The IFRS Foundation has launched a public consultation on a global approach to sustainability reporting and on the possible role of the Foundation. They have published a consultation paper. Standardisation and comparability of reporting are critical for capital markets, but also for (empirical) research in accounting, law, finance, economics and related disciplines on sustainability.
The European Corporate Governance Institute (ECGI) and the Impact Economy Foundation are organising a workshop to discuss the consultation document. The workshop will begin with an economic analysis of sustainability reporting. The economic consequences, such as capital market effects and real effects in firm behaviour, will be highlighted. Next, the workshop will review examples of companies that are already providing sustainability reporting on a voluntary basis, and ask what are the benefits and costs?
The workshop will then move to panel discussions centred on the consultation questions. High-level policy makers, academics and practitioners will discuss the consultation questions. The key issues include: standardisation; mandatory vs voluntary reporting; climate change only or other environmental topics such as biodiversity loss also; and single materiality (impact on company's financial value) or double materiality (impact on financial value as well as impact of company on social and environmental value). The workshop will deliver new insights to the IFRS Foundation on these issues as well as inspiration to academics to pursue research in this emerging area, with sustainability now high on the agenda of governments and companies.