The Make-or-Break Decade for the SDGs has begun

These metrics will
provide clarity
to investors and
other stakeholders
and ensure capital
is aligning to
drive progress
on the SDGs.
That’s stakeholder
capitalism in
action.
Brian Moynihan, Chairman and
CEO of Bank of America, and Chairman of the
International Business Council
The stakeholder capitalism metrics and
disclosures, developed in collaboration
with Deloitte, EY, KPMG, and PwC, reflect
an open consultation process with corporates,
investors, standard-setters, NGOs,
and international organizations. They
are designed to provide a common set
of existing disclosures that lead toward
a coherent and comprehensive global
corporate reporting system.
In parallel to this work, the World
Economic Forum has also collaborated
with the Impact Management Project
to bring together the efforts of the five
leading independent global framework
and standard-setters (CDP, the Climate
Disclosure Standards Board, the Global
Reporting Initiative, the International
Integrated Reporting Council, and the
Sustainability Accounting Standards
Board) to work toward a comprehensive
corporate reporting system and a statement
of intent that works as a complement
to the common metrics released
today.
Companies see the importance of social,
climate, and other non-financial factors
as critical for their long-term viability
and success. Some 86 percent of executives
surveyed by the Forum agreed that
reporting on a set of universal ESG disclosures
is important and would be useful
for financial markets and the economy.
Expert views
“Companies have to deliver great returns
for shareholders and address important
societal priorities,” says Brian Moynihan,
Chairman and CEO of Bank of America,
and Chairman of the International Business
Council. “These metrics will provide
clarity to investors and other stakeholders
and ensure capital is aligning to drive
progress on the SDGs. That’s stakeholder
capitalism in action.”
“As the UK works in partnership with Italy
toward hosting the COP26 climate change
conference in Glasgow in November 2021,
I welcome the work of the World Economic
Forum’s International Business
Council in creating a set of common
metrics for reporting sustainable value
creation,” says Mark Carney, Finance
Advisor to the UK Prime Minister for
COP26 and United Nations (UN) Special
Envoy for Climate Action and Finance.
“Through this work you are demonstrating
to shareholders, stakeholders and
society at large that the private sector is
committed to measuring and improving
its impacts on the environment as part
of the transition to a low-carbon future.
I encourage governments, regulators, the
official accounting community and voluntary
standard setters to work with the
IBC toward creating a globally accepted
system of sustainability reporting based
on this project’s groundbreaking work.”
“The disruptions of 2020 have underscored
the critical importance of organizations
managing and reporting their
impact on the economy, the environment
and society, and their increasing connection
to long-term enterprise value
creation,” says Punit Renjen, CEO, Deloitte
Global. “Deloitte is pleased to have
led the development of the Principles
of Governance pillar and collaborated
on this project with so many respected
organizations. We hope our work supports
organizations as they move toward
consistent reporting of ESG metrics
and disclosures in mainstream annual
reports, as ultimately, this is how the
business community will make greater
progress against the Sustainable Development
Goals.”
“The time is now for companies to broaden
their engagement with stakeholders,”
says Carmine Di Sibio, EY Global
Chairman and CEO. “The combined
impacts of climate change, Covid-19
and economic inequality contribute to
the urgency for businesses to embrace
long-term, sustainable value creation
and prioritize the needs of people and
18 Global Goals Yearbook 2021