page
29
Figure 14
shows that governments have historically
been the primary implementing authority,
responsible for 114 of the 167 policies in our
inventory (68%). Securities regulators are the
distinct minority player, implementing only eight
sustainability disclosure policies since the early
1970s, or 5% of all policies reviewed in our study.
Stock exchanges passed a total of 31 disclosure
policies in our inventory, accounting for 19% of
the total, but as shown in Figure 15 stock exchanges
are a new entrant in the sustainability disclosure
field. All 31 stock exchange-led policies were
implemented after 2000, and in 2012 a total of nine
stock exchange-led policies took effect.While stock
exchanges have hitherto played a relatively minor
role on the policy front, they have been quite active
in recent years.
Figure 13:
Sustainability disclosure policies by year and country classification
0
5
10
15
20
25
30
35
NUMBER OF SUSTAINABILITY DISCLOSURE POLICIES
DEVELOPED MARKETS
EMERGING MARKETS
1970
1979
1985
1995
1998
2001
2003
2013
2011
2009
2007
2005
68%
19%
8%
5%
GOVERNMENT
STOCK EXCHANGES
INDUSTRY/PROFESSIONAL ASSOCIATION
SECURITIES REGULATOR
Source: CK Capital
Figure 14:
Breakdown of sustainability
disclosure policies by authority
Source: CK Capital
1...,26,27,28,29,30,31,32,33,34,35 37,38,39,40,41,42,43,44,45,46,...71