The International Integrated Reporting Council welcomes today’s announcement on the membership of the Task Force on Climate-Related Financial Disclosures. Those joining the Task Force are at the forefront of a new understanding that financial information in isolation is insufficient to communicate the breadth and complexity of risks faced by our capital markets today, with many of the participants in the Task Force prominent advocates for Integrated Reporting. This understanding is based on the idea that a risk such as climate change can impact an organization’s ability to create value over time.
The IIRC works closely with many of the individuals that will participate on the panel, key amongst them IIRC Council members Koushik Chatterjee (Tata Steel), Thomas Kusterer (EnBW), and Russell Picot (HSBC), as well as IIRC Ambassador Steve Waygood (Aviva Investors). The IIRC considers it important that organizations that are ‘walking the talk’ will be shaping this discussion, including leaders from organizations in the Integrated Reporting Business Network such as Unilever and Eni.
Commenting on the announcement Paul Druckman, CEO, IIRC said, “The members of this Task Force are in a prime position to help businesses understand what financial markets want from disclosure in order to respond to the risk of climate change. I am delighted to see so many of the members are already experiencing, in their own organizations, the benefit of applying the concepts of Integrated Reporting as the overarching framework. Climate disclosure is a critical indicator within Integrated Reporting’s six capitals – predominantly for natural and social capital. I am confident that this Task Force and its outcomes will make a real difference, so that the market can start properly accounting for the risk of climate change.”