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Social and environmental value creationAbout ACCA ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management. ACCA supports its 219,000 members and 527,000 students (including affiliates) in 179 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 110 offices and centres and 7,571 Approved Employers worldwide, and 328 approved learning providers who provide high standards of learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.ACCA has introduced major innovations to its flagship qualification to ensure its members and future members continue to be the most valued, up to date and sought-after accountancy professionals globally. Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. More information is here: accaglobalAbout CFA Institute CFA Institute is the global association of investment professionals that sets the standard for professional excellence and credentials. The organization is a champion of ethical behavior in investment markets and a respected source of knowledge in the global financial community. Our aim is to create an environment where investors interests come first, markets function at their best, and economies grow. There are more than 167,000 CFA charterholders worldwide in 164 markets and regions. CFA Institute has nine offices worldwide and there are 156 local member societies.For more information, visit cfainstituteor follow us on Twitter at CFAInstitute and on Facebook/CFAInstitute.Social and environmental value creationAbout this reportGovernments, their citizens and investors want economies to recognise the totality of the value and impacts that they create to be able to distribute resources in a way that generates inclusive and sustainable prosperity. This report explores these complex challenges. It examines the role of business in rethinking value creation and the rise of importance in environmental, social and governance (ESG) issues for investors. Using big data analysis from insights provider Datamaran, it examines corporate disclosures on key ESG issues before outlining five disclosure and decision-making approaches that can support business to meaningfully engage with complex challenges to create inclusive and sustainable value over the long-term. 4ForewordAround the world delivering prosperity is becoming a challenge. As a result, demands from government and civil society for business and finance action on social and environmental issues are growing exponentially.Improving corporate disclosures on a range of social and environmental risk areas is a domain that professional accountants are well placed to lead on. Rigorous approaches to risk analysis of issues such as climate change, social impact evaluation and assessment of non-financial information quality are key areas for the future of the accountancy profession around the world.Demands for better disclosures must also be accompanied by a new strategic approach to business model innovation that embraces social and environmental value creation. Natural capital and circular principles, for example, must become part of the mainstream of finance. And as the 17 UN Sustainable Development Goals approach their fifth year anniversary, leaving just ten years to achieve them by 2030, they are becoming better understood as tools for governments, business, investors and civil society to coalesce around in order to improve how economies can deliver inclusive and sustainable prosperity.Professional accountants and finance teams can support social and environmental value creation in many ways with their existing skillset. By reaching out across their own organisations and also by interacting with wider stakeholders on complex challenges, they will be able to speed up the urgently needed transition to a more socially just and environmental aware future for the global economy. It is a pleasure to partner with CFA Institute on this report to demonstrate the combined role that, together, our members and professions have on these issues.Alan Hatfield Executive Director Strategy and Development ACCA5CFA Institute is pleased to partner with ACCA on this research report on Social and Environmental Value Creation. In it, we aim to highlight the positive role businesses and investors can play in the preservation and creation of more sustainable business models which create value for shareholders, stakeholders and the environment in which they operate. Sustainability forces us to think about the role of finance, and the role of investment management in directing capital toward enterprises that align with the transition toward a sustainable economy. And it is incumbent on us to understand, measure, and report on the impact of these actions. In its most recent report, the Global Sustainable Investment Alliance identified a 34% increase in sustainable investment assets from 2016 to 2018. It highlights a clear shift towards greater consideration of sustainability by investors and the integration of environmental, social and governance (ESG) factors in investment portfolios. Yet corporate reporting on sustainability and associated ESG data are often incomplete, inconsistent, or incomparable. The best company annual reports will highlight the sustainability measures that an individual company is taking, but they will almost certainly avoid mentioning the measures they are not taking. This information deficit makes it challenging for investors to fully understand the impact of their investment decisions. In turn, firms are disincentivized from embedding corporate responsibility into the heart of their business models.This is a wasted opportunity. The global finance industry has the power to utilise the trillions of pounds worth of assets under management to effect societal and environmental change, as well as improving the overall governance of companies. Over the long-term, action in this sphere can only be beneficial for companies and the shareholders and stakeholders they serve. Companies that drive short-term profit and ignore long-term risk will be unsustainable and ultimately will be divested from investment portfolios; capital will be redirected toward more productive enterprises that generate real long-term value creation.Now is the time for our professions to realise the crucial role they hold in driving sustainable businesses, and in leading the financial industry to deliver positive impact on society and the environment.Gary Baker, CFA Managing Director, Europe, Middle East and Africa CFA InstituteSocial and environmental value creation | ForewordContentsExecutive summary 7Overview 121. The social and environmental problem with modern economies 132. What is required by business? 