ESG reporting

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Through an analysis of key policy issues, its objective is to support the adoption of corporate governance policies and practices that are aligned with the G20/OECD Principles of Corporate Governance.

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Extractives and minerals processing is the industry with the highest share of companies disclosing scope 1 and 2 GHG emissions by market capitalisation (85%).

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An analysis of the 100 listed companies with the lowest disclosed GHG emissions relative to revenues and the highest research and development (R&D) expenditure or stock of patents per industry shows that institutional investors own 41% of the equity in these companies.

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In the United States, 75% of companies by market capitalisation have a committee responsible for sustainability, and in Asia (excluding China and Japan), Europe and other advanced economies, more than 50% have such a committee.

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The OECD updated in its Guidelines for Multinational Enterprises on Responsible Business Conduct in June 2023, including new recommendations for enterprises to align with internationally agreed goals on climate change and biodiversity, and to ensure lobbying activities are consistent with the Guidelines.

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Whenever included in a company’s reduction targets, market participants and relevant stakeholders should consider ways to encourage the disclosure of scope 3 GHG emissions.

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The second chapter summarises some recent regulatory and standard-setting initiatives by OECD, G20 and Financial Stability Board members, as well as by relevant international institutions, which may be meaningful for policy makers and market participants.

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The third chapter analyses whether market practices are aligned with the G20/OECD Principles of Corporate Governance because or even in the absence of regulatory tools that implement their recommendations.

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Sustainability-related disclosure Information on a company’s sustainability-related risks and opportunities and how it manages them can be material for investors’ decisions to buy or sell securities, as well as to exercise their rights as shareholders and bondholders.

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Globally, extractives and minerals processing is the industry with the highest share of companies disclosing scope 1 and 2 GHG emissions by market capitalisation (85%), with an even higher share in Europe (97%) and a lower share in China (55%).

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The disclosure of scope 3 emissions is 17 percentage points lower than the disclosure of scope 1 and scope 2 emissions (by market capitalisation) globally.

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In Europe, 23% of the companies in the consumer goods industry, accounting for 95% of the industry’s market capitalisation, report such information, while in Japan the transportation industry has the biggest share of companies by market capitalisation disclosing scope 3 GHG emissions (78%).

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Although companies representing 86% of the world’s market capitalisation disclose sustainability reports, an external service provider assures the sustainability disclosure of only 66% of these companies by market capitalisation.

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For instance, this is the case in China, with 8% of companies making up 28% of the market capitalisation, but also in Japan, where 22% of sustainability reports published by companies representing 67% of market capitalisation are verified by an independent assurance provider.

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In Japan, limited assurance was provided for 83% of the reports (from companies representing 91% of market capitalisation), followed by 74% in the United States (82% by market capitalisation) and 66% in Latin America (86% by market capitalisation).

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In Europe, 94% of assurance attestations are provided by auditors, and China (90%) and Latin America (89%) have similar shares.

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Globally, out of the total GHG emissions verified by an independent assurance provider, limited assurance was performed on 42% of scope 1 emissions, 51% of scope 2 and 74% of scope 3 emissions.

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Significant exceptions are China, where 74% of verified scope 1 GHG emissions were assured with reasonable assurance, and Asia (excluding China and Japan), where 39% of scope 2 GHG emissions were assured at a reasonable level, and 17% with a limited assurance.

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The assurance level for the verification of scope 1 and 2 GHG emissions is very similar across regions, with similar percentages for both limited and reasonable assurance, and slight differences for scope 3 GHG emissions verification.

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SASB Standards are mainly used in the United States, where 639 companies use them to disclose sustainability information.

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In Europe, Japan and the United States, the share of companies is larger, representing 90%, 80% and 80%, respectively.

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In Japan, 58% of companies (49% by market capitalisation), 51% in Europe (57% by market capitalisation), and 49% in Latin America (54% by market capitalisation) have committed to reducing their GHG emissions by 2030, while in China 44% of companies (43% by market capitalisation) have set their targets before 2030.

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Globally, among the companies that set a specific year for their GHG emission reduction targets, the baseline year is available for only 37% of the companies in a widely-used commercial database (Bloomberg).

