Sustainability disclosures: progress made and possible new challenges
Day 1 Afternoon
Wednesday 09 September
HALL 1 C
Objectives of the session
Non-financial information and disclosures help investors, consumers, policy makers and many other stakeholders to evaluate the non-financial performance of companies, notably regarding emerging risks.
However, the criteria involved are far from being “universal ones”.
A regulation on sustainability-related disclosures in the financial services sector, will apply in March 2021. The three European Supervisory Authorities (EIOPA, ESMA and EBA) are mandated to further specify adverse sustainability impact indicators. Yet, at this stage EU company law rules on non-financial reporting only apply to large public-interest companies with more than 500 employees (approximately 6,000 large companies across the EU). In particular SMEs and Small and Mid-Caps do not fall under this obligation, despite the vital benefits they should draw from non-financial strategy and information.
The session, in this context, will work out some essential policy priorities expected to make possible the much-needed progress in this area, address the so-called data challenge and preserve the EU specificities regarding ethics, culture and approach to sustainability.
Points of discussion
What are the key initiatives underway for appropriately and timely mitigating ESG challenges and more specifically climate risks?
Should we adapt the sustainability policy priorities notably in the financial area, beyond climate related risks?