ICAS: Sustainability reporting not working

A new sustainability report from the Institute of Chartered Accountants of Scotland (ICAS) finds current system is not serving the public interest.

The report also sets out the necessary conditions for the reporting of high-quality sustainability information and outlines how a more holistic approach is required.

Anne Adrain, head of sustainability and reporting at ICAS said: “Stakeholders, including investors, increasingly expect greater transparency around how entities are embedding sustainability into their activities. With this increased stakeholder demand comes a need for credible, reliable information around what an entity is doing to mitigate the climate change risks to which they may be exposed, and to consider what opportunities the transition to a greener economy may bring.”

The report acknowledges that sustainability reporting is still evolving (compared to financial reporting which has developed over many years), and highlights the need for greater transparency and accountability due to the wider range of audiences involved, including the public.

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