When I look at the worldwide effort around integrated reporting (<IR>), the latest evolution in corporate disclosure, Exupery’s quote resonates with me
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
US SEC Seeks Public Comments on Modernization of Public Company Disclosures On April 13, 2016 The Securities and Exchange Commission voted to issue a "Concept Release" seeking public content on the form and content of disclosures made by US public companies to improve the usefulness of disclosures, making them more "effective" to investors and other stakeholders in the capital markets
Structured Disclosures 330. How can the quality of structured disclosures be enhanced?...XBRL is currently the only broad-based format for tagging disclosures internationally
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Great article from the global law firm of Baker McKenzie about mandatory requirements from securities regulators for public company sustainability disclosure that also needs to be included in financial reporting as a company “best practice.”
Tech Alert: US SEC Chair Mary Jo White released a statement at an Open Meetings yesterday (April 13, 2016) on Regulation S-K Concept Release and use of Inline XBRL for better public company financial disclosure. Mary Jo White hinted at the open meeting of the US SEC that the agency is prepared to move forward with Inline XBRL for public company financial disclosure. In a statement issued she said: “In addition to broadly seeking input on the range of such options, we are also moving forward on other, disclosure-related technology projects
As Broc points out in his most recent posting… “SEC Chair White not only indicates that a rule proposal regarding board diversity disclosures is coming soon, it highlights that the US SEC Corp Fin Staff is actively reviewing climate change & sustainability disclosures – and it could conduct rulemaking in this area soon too. Here’s an excerpt: “Currently, disclosure of sustainability information under SEC rules is being addressed by a combination of our materiality-based approach to disclosure, guidance on certain issues, and shareholder engagement on a range of sustainability topics, whether through direct dialogue with management or our Rule 14a-8 shareholder proposal process. Although we are seeing increased disclosure and engagement on sustainability matters, we are taking a more focused look at such disclosures, particularly related to climate change, in our annual filings reviews
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.”
But nevertheless, the disclosure of controls to manage reputation risks through social media outlets is something few companies disclose in documents to the public or regulators
Importance of Diversity and Inclusion Having an active diversity and inclusion strategy and disclosing these metrics included in the financial report also builds the business case to attract an increasing number of investors looking for this additional data disclosure
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