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Implementing the Task Force on Climate-related Financial Disclosures Recommendations: An Assessment of Corporate Readiness
Schmalenbach Business Review Pub Date : 2018-12-14 , DOI: 10.1007/s41464-018-0060-4
Robert G. Eccles , Michael P. Krzus

We conducted a type of “field experiment” in September 2017 to evaluate how difficult it will be for companies to implement the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We examined the disclosures of 15 of the largest oil & gas companies by market cap that had filed a 10‑K or 20‑F in 2016, so before the TCFD’s recommendations were published. In general, we found reporting for that year uneven, with some TCFD categories fairly well covered and others not. We also found variation across companies, with most making fairly modest disclosures but some being fairly progressive in this regard. Significantly, we also found that most of the disclosures were in voluntary sustainability reports, not the financial filings required by statute and as recommended by the TCFD. Taken in the aggregate, at least one company was reporting on each of the 11 recommendations with one exception. This suggests that it is feasible for companies in this sector to follow the TCFD’s recommendations if they are interested in doing so.

中文翻译:

实施气候相关财务披露建议工作队建议:对公司准备情况的评估

我们在2017年9月进行了一种“现场试验”,以评估公司实施与气候相关的财务披露工作组(TCFD)的建议的难度。我们按市值检查了15家最大的石油和天然气公司的披露,这些公司在2016年(TCFD的建议发布之前)提交了10-K或20-F的披露。总的来说,我们发现该年的报告不平衡,一些TCFD类别涵盖得很好,而其他则没有。我们还发现各公司之间存在差异,大多数公司的披露程度不高,但有些公司在这方面的进步也很大。重要的是,我们还发现,大多数披露是在自愿性可持续性报告中进行的,而不是法规要求和TCFD建议的财务备案。总体而言,至少有一家公司报告了11条建议中的每条,但有一个例外。这表明该行业的公司如果有兴趣遵循TCFD的建议是可行的。
更新日期:2018-12-14
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