by the standards setter (EFRAG), whereas entity-specific materiality is to be performed by the entity following a standardised process (to be devised)
  • anchor points will connect financial reports and sustainability reports
  • a digital taxonomy (eg XBRL) should be issued in parallel with the standards, enabling information to be tagged at a granular level of analysis
  • a first draft of the standards is to be developed by mid-2022

NZ Corporate Reporting Regime

Corporate Governance Code

The New Zealand Stock Exchange Corporate Governance Code 2017 is the primary guidance on corporate governance practices. Companies listed on the NZX Main Board must report in accordance on a comply or explain basis. The Code states that an issuer should disclose whether it has any material exposure to environmental, economic and social sustainability risks along with other key risks, and, if it does, how it manages or intends to manage those risks. The Code steers issuers to the use of recognised frameworks (such as GRI and IR) and highlights, for both financial and non-financial reporting, the need to communicate a balanced assessment of performance, business model, strategic objectives and progress against meeting them.

External Reporting Board

Corporate reporting standards for financial reporting, financial reporting assurance, extra financial reporting and climate-related financial disclosure are administered by the Te Kāwai Ārahi Pūrongo Mōwaho External Reporting Board (XRB). The XRB refers to extra financial reporting as extended external reporting (EER).

Reporting standards provide guidance on materiality, metrics and disclosure of sustainability issues. The XRB does not currently mandate particular standards for preparing EER information.

Non Financial Reporting

The XRB ‘strongly supports the reporting of EER information by entities within their annual report to the extent that the information is relevant to the intended users of annual reports’. The XRB apparently supports an integrated reporting approach to the annual disclosure to shareholders of financial and non financial matters that are material to enterprise value.

An integrated annual report is one that combines material financial and non financial information in one document. The best known framework is the principles-based IIRC Integrated Reporting (IR) framework, which helps a business explain changes in enterprise value through blended information on inputs and outputs across six capitals: financial, manufactured, intellectual, human, social and natural. It is conventional to use the term ‘Annual Integrated Report’ when referring to an integrated annual report that has been prepared in accordance with IR principles.

Climate-related Financial Disclosures

The New Zealand Government announced in September 2020 that it intends to introduce a mandatory regime for climate-related financial disclosures (Beehive, 2020). Approval will require an amendment to the Financial Markets Conduct Act 2013. Te Mana Tatai Hokohoko Financial Markets Authority (FMA) will independently monitor, report on and enforce the disclosure regime. Reporting would be against a new standard to be issued by the XRB, developed in line with the recommendations of the TCFD.

Affected entities (of which there are about 200) will have to make disclosures on a comply or explain basis as early as 2023 – they include:

  • Registered banks, credit unions, and building societies with total assets of more than $1 billion 
  • Managers of registered investment schemes with greater than $1 billion in total assets under management
  • Licensed insurers with greater than $1 billion in TAUM or annual premium income greater than $250 million
  • Equity and debt issuers listed on the NZX
  • Crown financial institutions with greater than $1 billion in total assets under management

The New Zealand government was the first in the world to announce such a regime, but other jurisdictions are following suit. The UK government announced in November 2020 that its climate disclosure regime would be compulsory (not comply or explain) by 2025 (The Guardian, 2020).

Sustainability Reporting

The XRB considers that ‘other types of, or more detailed, EER information, which may be demanded by other stakeholders, may be better located outside of the annual report’ – in other words, the XRB does not want annual reports to become unwieldy with information that is not material to investors.

Many companies choose to issue a separate sustainability report (or several) to disclose information on goals, strategies, targets and progress data, contribution to SDGs and stories that describe corporate impact. A slightly extended integrated report can be used to deliver an holistic and self-aware overview of the business and its wider effects for a larger audience than investors.


How do the world’s most sustainable companies report their sustainability performance?

The world’s ten most sustainable large companies according to Corporate Knights Global 100 rankings 2019 and 2020 are:

  • Chr Hansen – bioscience, Denmark
  • Ørsted – renewable energy power, Denmark
  • Neste – oil refining and marketing, Finland
  • Banco do Brasil – retail bank, Brazil
  • Cisco – networking equipment, US
  • Umicore – materials technology, Belgium
  • Kering – luxury fashion, France
  • Metso Outotec – mining and metals refining, Finland
  • Prologis – real estate, US
  • McCormick & Co – food, US

Interrogation of their most recent reports finds the following:

  • Materiality – all 10 companies list their material topics
  • SDGs – all 10 companies demonstrate a contribution to the SDGs
  • CDP – all 10 companies submit environmental data to CDP
  • Assurance – 9 out of 10 companies have their sustainability performance disclosures independently assured (McCormick & Co)
  • GRI – 7 out of 10 companies use GRI standards (Chr Hansen, Ørsted, Kering)
  • TCFD – 7 out of 10 companies have made or are preparing a TCFD disclosure (Chr Hansen, Umicore, Kering)
  • UN Global Compact – 7 out of 10 companies submit a Communication on Progress to UNGC (Umicore, Prologis, McCormick & Co)
  • IIRC – none of the companies produce an IR report, but 3 use the IR value creation process template to explain their business model (Neste, Banco do Brasil, Metso Outotec)
  • SASB – none use SASB standards

Main Extra Financial Standards and Frameworks

The main standards and frameworks in existing corporate use are outlined below.

Non Financial Reporting

Non Financial Reporting Standards

Non financial reporting standards focus on sustainability issues that could materially affect enterprise value. The standards are non financial in that the metrics are not in dollar terms, but their purpose is pre financial in that they surface issues that are likely to impact the financial results.

