The Center of Audit Quality is celebrating its 10th anniversary today and the panels feature a bunch of BIG AUDIT executives, past and present regulatory leaders from the PCAOB and SEC and some other notables. Accounting Today has been tweeting highlights from the afternoon session and it included this missive attributed to Grant Thornton International […]
A few months ago, my boss sent me to a business conference to learn technical stuff but mostly to network. If someone had told me years ago how much networking and ass-kissing the accounting profession actually involves, maybe I would have rethought my career path and become a statistician or something. The only thing I […]
If you’re a sustainability professional, people might make the assumption that you are a tree hugger. A green weenie. A dirty hippie. A person who has as much need for a pair of wing tips or business appropriate pumps as a fully loaded H2. Well you can put those suspicions to bed my friends.
Above is PUMA CEO Jochen Zeitz along with a couple of guys from environmental consulting firm Trucost and PwC sustainability partner Alan McGill. As you can see, Mr. Zeitz and the Trucost boys opted for some “green” sneakers to go with their Brooks Brothers. Mr. McGill, on the other hand, is in the standard issue Allen Edmonds. The reason for not getting on board with the hip skids? He’s lame:
The firm’s sustainability partner jokingly suggested his job was too dull to warrant a jazzy pair of sneakers.
Sceptic Tank reports that a PwC spokeswoman clarified the meaning of “dull” to be “PwC can’t be seen to be promoting their clients products in any way.” Which probably also explains why McGill wore a tie as well. Can’t be too careful about these things.
PwC and the fashion faux pas [The Sceptic Tank]
Moves are underway around the world to define and mandate reporting on the sustainability of companies’ operations. Using the aftermath of the crisis as a cover, securities regulators, industry bodies such as FASB and IASB and investor groups are looking at how companies can usefully report on the sustainability – environmental, operational and financial – of their businesses.
The latest move comes from Singapore where the stock exchange SGX has issued a policy paper on whether or nor to mandate sustainability reporting for all companies listed on the exchange. The policy paper calls for expressions from the public prior to a deadline of October 29. SGX does not say whether or not it will introduce mandatory sustainability reporting, but it hints that it might.
“Investors who lead world opinion expect listed companies to be accountable for their financial results, how they achieve the results, and what impact they have on the communities within which they operate. SGX encourages more listed companies to commit to sustainability practices and reporting,” it says in the preamble to the policy document.
The move comes a few weeks after the creation of the International Integrated Reporting Committee (IIRC), a working group of companies, investors and industry bodies to find ways to improve corporate reporting.
The scope of the IIRC is wider than sustainability, but sustainability is nevertheless likely to form a major part of any upheaval in the reporting process. Indeed, no less a body than the G20 has said that it wants changes to the global system of reporting so that all company reports follow the same global standard. Such an overhaul is likely to be very protracted. But in the meantime, it looks as if sustainability reports will form part of the eventual package. CFOs who are still behind the curve had better start planning now.