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Break-out discussion:
a sub-ranking of the world’s 10
largest exchanges
Given their greater resources and institutional
prominence, the world’s largest stock exchanges are
arguably in the best position to drive improvements
in corporate sustainability disclosure. To examine
how they stack up against each other on this front,
we present a sub-ranking of the world’s 10 largest
exchanges, by number of large company listings, below.
41
41 The 10 largest exchanges­—based on the total number of large listings—
from our starting universe of 45 exchanges were considered in this sub-
ranking. The sub-ranking percent ranks each large exchange against its
large peers.
As shown in
Figure 12
, the Tokyo Stock Exchange
ranks 1
st
among the world’s large exchanges,
with an overall score of 89. It achieved both a
perfect disclosure score and reporting timeliness
score, indicating that listed companies are both
comprehensive and timely in their sustainability
data disclosures as compared to peers on other
large exchanges
The top five large exchanges are based in either
Europe or Asia, whereas three of the bottom five
exchanges are based in North America (the New
York Stock Exchange and Nasdaq in the United
States, and the Toronto Stock Exchange in Canada).
It is unclear precisely why the three large North
American exchanges trail their large exchange peers
in terms of overall sustainability disclosure practices,
although the relative dearth of substantive disclosure
policies likely plays a role.
42
42 From our inventory of 167 disclosure policies, four were implemented in
Canada and three in the United States.
Figure 12:
Ranking of large exchanges
RANK
STOCK EXCHANGE
COUNTRY
ECONOMY
NUMBER
OF LARGE
COMPANIES
DISCLOSURE
SCORE
(MAX 50)
GROWTH
SCORE
(MAX 20)
TIMELINESS
SCORE
(MAX 30)
OVERALL
SCORE
(MAX 100)
1
Tokyo Stock Exchange
Japan
Developed
341
50
9
30
89
2
Euronext Paris
France
Developed
106
44
13
7
64
3 London Stock Exchange United Kingdom Developed
185
39
2
17
58
4 Shanghai Stock Exchange
China
Emerging
148
17
16
20
52
5 Hong Kong Stock Exchange
China
Emerging
198
28
20
3
51
6 National Stock Exchange
India
Emerging
99
33
18
0
51
7 Toronto Stock Exchange
Canada
Developed
140
22
11
10
43
8 New York Stock Exchange United States Developed
921
11
4
27
42
9
Nasdaq
United States Developed
323
0
7
23
30
10 Shenzhen Stock Exchange
China
Emerging
105
6
0
13
19
Source: CK Capital
1...,24,25,26,27,28,29,30,31,32,33 35,36,37,38,39,40,41,42,43,44,...71