SASB

Sustainability Accounting Standards Board (SASB) standards are designed to enable businesses to communicate sustainability information that is financially material and, therefore, of most interest to investors. Effectively managing certain ESG issues over the long term may improve business performance and increase enterprise value by reducing operating costs, enhancing reputation, providing resilience to risks and generating competitive advantage.The standards are industry specific and SASB provides a materiality map that outlines those that apply to each industry. SASB was founded in 2011 and is recommended by several major investors, including US investment manager BlackRock and Canadian pension fund Maple 8.

Companies using SASB standards include: Netflix and Nike. No New Zealand companies issue SASB reports.

WEF

In September 2020, the World Economic Forum (WEF) International Business Council, which comprises more than 120 CEOs of multinational businesses, and the ‘big four’ accounting firms – Deloitte, EY, KPMG and PwC – issued a set of universal ESG metrics (pdf) for companies to report sustainable value creation. A set of 21 core quantitative organisational metrics are considered universal (independent of company or industry materiality), common to all businesses and could form the basic platform for comparable sustainability reporting. The wider purpose of producing these metrics was for companies to begin to report on this basis to ‘encourage greater cooperation and alignment among existing standards as well as to catalyse progress towards a systemic solution, such as a generally accepted international accounting standard in this respect’.

There are no examples, as yet, of these metrics in use.

Non Financial Reporting Frameworks

Non financial reporting frameworks focus on alignment with financial accounting and enterprise value.

IR

The International Integrated Reporting Council (IIRC) International IR Framework was originally published in 2013 and last updated in 2021. Its purpose is to accelerate the adoption of integrated reporting across the world. It is hoped that global use of the framework will improve the quality of information to investors to enable productive allocation of capital. Integrated reporting supports integrated thinking within the business, which is decision making and actions that focus on enterprise value creation.

The IR framework is principles based and can be used with any standards. However, the IIRC will merge with SASB in 2021 to form the Value Reporting Foundation to consolidate their efforts to inform investors about the financial impacts of sustainability issues on value creation (PR Newswire, 2020).

Companies using the IR Framework include: Tata Steel and Phillip Morris International internationally, and New Zealand Post and Sanford in New Zealand.

CDSB

The Climate Disclosure Standards Board (CDSB) Framework for reporting environmental and climate change information, released in 2019, helps companies report their environmental information in alignment with their financial information. CDSB was formed in 2007 with the goal of standardising environmental information reporting in mainstream reports. The framework was developed by CDP, which is the CDSB secretariat and the world’s largest repository for corporate environmental disclosures.

Nearly 150 companies pledged to voluntarily report on climate change information in their mainstream report as a fiduciary duty using the CDSB framework, as part of the We Mean Business coalition initiative. They include Acciona and Nestlé.

CDSB supports TCFD.

TCFD

The Taskforce on Climate-related Financial Disclosures (TCFD) was created by the FSB to address its concern about transparency in pricing risk — including risk related to climate change — to support informed, efficient capital-allocation decisions. The TCFD developed a principles-based reporting framework with 11 recommended disclosures to help companies more effectively disclose climate-related risks and opportunities through their existing reporting processes. Companies that are using standards and frameworks, such as GRI, SASB, CSDSB, CDP, OECD, will readily meet some of the disclosure recommendations, but most companies will have considerable work to do to meet them all.

Nearly 1500 organisations had, by 2020, expressed their support for TCFD disclosures. Good examples are provided in the TCFD Good Practice Handbook (CDSB and SASB, 2019 (pdf)).

In New Zealand, the XRB is to produce a climate reporting standard (expected 2021/2022) in preparation for climate risk reporting coming into law (expected 2021/2022) and into practice (expected 2023).

Sustainability Reporting

Sustainability Reporting Standards

Sustainability standards focus on corporate impacts on sustainability issues that materially affect multiple stakeholders.

GRI

GRI standards were established in 1997 and have become globally the most popular sustainability standards, used by more than 15,000 companies, including 67% of N100 reporters and 73% of G250 reporters (2020). GRI is also popular with high sustainability-performing companies, used by seven of the ten most sustainable companies in the world. GRI disclosures are presented in a GRI content index, which explains where each GRI disclosure is to be found in the corporate report portfolio or general corporate communications.

Companies using GRI standards include: Danone and Volvo internationally, and Kathmandu and Z Energy in New Zealand.

Sustainability Reporting Frameworks

Sustainability reporting frameworks are concerned with disclosing metrics that indicate impacts on the environment or society.

CDP

CDP runs the global environmental disclosure system by which companies submit their responses to a questionnaire on climate change, water security and / or deforestation. The questionnaire is a reporting framework and the response is publicly listed on the CDP website (first year responses can be kept private). CDP also scores responses, A to F.

Companies that use the CDP framework for climate change, water security and deforestation disclosures include L’Oréal and Firminich internationally, and Fisher & Paykel Healthcare and Fonterra in New Zealand.

SDG Disclosures

SDG Disclosure Recommendations were released in 2020. They attempt to establish a best practice for corporate reporting on the SDGs. A business that is reporting using any of the three frameworks IR, GRI or TCFD is in a position to disclose in compliance with the SDG Disclosures.

There are no examples, as yet, in practice.

UN Global Compact

The UN Global Compact is a nonbinding pledge to align company operations and strategies with Ten Principles in the areas of human rights, labour, environment and anti-corruption.

More than 12,000 companies are pledged to the Compact, including BHP and Mahindra & Mahindra internationally, and Air New Zealand locally.