203. The growing demand for more environmental, social and governance disclosures from investors 264. Disclosure data: issues, context and emphasis across regions and sectors 315. Big issues to concrete actions 411. Climate risk and the TCFD 422. Circular business model innovation 433. Natural capital: decision-making and disclosure 444. Social impact and the SDGs 455. Purpose-led strategies 47Recommendations for building the future 48References 49IMPACTS AND RISKS NATURAL AND HUMAN SYSTEMSGovernments and regulators are asking business and finance to better manage their social and environmental impacts to support sustainable prosperity creation. As global temperatures rise, this becomes even more urgent (See Figure ES.1). And in the same way that citizens are asking their governments to do more to protect the environment and resolve societal issues, customers are also asking the same questions of business and finance. New products and services must be as socially just as they are environmentally aware if they are to succeed.The tools and frameworks exist for business and finance to engage on these issues. Businesses, and the multi-stakeholder coalitions that they are a part of, have over two decades of experience in managing and reporting on environmental and social 7Social and environmental challenges are becoming more complex. Climate change disrupts livelihoods, inequality restricts opportunity. Increasingly, these two issues, and the ecosystems of impact areas that they encompass, are seen by government, business and finance as interconnected priorities.Executive summaryimpacts. This experience will be vital. Thats because, as the urgency increases, this foundation will become more essential to draw from and build upon with a greater focus on science, precision, context, and, critically, collaboration.The investment industry is increasingly focusing on the role and importance of environmental, social, and governance (ESG) factors in corporate value creation and risk mitigation. These considerations FIGURE ES.1: Impacts and risks for selected natural, managed and human systems2.01.51.00Warm-watercoralsMangroves Small-scale low-latitude fisheriesArctic region Terrestrial ecosystemsCoastal flooding Fluvial flooding Crop yields Tourism Heat-related morbidity and mortalityGlobal mean surface temperature change relative to pre-industrial levels (0C)2006-2015VHVHHMMHHMHHHHHMHMMHMHMHMConfidence level for transition: L=Low, M=Medium, H=High and VH=Very highSource: IPCC (2018) ipcc.ch/sr15/chapter/spm/8are being incorporated into investment processes including asset valuation, asset allocation, and risk management. Corporate disclosures and wider ESG data serve as the bedrock for these investment processes.There are several obstacles to more widespread adoption of ESG investment approaches, including a lack of comparability of ESG data and disclosures across firms, which may reflect the multitude of corporate reporting practices and standards around non-financial information, as well as incomplete, unreliable, or unspecific data prohibiting a consistent appraisal of ESG risks and opportunities. Using big data analysis from insights partner Datamaran, this report assesses the growth, range and quality of corporate disclosures from different regions and across sectors. At present, although coverage and quality of corporate disclosures on a widening range of social and environmental issues is improving, (see Figure ES.2), on key issues they remain below the standards demanded by governments, investors and civil society. Furthermore, analysis of emphasis placed on critical social and environmental issues across sectors and regions, for example, on climate change and air quality (see Figure ES.3) finds that, while largely improving year-on-year, most businesses do not place a high degree of emphasis on key ESG issues.Further analysis of the strength of disclosure quality set against the strength of regulatory regimes, voluntary initiatives and news issues, finds that there are few examples where disclosures are sufficient to meet what is currently required of them and expected of them by civil society. As the demands have become more precise and increasingly strategic, there is a clear role for finance teams to be more engaged in the creation of sustainable value. Their ability to understand and communicate financial risk is essential as new areas of risk governance emerge, such as climate change. Their skills are Social and environmental value creation | Executive summarycritical for faithful and rigorous disclosure, and the creation of controls that inform this disclosure, particularly in a world that requires investment grade ESG data. And with a unique view across a business model, from proposition, to creation and capture of value, the role of finance professionals in collaborating with and leading on innovation that supports multi-capital value creation is essential.There are a number of approaches that businesses and their finance teams can use to engage with these emerging risks and take advantage of value creation opportunities. This report summarises five of them. They are climate risk reporting, better understanding of natural capital, circular business model innovation, social impact measurement and evaluation linked to the SDGs and, finally, purpose-led strategies.Taken together, they provide business around the world, from micro to multinational, with a range of relevant approaches to engage with. For professional accountants and finance teams, their involvement in these activities is essential. But to take up the challenges ahead they will need to build on their competencies in four areas. To build scientific literacy facility with new domains of knowledge and a deepening of experience linked to environmental limits, risks and opportunities. To understand societal impact valuing impact to better define context and open up opportunity for value creation. To collaborate more working with others from different fields, in pre-competitive alliances, or multi-stakeholder groups, to speed progress in engaging with complex challenges. To recognise the interconnectedness of social and environmental issues there will be no low carbon transition without a commitment to inclusive opportunity creation. Strategies and priorities must reflect this.As the demands have become more precise and increasingly strategic, there is a clear role for finance teams to be more engaged in the creation of sustainable value. How to view this chartThe squares in the chart represent a topic (eg air emissions) that forms part of an issue (eg climate change and air quality).The size of the square indicates the average percent of mentions for the years 2014-2018.Four sectors are presented by region. These are: financial services, consumer goods and services, industrials and oil and gas. Where analysis of a sector is not present in a particular region relates to a low incidence of mentions.The colour of the square indicates the difference in the number of mentions over time: blue to green = increasing, grey = no change, red = decreasing.9Social and environmental value creation | Executive summaryFIGURE ES.2: Average percentage of key ESG issues mentions compared to the increase in mentions from 2014 to 2018 (Annual Financial reports and Sustainability reports) Oceania, Asia, AfricaREGION (reporting) / INDUSTRY (reporting)Oceania Asia AfricaGROUP ISSUE TOPICConsumer Goods & ServicesIndustrials Financial ServicesOil and GasConsumer Goods & ServicesIndustrials Financial ServicesConsumer Goods & ServicesFinancial ServicesEnvironmental Waste managementRec
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