Listen to Wim Bartels, member of EFRAG’s Sustainability Reporting Board.
Teaser: There has been a critical debate around the first publication of the Draft EU Reporting Standards for companies. Frankly Speaking has asked Wim Bartels, a member of the Sustainability Reporting Board, for his views on the timeline, key concepts and the relationship of EU and emerging international standards - and about the role of accountants in all of this!
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“I’m fully behind double materiality. I believe that for companies going forward, we’re not only interested in their financial performance and their longer-term risks and opportunities, we also need to understand where they have an impact on society. If we don’t report on the impacts, investors will never integrate it into their evaluation because they won’t see it. So we need to start as early as possible with the impacts.”
There's very little pressure being applied to companies by investors looking at how they're actually behaving and treating human rights as a core business priority. This needs to change.
Investors shouldn't just take companies' word for what they're doing; they should investigate what the companies are actually doing regarding human rights.
Germany's NewClimate Institute has produced the Corporate Climate Responsibility Monitor report, evaluating the transparency and integrity of climate pledges of 51 major companies across different sectors and geographies.