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In Japan, reductions in absolute terms are used more often than in other regions, with 83% of companies by market capitalisation choosing them, against 6% choosing GHG emission intensity metrics.

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In Latin America, almost all companies that disclose a target with a baseline year (99% by market capitalisation) provide metrics with a strong predominance for reduction metrics in absolute terms (94%).

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In particular, this risk is considered to be financially material for companies representing 70% of market capitalisation in Latin America, 66% in the United States, 59% in Japan and 55% in Europe.

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Human capital risks are currently the second most important sustainability risk with companies representing nearly 64% facing such risks as financially material.

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In Latin America, the public sector is important with a 50% share, while Europe shows a more diversified investor base, including corporate and institutional investors with 10% and 30%, respectively.

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This means that in markets such as China and Latin America most (if not all) high-emitting companies have a well-defined controlling shareholder and, therefore, any changes in their strategy will most likely depend on the decision of this controlling shareholder.

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In other markets such as the United States and Japan, while several high-emitting companies do not seem to have a controlling shareholder (the top 3 shareholders own 25% or less of the shares), the 20 largest shareholders own around 50% of the shares on average, which suggests that these investors may be able to alter the sustainability-related goals of some high-emitting companies’ strategies.

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However, the renewable resources and alternative energy industry has been included since its R&D and stock patents aim to reduce, as a rule, mitigation risks (see the Annex A for the complete methodology).

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When comparing this distribution with the top 100 companies with the highest R&D expenditure or stock of patents, China, Europe and the United States show similar shares as for the top 100 companies with low GHG emissions and high innovation.

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The United States is characterised by a high concentration of institutional investors, who own 80% of the equity in the 100 highly-innovative and low-emitting companies.

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In contrast, China’s ownership landscape for highly-innovative and low-emitting companies is quite different than for high-emitting companies, with the public sector making up a smaller portion at 23% and a higher presence of institutional investors and other free-float investors (15% and 42%, respectively).

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The ownership concentration of the highly-innovative companies is moderately – but not significantly – smaller than the ownership concentration of high-emitting companies, which suggests greater potential for non-controlling shareholders to effectively engage with highly-innovative companies.

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Companies with public benefit objectives Since 2013, Delaware in the United States has allowed for-profit corporations to register as Public Benefit Corporations (PBCs), which represents a legal obligation for them to balance shareholder interests with the public benefits identified in their certificates of incorporation.

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The board of directors Establishing a board committee responsible for sustainability is not the only way for a company to manage its sustainability risks and a committee, if not well structured, may even be ineffective in doing so.

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In the United States, 75% of the companies by market capitalisation have a committee responsible for sustainability and in Asia excl.

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Executive compensation is linked to sustainability matters in 80% of the companies by market capitalisation in Europe, followed by Other advanced economies (74%) and the United States (60%).

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In Asia, executive compensation is linked to sustainability matters, on average, in 20% of the companies by market capitalisation.

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To promote a co-operation with employees, companies may establish mechanisms for employee participation, such as workers’ councils that consider employee viewpoints in certain key decisions, or employee representation on the board.

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There are notable differences across regions, ranging from 62% in China, 38% in Europe and 11% in Latin America, to negligible amounts in other regions.

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The total amount issued through corporate sustainable bonds was six times larger in 2019-23 than in 2014-18.

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From 2014 to 2023, 45% of the global amount issued through corporate non-financial sustainable bonds was raised by European companies.

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Similarly, the issuance of sustainable bonds by financial corporates has been more important in Europe (54%), followed by China (15%), Asia excl.

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For instance, while 14% of the amount of non-financial corporate bonds was issued by an unlisted subsidiary with a listed parent, 20% of the amount issued through non-financial sustainable corporate bonds was issued by the same type of issuer.

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Sustainable and climate investment funds Since 2016, investment funds that label themselves as sustainable or climate funds – by including “ESG”, “sustainable”, “Paris alignment”, “climate transition” or similar terms in their labelling – have received increasing net inflows.

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With respect specifically to climate funds, their AUM were almost three times larger in 2023 with USD 224 billion when compared to 2016 (USD 85 billion).

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In European countries outside of the EU, 34% of listed companies by market capitalisation have a total revenue of more than EUR 150 million generated in either 2021 or 2022 in the EU and may need to comply with the CSRD in the future.

