22 October 2019
The UK’s Financial Reporting Council today released a new report on climate-related financial reporting by businesses, highlighting that current disclosures are failing to meet investor expectations.
ClientEarth lawyer Daniel Wiseman said: “Investor needs are not being met by companies’ climate-related reporting. The FRC’s report makes this clear. Detailed and balanced climate-related disclosures are essential if investors are to meet their own fiduciary duties to prudently invest and steward our savings as climate risks materialise, so regulators must crack down on companies falling short.
“The report shows how rapidly investor expectations and associated legal requirements are evolving in this area. Reporting in-line with the TCFD is now the basic expectation. Companies reporting on alignment of their strategy with the Paris Agreement must urgently become the norm.”