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4
Headline Findings
• The
BME Spanish Exchanges
, based in Spain,
had the highest overall score in this year’s
ranking, moving up from 4
th
position in last year’s
assessment.
1
The strong showing of the BME
Spanish Exchanges reflects the comparatively
advanced reporting practices of large Spanish
listings, which may be aided by legislation recently
introduced by the Government of Spain.
2
• Stock exchanges based in emerging markets are
on track to
overtake those based in developed
markets by 2015
, in terms of the proportion of
their large listings that disclose the seven first
generation sustainability indicators. This would
constitute a watershed moment in the history of
corporate reporting, as the developed world has
effectively had a 20-year head start in driving
sustainability disclosure.
1 The BME Spanish Exchanges consist of the Madrid Stock Exchange, the
Valencia Stock Exchange, the Bilbao Stock Exchange and the Barcelona
Stock Exchange.
2 The Spanish Sustainable Economy Law Article 39, which entered into force
in 2011, contains reporting obligations for private and public companies as
well as guidelines for the inclusion of non-financial information in company
financial disclosures.
• Super policies—disclosure policies that are
mandatory, prescriptive
and
broad
—are most
strongly correlated with sustainability disclosure
excellence.
• After early and rapid gains prior to 2008, global
disclosure rates for most of the first generation
indicators are
flattening out
, indicating a slowdown
in the growth of quantitative sustainability
reporting by the world’s listed companies.
Top 10 Stock Exchanges by Overall Score
RANK, 2013
RANK,
2012
NAME OF STOCK EXCHANGE
COUNTRY
NUMBER OF LARGE
COMPANIES
OVERALL SCORE, 2013
(MAX 100)
1
4
BME Spanish Exchanges
Spain
37
83
2
3
Helsinki Stock Exchange
Finland
19
82
3
N/A
Tokyo Stock Exchange
Japan
341
80
4
7
Oslo Stock Exchange
Norway
20
75
5
5
Johannesburg Stock Exchange 
South Africa
49
74
6
10
Euronext Paris
France
106
72
7
2
Copenhagen Stock Exchange
Denmark
20
71
8
15
SIX Swiss Exchange
Switzerland
54
68
9
N/A
Athens Stock Exchange 
Greece
9
67
10
1
Euronext Amsterdam
Netherlands
32
66
Source: CK Capital
1...,2,3,4,5,6,7,8,9,10 12,13,14,15,16,17,18,19,20,21,...71