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In June 2023, the European Commission proposed new disclosure requirements for the remaining four objectives in the EU Taxonomy starting from 2024: the sustainable use and protection of water and marine resources, the transition to a circular economy, pollution prevention and control, and the protection and restoration of biodiversity and ecosystems.

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It proposed that all issuers be mandated to make climate-related disclosures in their ESG reports based on the provisions of the ISSB Climate Standard in respect of financial years commencing on or after 1 January 2024.

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The aim of IAASB with the proposed standard is to define a reliable framework for sustainability assurance engagements that applies to all sustainability topics and reporting frameworks with the sole exception of assurance on separate GHG emissions statements (for which ISAE 3410 would apply).

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The proposed ISSA 5000 would cover both limited and reasonable assurance engagements, identifying general requirements for pre-engagement responsibilities (such as engagement acceptance, quality management, and planning activities), performing procedures (such as identifying and managing risks, obtaining evidence, testing, and addressing material misstatements) and for the assurance conclusion.

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This chapter analyses whether market practices are aligned with the G20/OECD Principles of Corporate Governance (G20/OECD Principles hereafter) and highlights regulatory tools used in some jurisdictions that implement their recommendations.

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Nevertheless, the number of companies that disclose sustainability-related information is only 22% of all listed companies, which indicates that larger companies have greater incentives and capacity to collect and report such data.

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The proposed International Standard on Sustainability Assurance (ISSA) 5000 may contribute to consistent, high-quality assurance engagements that enhance the degree of confidence of intended users about sustainability reporting.

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Both from a market efficiency and investor protection perspective, if a company publicly sets a sustainability-related goal or target, policy makers may decide to require sufficient disclosure of reliable metrics as recommended by Subprinciple VI.A.4 of the G20/OECD Principles.

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In India, large companies will need to disclose the “percentage of R&D and capital expenditure investments in specific technologies to improve the environmental and social impacts of product and processes to total R&D and capex investments made by the entity” according to SEBI regulation introduced in May 2021.

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The final insight is that the public sector is an important shareholder in the 100 high-emitting companies holding 18% of the shares globally, and significantly higher shares in China (64%), Latin America (50%), and the “Others” category (41%).

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The board of directors Subprinciple VI.C of the G20/OECD Principles recommends that “the corporate governance framework should ensure that boards adequately consider material sustainability risks and opportunities when fulfilling their key functions”.

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In these circumstances, the recommendation of the Subprinciple VI.C.1 of the G20/OECD Principles is especially relevant: “[b]oards should ensure that companies’ lobbying activities are coherent with their sustainability-related goals and targets”.

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Subprinciple VI.D of the G20/OECD Principles recommends that “the corporate governance framework should consider the rights, roles and interests of stakeholders”.

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In China and Europe, therefore, the Subprinciple VI.D.4 of the G20/OECD Principles recommendation that stakeholders participating in the corporate governance process “should have access to relevant, sufficient and reliable information” may be particularly relevant with respect to employee participation in boards.

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It includes the disclosure in either English or another language of a sustainability report, an integrated annual report with sustainability data, a corporate social responsibility report with substantial data and a full or partial report of GHG emissions scope 1 and 2 or scope 3.

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In the 372 cases globally where there was a discrepancy between LSEG and Bloomberg databases (“Yes” in one and “No” in the other one), it was considered that the company did not assure its sustainability--related information.

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In relatively few cases, the assurance level was classified as “high” or “moderate”, which are not levels of assurance recognised by the ISAE 3000.

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To select these 100 companies, 50 companies have been selected among the companies with the lowest disclosed relative GHG emissions and the highest number of stocked patents.

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The SASB Mapping presents 26 sustainability issues categorised into 5 dimensions, classifying which issues would be financially material in each of 77 industries in total.

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Global Corporate Sustainability Report 2024 The OECD Global Corporate Sustainability Report aims to enhance the adoption of corporate governance policies that promote the sustainability and resilience of companies.

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It examines the evolving landscape of corporate sustainability practices worldwide and includes a focus on key dimensions outlined in the G20/OECD Principles of Corporate Governance, such as sustainability‑related disclosure, shareholder‑company dialogue, board responsibilities, and stakeholder interests.

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