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18
The BME Spanish Exchanges, based in Spain,
received top billing in this year’s ranking, moving
up from 4
th
position in last year’s assessment.
30
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.
31
The top 10 were rounded out by the Helsinki Stock
Exchange, the Tokyo Stock Exchange, the Oslo Stock
Exchange, the Johannesburg Stock Exchange, the
Euronext Paris, the Copenhagen Stock Exchange, the
SIX Swiss Exchange, the Athens Stock Exchange and
the Euronext Amsterdam.
It is no surprise to see the strong performance of
European stock exchanges in our ranking. Corporate
sustainability reporting has long been encouraged
across Europe, with the recent Grenelle II legislation
in France the latest in a long line of progressive
European disclosure policy.
Seven of the stock exchanges that made the top 10
in last year’s assessment are also in this year’s top 10.
30 The BME Spanish Exchanges consist of the Madrid Stock Exchange, the
Valencia Stock Exchange, the Bilbao Stock Exchange and the Barcelona
Stock Exchange.
31 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.
The Euronext Amsterdam stock exchange, last year’s
top ranked exchange, came in 10
th
place in this
year’s assessment. Despite comparable performance
in terms of its disclosure timeliness score and
disclosure score, the exchange’s disclosure growth
score dropped precipitously in this year’s ranking,
indicating a general slowdown in the uptake of
quantitative sustainability reporting by Dutch firms.
32
At the other end of the spectrum, the Tel Aviv, Qatar,
Lima, Saudi Arabia and Kuwait stock exchanges placed
in the bottom five in this year’s ranking. The Lima
and Tel Aviv stock exchanges were also bottom five
performers in last year’s ranking.
The Korea stock exchange is the “most improved”
exchange, jumping from the 27
th
spot in last year’s
ranking to 16
th
in this year’s study. This jump is
mainly due to a rapid increase in the number of
first generation indicators reported by South Korean
companies. Last year, large companies trading in
South Korea were found to disclose on average 2.4
of seven first generation indicators, while this year
South Korean companies disclosed, on average,
3.7 indicators. Part of this surge in quantitative
sustainability disclosure may be a result of South
Korea’s Green Posting System, which was passed in
2012 but included prior industry consultation.
32 The annualized growth rate of the average disclosure of the seven first
generation indicators over the 2007 – 2011 period for the Euronext
Amsterdam stock exchange (Netherlands composite exchange) was 5%,
compared to 35% over the 2006 – 2010 period.
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