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Un groupe de travail du Financial Reporting Council (FRC) a publié fin avril 2016 un bilan de la 1e phase de son travail : « Phase 1 Report of the Task Force on Climate-Related Financial Disclosures (TCFD) ». Qu’en retenir ?

Objectifs

We support the objectives of the TCFD and welcome that it is focussing on financial risks and in particular those that could have a potential impact on future cash flows. We believe that this is important in identifying the boundary of information that would be relevant to investors’ decision-making. As with any project with multiple objectives there will be instances where a trade-off is necessary. Consistent principles are important, but absolute uniformity in disclosures detracts from careful consideration and communication of information that is relevant for its users. Whilst climate related risks will be important to many companies any recommendations must be proportionate and balanced, to avoid excessive focus on one set of risks to the detriment of disclosures of the other principal risks and uncertainties a company faces. Boards must retain responsibility for determining what disclosures, if any, on climate related risks are relevant and material. This requires an understanding of the potential impacts of climate change and legislative responses, and the application of judgement. Identification of factors to be considered by management when making such an assessment will be helpful.

Portée

The recommendation should provide preparers and their boards an understanding of the factors to consider when assessing, mitigating and, where necessary, reporting the climate change risks they might face. Factors to consider might include the sensitivity of its business model to climate related legislation (for example, the existence of low carbon substitute products or processes); the energy use and carbon emissions of the company, its products and suppliers; the company’s investment planning periods; and the geographical location of operations and its distribution channels. High risk sectors could then be used to illuminate those factors.

Utilisateurs

We note from the Phase 1 Report that the intended users for the information goes beyond those making direct investments in companies to those further back in the capital supply chain. We welcome this to ensure more informed capital allocation decisions. However the disclosure recommendations will need to take into consideration the needs of the intended audience and be dependent on the type of preparer as different considerations will apply for climate related risks arising from companies reporting on their own operational activities in their annual report and those investing in a portfolio of assets or advising on investment activities. We also encourage the TCFD to consider the placement of information outside the annual report when recommending disclosures that might go beyond the needs of the annual report’s intended audience. We encourage reporting of more detailed voluntary information for investors or other users outside the annual report so that it does not detract from the key messages.

À la prochaine…

Ivan Tchotourian

Le Climate Disclosure Standards Board a publié un bilan de la divulgation extra-financière des entreprises dans les domaines environnemental et des gaz à effet de serre du FTSE500 (ici), suite à la réforme introduite au Company Act 2006 en 2013 (Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013).

Voici quelques chiffres extraits de ce bilan :

Principal risks : 41% of companies consider environmental risks in their analysis of the principal risks to their company.

KPIs : 27% of companies make use of environmental KPIs. Of those that do, the majority use one of four main categories of KPIs based on: GHG emissions, energy, water or waste management (Figure 1).

Future development : 42% of companies identify environmental matters when considering the future development, performance or position of their company.

Environmental policies : 87% of companies disclosed environmental policies, 78% disclosed their policies and provided an indication of the effectiveness of those policies.

Environmental impacts : 90% of companies disclosed information regarding the environmental impacts of their business operations (Figure 2). Of the 10% that did not, 70% provided an explanation as to why that information was omitted.

GHG emissions : The Regulations require the disclosure of total annual GHG emissions (CO2e) for which a company is responsible. 90% of companies disclosed their total annual GHG emissions. 77% of companies disclosed the breakdown of both Scope 1 and 2 GHG emissions. 41% of companies disclosed omitted emission sources and explained the reasons for omission. Of the companies who explained omissions, the majority (44%) cited materiality as the main reason for omission (Figure 3). The sources of GHG emissions omitted by companies varied widely. Figure 4 shows the range of general categories of information omitted.

À la prochaine…

Ivan Tchotourian

Bonjour à toutes et à tous, en 2011 (vous trouverez ce billet notamment dans la partie « Souvenez-vous » de ce blogue), le Conseil sur la surveillance des risques et la gouvernance (CSRG) de CPA Canada a commandé un cahier d’information suivant (« Cahier d’information sur le développement durable : enjeux environnementaux et sociaux – Questions que les administrateurs devraient se poser ») pour aider les CA à s’acquitter de leur responsabilité à l’égard de la surveillance des enjeux environnementaux et sociaux susceptibles d’avoir des répercussions sur le risque, la stratégie et les finances des entreprises qu’ils servent.

Le conseil d’administration a plusieurs responsabilités de surveillance importantes en ce qui concerne les opportunités et les risques associés aux enjeux environnementaux et sociaux. Il est essentiel qu’il soit conscient de ces enjeux et attentif pour demeurer au fait de leur évolution rapide et de leurs incidences sur l’entreprise. Le présent cahier d’information expose les enjeux environnementaux et sociaux que les administrateurs doivent prendre en considération, explique leurs implications potentielles pour l’entreprise et présente des questions que les administrateurs pourraient poser dans l’exercice de leur responsabilité de surveillance.

Accéder à ce document : CPA, Cahier d’information sur le développement durable : enjeux environnementaux et sociaux : questions que les administrateurs devraient poser, 2011.

À la prochaine…

Ivan Tchotourian