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Governance Research Digest - December 2012


The Verdantix report “Stock Exchange Benchmark On Non-Financial Reporting Rules” assesses the sustainability disclosure requirements for ten stock exchanges around the world with combined market capitalization of $15 trillion representing more than 15,600 listed firms. The focus is on rules, policies, scope, current status, enforcement, penalties, format and frequency of non-financial reporting.

Key Findings

  • Despite widespread praise for the introduction of new environmental and social reporting requirements none of the stock exchanges operates demanding green reporting rules.
  • Rules on social responsibility disclosures are prominent in emerging economies like India where investment in extractive industries can have significant impacts on local communities
  • Integrated reporting of financial and sustainability performance has been spear-headed in South Africa by the King Code of Governance Principles
  • Broader reporting of material environmental and social risks has been driven up the agenda by the Australian Corporate Governance Principles and Recommendations
  • National legislation requiring environmental disclosures in the French market requires firms listed on NYSE Euronext to report against 42 Environment, Social and Governance indicators
  • From April 2013, 1,800 firms listed on the London Stock Exchange must disclose GHG emissions data due to a new UK government regulation implemented by the LSE.




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