CARROTS AND STICKS – PROMOTING ... - Global Reporting Initiative

54 Carrots and Sticks - Promoting Transparency and Sustainability
Country/Region Standards, Codes and Guidelines
Luxembourg
set out the definitions and calculation methods
for environmental performance indicators to be
disclosed. Major revisions aside from that include
the following: (1) If companies wish to report in
accordance with the guidelines they are required,
amongst other things, to: include summary lists and
tables for major indicators; report on the status of
environmentally conscious investment or financing,
and report on the status of biodiversity conservation
and sustainable use of biological resources.
(2) Companies are recommended to take measures
for improving the reliability of environmental
reporting and prepare an environmental report
with a greater focus on stakeholders’ views.
www.env.go.jp
Assurance standards
� Practical Guidelines for the Assurance of
Sustainability Information, 2007 issued by the
Japanese Association of Assurance Organisations
for Sustainability. The guidelines set out specific
steps and procedures to be followed in assurance
engagements of sustainability information. The
Guidelines are broadly consistent with ISAE3000.
Members of the Japanese Association of Assurance
Organisations for Sustainability include not only
accounting firms but also some certification bodies.
The guidelines have helped narrow the gap between
accounting firms’ assurance procedures and those of
certification bodies. http://www.j-sus.org/index.htm
Voluntary standards
The Ten Principles of Corporate Governance,
�
2006 issued by the Luxembourg Stock Exchange.
These principles were initiated following the
European Commission launch of an Action Plan
aimed at enhancing corporate governance within the
European Union in 2003. The scope is to be in line
with international practice and the recommendations
of the European Commission, whilst taking into
account the interests of all the stakeholders. The
Ten Principles and their recommendations are highly
flexible and are based on a “comply or explain”
system. These principles are complementary to