page
22
Disclosure score
The Euronext Lisbon exchange had the highest
disclosure score of all exchanges considered in this
year’s ranking. The nine large companies trading
on the Euronext Lisbon disclosed, on average, 5.3
of the seven first generation indicators in 2011.
34
As shown in
Figure 9
,
35
the Euronext Lisbon
exchange’s nine large companies offered complete
disclosure on Payroll and GHGs, and eight of these
firms (89%) also reported Energy.
34 Complete data tables showing each exchange’s
disclosure rate on each indicator for each year during
the 2007 – 2011 period are provided in Appendix D.
35 Disclosure rates of 75% or higher are highlighted in green,
while those 25% or lower are highlighted in red.
The Euronext Lisbon’s strong disclosure patterns are
consistent with last year’s findings, where the exchange
was found to be among the top five overall in Payroll,
Energy, Water and GHG emissions disclosure.
Of the first generation metrics, Payroll is the most
widely disclosed. As shown in Figure 9, 75% or more
of the large firms on each of the top 10 performing
exchanges disclosed this information in 2011. This
likely reflects the widespread global transition to IFRS,
which requires the disclosure of payroll costs.
36
Lost-
time injury rate is the most poorly disclosed indicator.
36 International Financial Reporting Standards (IFRS) are a widely adopted set
of accounting standards, which aim to become the single global standard.
IAS 19 – Employee Benefits mandates the disclosure of payroll costs.
Figure 9:
Top 10 performing exchanges – Disclosure score
IDENTIFIERS
PERCENTAGE DISCLOSURE RATES
DISCLOSURE
SCORE
EXCHANGE
COUNTRY NUMBER OF
COMPANIES
EMPLOYEE
TURNOVER ENERGY GHGS LOST-TIME
INJURY RATE PAYROLL WASTE WATER
Euronext Lisbon Portugal
9
56% 89% 100% 56% 100% 67% 78% 50
Helsinki Stock
Exchange
Finland
19
53% 74% 79% 47% 89% 79% 74% 49
Athens Stock
Exchange 
Greece
9
44% 89% 89% 11% 100% 56% 89% 48
BME Spanish
Exchanges
Spain
37
57% 70% 70% 19% 95% 62% 70% 47
Osaka Securities
Exchange
Japan
14
7%
57% 79% 7% 100% 64% 79% 46
Copenhagen
Stock Exchange Denmark
20
40% 50% 70% 35% 90% 45% 60% 44
Tokyo Stock
Exchange
Japan
341
5%
62% 70% 20% 95% 61% 62% 43
Euronext
Paris
France
106
42% 54% 51% 35% 84% 50% 57% 42
Korea
Exchange
South
Korea
84
33% 67% 64% 33% 82% 45% 43% 41
Oslo Stock
Exchange
Norway
20
40% 55% 65% 50% 75% 40% 25% 40
Source: CK Capital
1...,19,20,21,22,23,24,25,26,27,28 30,31,32,33,34,35,36,37,38,39,...71