We need to make sustainability reporting mandatory and take a more holistic approach to ESG, said ICAS CEO Bruce Cartwright.
Responding to Chancellor Rachael Reeves recent Mansion House speech, Cartwright said the government needs to go further than merely consulting next year on UK sustainability reporting standards for voluntary reporting by ‘economically significant companies.
ICAS wants to make sure businesses properly account for their ESG impacts and put sustainability reporting on a deservedly equal footing to financial reporting.
Cartwright said: “Limiting these standards by endorsing the investor-focused reporting model defined by the International Sustainability Standards Board (ISSB) leaves them too narrow in scope. We urge the UK government to consider impact materiality alongside the new standards, which will ultimately encourage more comprehensive reporting that better serves the needs of a broader range of stakeholders.”
