Financial Institutions: Taking Greenhouse Gas Emissions into Account (May 2011) The Climate Standards Disclosure Board

The report presents the results of a DEFRA-funded investigation into how financial institutions take account of environmental considerations in making investment decisions. The report finds that the lobbying activities by companies and others for stronger policy measures suggest that a broad scale market movement towards environmental investing is possible. Read more

The carbon we’re not counting (April 2011) ACCA

An analysis of the way some of the most material emissions in the value chain are omitted from corporate reporting due to the limited coverage of scope 3 categories by the majority of large companies. Read the pdf pdf2.24 MB

Statement by the Financial Reporting Review Panel in respect of the report and accounts of Rio Tinto Plc (March 2011) FRRP

The FRRP required Rio Tinto to add to its disclosure of material social and environmental risks in order to provide a balanced view of its business as required by the Companies Act. Read more

Sustainability Framework 2.0 (March 2011) International Federation of Accountants

This framework focuses on the integration of sustainability factors from three perspectives – business strategy, operational, and reporting – and highlights the important roles that professional accountants play in facilitating the sustainable development of their organizations. Read more

Disclosing Climate Risks and Opportunities in SEC Filings: A Guide For Corporate Executives, Attorneys and Directors (February 2011) CERES

A new report from CERES reviewing the implications of the SEC’s decision to recognise climate change as potentially a material risk for investors which should be covered in annual reports. Read the N/A File2.25 MB

Responsible Investment in Passive Investment Strategies (January 2011) UNPRI

The UNPRI has collected together case studies of how its members apply the UNPRI to their passive investment portfolios, through asset allocation, engagement, voting and use of indices. Read the pdf pdf518 kB

Climate Principles Review (January 2011) The Climate Group
This review of the progress by the 6 signatories of the climate principles demonstrates the limited attention paid by even the leaders in the sector to the carbon risks associated with corporate advisory work for clients. Whilst asset management divisions score well on engaging with individual companies, there is no mention of systemic risk assessment. Read the pdf pdf1.12 MB

King III Integrated Reporting Committee Discussion Paper (January 2011) South Africa

South African listed companies are moving towards integrated reporting, blazing a trail for the rest of the world. This discussion paper is designed to assist companies in the transition and inform interpretation of the new code. Read more

Sustainable Stock Exchanges: Real Obstacles, Real Opportunities (September 2010) Responsible Research

A document outlining some options for improving the sustainability requirements of stock exchanges, sponsored by Aviva. Read the pdf pdf1.29 MB

Sustainable Stock Exchanges: Improving ESG standards among listed companies (September 2010) EIRIS

A briefing paper by research provider EIRIS looking at existing ESG requirements of stock exchanges and potential future developments. Read the pdf pdf574.93 kB

Toxic Fuels: Toxic Investments (July 2010) The Co-operative Bank and WWF-UK

As the oil and gas industry becomes more  carbon intensive by exploiting unconventional hydrocarbons, the Co-op and WWF discuss why greater disclosure of fossil fuel reserves and the resulting carbon emissions is needed. This follows the shareholder resolutions at Shell & BP in 2010 asking for greater disclosure of assessments of carbon risk, in order to identify when fossil fuel assets become carbon liabilities.  Read the pdf pdf574.93 kB

The Operating and Financial Review and company reporting under UK law ( June 2010) Client Earth

Ben Bundock analyses the new government’s stated aim of reintroducing the OFR to ensure directors’  environmental and social duties have to be covered in company reporting. Read the pdf pdf190.46 kB

Mandatory Reporting (May 2010) Fair Pensions

Fair Pensions completed a survey of Pension Funds which revealed 78% favoured stock exchange listing rules requiring companies to disclose climate-related risks. Fair Pensions outlines why they think companies should have to report embedded or scope 3 emissions. Read more...

Exchanges and sustainable investment (August 2009) The World Federation of Exchanges

Dan Siddy, (of Delsus Limited) produced this paper summarising the results of a survey of WFE members to identify the range of sustainable investment initiatives that have been developed by exchanges around the world. UNCTAD, UNPRI and UN Global Compact convened a series of discussions on Sustainable Stock Exchanges in November 2009 and September 2010. Read the pdf pdf637.34 kB

Turning Questions Into Answers: Environmental Issues And Annual Financial Reporting (September 2009 ) Institute of Chartered Accountants of England and Wales and the Environment Agency

This report examines existing requirements for corporate reporting and disclosure of environmental issues in financial statements.Read the pdf pdf903.43 kB

Triple Crunch (September 2008) new economics foundation

Featuring a collection of articles on joined-up solutions to financial chaos, oil decline and climate change to transform the economy including ‘Investment: as if the long-term mattered’ by Nick Robins Read the pdf pdf642.95 kB

Carbon Costs: Corporate Carbon Accounting and Reporting (May 2007) Aldersgate Group

The Aldersgate Group highlights the failure of the UK regulatory system to keep up with demand for carbon disclosure; describe the lack of a universal carbon reporting standard; and make recommendations for mandatory disclosure requirements for listed companies. Read the pdf pdf203.38 kB

Global Framework for Climate Risk Disclosure: A statement of investor expectations for comprehensive corporate disclosure (May 2006)

A number of investor groups and reporting initiatives including CDP, GRI, IIGCC, IGCC, UNEPFI and large pension funds all agreed the need for a comprehensive carbon reporting framework. Read the pdf pdf138.11 kB

A legal framework for the integration of environmental, social and governance issues into institutional investment (October 2005) UNEPFI

“The Freshfields report” – a groundbreaking piece of work which made the case that it was in fact part of asset managers’ fiduciary duty to consider ESG issues, rather than being in conflict with their responsibilities. Read the pdf pdf998.55 kB

The Carbon 100: Quantifying the Carbon Emissions, Intensities and Exposures of the FTSE 100 (June 2005) Henderson Global Investors and Trucost

Henderson commissioned trucost to calculate the carbon weightings of the FTSE 100 and compare the index to its funds, in order to demonstrate the lower carbon intensity of Henderson’s approach. The report highlighted the carbon emissions associated with the products of the oil, gas and mining companies which are significant constituents of the FTSE 100, and the uneven distribution of carbon across the 100 companies. Read the pdf pdf912.72 kB

Specs in the City (January 2005) Forum for the Future

Article by Roger Cowe at the time of Asia Energy’s listing in London exploring the shortcomings of listing rules and the potential for a more sustainable approach. Read more... pdf

Shell Misled investors over reserves (January 2004 – ) RoyalDutchShellplc.com

This website is a comprehensive resources of comment and coverage of all things Shell including the reserves scandal which saw Shell rebook their reserves, causing the share price to fall and shareholders to bring lawsuits over the deception. Read more...

Open Disclosure: Sustainability And The Listing Regime (February 2003) Friends of the Earth and Claros Consulting

Analysis by Mark Mansley of the existing listing requirements for IPOs. The report highlights the need for a review of the Listing Rules and makes recommendations for improvements. Read the pdf pdf403 kB

The Xstrata Listing: An Analysis of Climate Risks (July 2002) Claros Consulting

Analysis by Claros Consulting reviewing the shortcomings of the Xstrata plc listing documents when it joined the London Stock Exchange in 2002. Read the pdf pdf517.41 kB