Interesting debate yesterday before the US Senate Banking Committee on the topic of expanding disclosures of US companies to include environmental, social and governance data besides just financial disclosures
Jean Rogers and her comment letter to the US SEC’s Concept Release on Business and Financial Disclosure Required by Regulation S-K for US Public Companies...XBRL is currently the only broad-based format for tagging disclosures internationally
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An example of the importance of managing non-financial risk through disclosure is what happened to United Airlines last week… We saw the reputation of United Airlines destroyed in just the wink of an eye… less than 30 seconds
The SEC itself acknowledged widespread investor dissatisfaction with the quality of mandated sustainability disclosures in an April 2016 Concept Release on Disclosure Effectiveness. 10 That said, there is no indication that the SEC intends to pursue regulatory changes relating to the so-called “mandatory” sustainability disclosures that must be made in SEC-filed documents, thus leaving the field open for “private ordering” to continue – in the form of voluntary corporate sustainability disclosures posted on company websites or otherwise appearing outside the four corners of SEC filings.”
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Fleming spoke at a Washington, DC conference regarding the need for "Effective Disclosure for the 21st Century Investor."
Watch out United States EDGAR Online – the European Union is building a “next generation” -- “EDGAR-LIKE” corporate disclosure platform to be used by 28 EU member states for global investors that will be built upon BLOCKCHAIN and global financial and non-financial data access standards like eXtensible Business Reporting Language ( XBRL ) to expedite investments from global investors
The GAO report to Congress is entitled “SUPPLY CHAIN RISKS - SEC’s Plans to Determine If Additional Action Is Needed on Climate- Related Disclosure Have Evolved”… As the GAO report details to Congress in January: “For example, in October 2012, Superstorm Sandy caused widespread damage to logistics and transportation networks throughout the Northeast, leading to major fuel shortages and causing an estimated $70 billion in direct damages and lost economic output
The next question is if US public companies will follow the EU lead to stay competitive in a thriving global capital markets despite the New Administration's move away from greater transparency and accountability especially related to "say on pay", sustainability reporting related to human and natural resource capital disclosures? If public companies disclose additional non-financial information to investors -- management accountants ARE and WILL continue to play a major role if preparing, verifying and analyzing this information driving capital markets investment especially in the area of climate finance. #SustainabilityStockExchangeInitiative #ChildLabor #NonFinancialReporting #UNITEDAUTOWORKERS #News #SecuritiesExchangeCommission #BigFour #NYSE #NACD #OFR #Audit #Compliance #performance #ExecutivePay #Citibank #PopeFrancis #Bloomberg #compliancereporting #ESMA #EquityResearch #ResponsibleInvesting #GLOBALWARMING #financialreporting #ConsumerFederation #MaterialDisclosure #SASB #GlassLewis #CFTC #analytics #IIRC #BradMonterio #GRC #ClimateChange #GASB #RegulatoryReporting #InvestorRelations #CFAInstitute #PersonalFinance #nonfinancialdata #ExecutiveCompensation #InvestorDisclosure #USChamberofCommerce #MaterialRisks #impactinvesting #CapitalMarkets #CSR #TechnologySolutions #HotTopic #ESG #HumanTrafficking #HumanCapital #managementaccountant #SayonPay #iXBRL #NaturalCapital #IOSCO #businessintelligence #LivWatson #PublicCompanies #UNGlobalCompact #IFRS #Assurance #NASDAQ #NASD #DistributedLedger #SustainableDevelopmentGoals #StakeholderEngagement #NewYorkTimes #InclusiveCapitalism #governance #ThomsonReuters #COP21 #corporatedisclosure #CarolynMaloney #integratedreporting #UNPRI #Corporategovernance #SUSTAINABILITYACCOUNTING #corporatedirector #ClimateFinance #Calpers #corporatereporting #nonfinancial #Fiduciary #FinancialStabilityBoard #AFLCIO #NaturalExtraction #GREENHOUSEGASES #AccountingTechnology #accountingsoftware #ClimateInvesting #Obama #FASB #Corpgov #dataanalytics #UNPRI #riskmanagement #disclosure