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Disclosure growth score
The Mexico Stock Exchange had the highest disclosure
growth score of all exchanges considered in this year’s
ranking. The exchange had an average compound
annual growth rate of 34% across the seven first
generation indicators from 2007 – 2011. This finding
demonstrates that the 42 large companies trading
in Mexico are rapidly building up their reporting
capabilities, particularly around water, energy
and employee turnover. This uptick in sustainability
reporting may be driven in part by two disclosure
instruments recently introduced in Mexico.
37
37 The Mexican Government’s General Law on Climate Change, passed in 2012,
sets mandatory emissions measurement and disclosure requirements. In 2011,
the Mexican Stock Exchange launched its first sustainable investment index,
‘IPC Sustentable.’
As shown in
Figure 10
,
38
six of the top 10 performers are
based in emerging markets: Brazil, Chile, China, India,
Mexico and Russia. This finding is consistent with the
view that emerging markets companies are quickly
closing the disclosure gap between themselves and
their developed world counterparts.
38 Disclosure rates of 75% or higher are highlighted in green, while those 25%
or lower are highlighted in red.
Figure 10:
Top
10 performing exchanges – Disclosure growth score
IDENTIFIERS
PERCENTAGE DISCLOSURE RATES
DISCLOSURE
GROWTH
SCORE
EXCHANGE
COUNTRY NUMBER OF
COMPANIES
EMPLOYEE
TURNOVER ENERGY GHGS LOST-TIME
INJURY RATE PAYROLL WASTE WATER
Mexican Stock
Exchange
Mexico
42
45% 45% 39% 17%
0% 31% 65% 20
Singapore
Exchange 
Singapore
49
63% 46% 32% 1%
-2% 57% 42% 20
Athens Stock
Exchange 
Greece
9
26% 36% 26% -11% 18% 59% 36% 19
Santiago Stock 
Exchange
Chile
34
24% 21% 24% -6%
65% 24% 28% 19
Taiwan Stock
Exchange
China
64
32% 41% 27% 16%
0% 40% 25% 18
Oslo Stock
Exchange
Norway
20
66% 15% 20% 24%
-3% 40% 4%
18
Hong Kong Stock
Exchange
China
198
21% 25% 7% 27%
0% 47% 25% 17
Moscow
Exchange
Russia
33
26% 29% 49% 0%
0% 16% 16% 17
BM&FBOVESPA Brazil
83
18% 14% 23% 18% 15% 25% 14% 16
National Stock
Exchange
India
99
23% 11% 14% 45%
0% 14% 10% 16
Source: CK Capital
1...,20,21,22,23,24,25,26,27,28,29 31,32,33,34,35,36,37,38,39,40,...71