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Key Findings
Sustainability disclosure trends
• The global
Materials sector
, which consists primarily
of mining companies, is the world’s most transparent
from a first generation sustainability indicator
standpoint, while the
Financials sector
is the
most opaque.
• Large companies, defined as those with a market
cap in excess of US$2 billion,
are nearly 10 times
more likely
than small companies to engage in
quantitative sustainability reporting.
• Only
3% of the world’s large companies
(117 out of 3,972) and
0.04% of the world’s
small companies
(20 out of 56,710) currently
offer their stakeholders complete first generation
sustainability reporting.
Stock exchange ranking
• The
BME Spanish Exchanges
took top spot in
this year’s ranking, followed by the Helsinki
Stock Exchange, the Tokyo Stock Exchange,
the Oslo Stock Exchange and the Johannesburg
Stock Exchange.
• The Korea Exchange was the “most improved”
exchange, jumping from the 27
th
spot in last
year’s ranking to 16
th
in this year’s study.
• Australia is home to the world’s “quickest”
sustainability reporters. The Australian Securities
Exchange placed 2
nd
on this measure in last year’s
study, which speaks to a permanently quickened
reporting cycle in the Australian market relative
to other countries.
3
• The Tokyo Stock Exchange placed 1
st
overall in a
sub-ranking of the world’s 10 largest exchanges,
followed by the Euronext Paris, the London Stock
Exchange, the Shanghai Stock Exchange and the
Hong Kong Stock Exchange. The two U.S.-based
exchanges, the NYSE and Nasdaq, placed 8
th
and
9
th
respectively.
Sustainability disclosure policies
• Across the 40 countries covered in our study, 60%
of the quantitative disclosure policies in place (100
of 167)
were enacted in developed countries
; the
remainder (40%) were implemented in emerging
markets. In recent years, the distribution between
the two has been essentially evenly split.
3 Some of this out-performance may reflect the predominance of a June fiscal
year-end in the Australian market.
Policymakers should consider
incorporating these three characteristics
into their policy design process.
Essential design characteristics of sustainability disclosure policy
MANDATORY
disclosure
policies
PRESCRIPTIVE
disclosure
policies
BROAD
disclosure
policies
Source: CK Capital
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