A new report has identified a surprising lack of transparency among ASX200 companies when it comes to disclosure about climate-related risk.
The 2017 Corporate Sustainability Reporting in Australia report, compiled by the Australian Council of Superannuation Investors (ACSI), has exposed a reluctance by ASX200 companies to report detailed climate data.
The report found that fewer than half (87) of Australia's 200 largest listed companies have a climate-change policy or an emissions reductions target.
Even more concerningly, 70 of the companies in the ASX200 did not make any climate-related disclosures at all in 2016, found ACSI.
Just 48 of the ASX200 companies (24 per cent) disclosed a climate-related or energy-efficiency target in 2016.
"As this is the first year that we have collected these statistics, we will be keen to trace trends over time," said the report.
"We expect the level of disclosure of climate-related financial risks to increase significantly over time given the growing expectations of governments, regulators, investors and broader stakeholders of ASX200 companies."
ACSI chief executive Louise Davidson said, "Companies need to rapidly adjust their reporting practices to include climate disclosure.
"Our members have a legitimate need to price climate risk into their investment decisions to ensure they are maximising long-term benefits for their beneficiaries," she said.
New data has shown Westpac has the largest proportion of high-net-worth individuals (HNWs) out of the four major banks, with 35.6 per cent o...
Westpac can’t pretend this is business as usual. ...
NAB has settled a class action brought against it for its consumer credit insurance sales, agreeing to cough up $49.5 million. ...