TCFD報(bào)告的萌芽 - 對(duì)首批根據(jù)《上市規(guī)則》進(jìn)行報(bào)告的50家公司的分析-14正式版WN8

Thegreenshoots

ofTCFDreporting

Ananalysisofthe?rst50companies

toreportundertheListingRules

May2022

Contents

1

Introduction

2

Our?ndings

2.1Risksandresponses–

strikingtherightbalance

2.2Financialimpact–

the‘F’inTCFD

2.3ListingRulesreporting–

statementofconsistencywiththeTCFDframework

3

Lookingahead

Introduction

Thisisasigni?cantmomentinclimate-relatedreporting.Althoughalready

widelyusedonavoluntarybasis,theUKisthe?rstmajoreconomyto

mandateclimate-relateddisclosuresinlinewiththeTaskforceon

Climate-relatedFinancialDisclosures(‘TCFD’)framework,whichcame

intoeffectforpremiumlistedcompaniesfrom1January2021.Exposure

Draftsofthe?rststandardsonclimateandsustainabilityreportingfrom

theInternationalSustainabilityStandardsBoard(ISSB)havealsobeen

recentlypublished,withtheaimofestablishingamoreconsistentand

formaloverallframeworkforreportingintheseareas.Therigourrequired

incompanies’disclosuresissettoincrease,makingthenewTCFD

reportingnotonlyanimportantmilestone,butalsoatestcaseforthe

challengesthatlieahead.

Investorsandotherstakeholdersarealsomakingtheirrisingexpectations

clear.PwC’sglobalinvestorsurveyshowedthatinvestorswant

companiesto:

?FocusontheESGissuesthataremostimportanttotheirbusiness–79%

ofinvestorsagreethathowacompanymanagesESGrisksand

opportunitiesisanimportantfactorininvestmentdecisionmaking.

?ShowhowESGfactorsaffecttheirbusinessmodel(84%),howESGis

embeddeddirectlyintotheircorestrategy(82%)andshowalinkbetween

ESGrisksandopportunitiesand?nancialperformance(75%).

82%

ofinvestorsbelievethat

companiesshouldembed

ESGdirectlyintotheir

corporatestrategy

79%

ofinvestorsagreethathowa

companymanagesESGrisks

andopportunitiesisan

importantfactorininvestment

decisionmaking

ThisreportsetsoutPwC’sinitial?ndingsfollowingareviewofthe?rst

50disclosuresbyFTSE350companiesunderthenewListingRules

requirementtoreportagainstthe‘TCFD’framework.

ThegreenshootsofTCFDreporting1

Keyhighlights

ESGreportingwasalreadyagrowingpartofFTSE350reportingintheUKand,withthenewTCFDdisclosures,

ourresearchshowsthatESGinformation–includingclimatechangedisclosures–nowconstitutesaround30%

ofthelengthoftheaveragestrategicreport(upfrom20%lastyear).78%ofcompanieswereviewednow

speci?callymention‘climatechange’intheir?nancialstatements–asigni?cantincreaseonthe22%ofthe

FTSE350weobservedlastyear.

Companiesarerespondinginsigni?cantwaystothepressurethatisbeingexertedbyinvestors,regulatorsand

otherstakeholders.Butwefoundthatmanycandoabetterjobofspellingoutthekeymessagesincritical

areasoftheTCFDframework.Inparticular:

Risksandresponses–Many

companiescouldbeclearerabout

theirassessmentofthemost

importantclimate-relatedrisksand

opportunitiesfortheirbusiness,and

howtheyarerespondingtothem.

Climatechangeaffectscompanies

indifferentways,overdifferenttime

periodsandtodifferentextents,

andtheTCFDframework

recognisesthatonesizedoesnot?t

allwhenitcomestoreporting.The

assessmentofrisksand

opportunitiesshoulddriveclimate-

relateddisclosuresbuttoooftenthe

connectionsarenotbeingmade.

Financialimpact–Most

companiescouldprovidebetter

informationabouttheirestimatesof

theactualorpotential?nancial

impactsofclimatechange.Thereis

littleornoquanti?cationoftheissue

inmanyreports,especially

consideringthatthe?nancial

disclosuresaresofundamentalto

theTCFDframework.Andwhen

?nancialinformationisgiveninthe

?nancialstatementsitisoftena

briefstatementthatclimatechange

is‘notmaterial’.

ListingRulesrequirements–We

alsolookedathowcompaniesare

dealingwiththenewListingRules

requirementtoreportontheextent

towhichdisclosuresareconsistent

withtheTCFDframework.Wefound

arangeofapproachestothis,with

someincludingaseparate

‘consistencystatement’whileothers

integratetheinformationwithinthe

TCFDdisclosuresthemselves.

Whatevertheapproach,many

companiesneedtobecleareronthe

areaswheretheyareorarenotyet

consistentwiththeframework,which

caninvolveconsiderablejudgement.

28%

ofcompanieslinktheir

metricsandtargetswith

climate-relatedrisksand

opportunities

8%

ofcompaniesquantifythe

estimated?nancialimpact

ofclimaterisksintheir

strategicreport

50%

ofcompaniesacknowledge

intheirreportingthatthey

havemoreworktodoon

theirTCFDdisclosuresin

futureperiods

TheFCAListingRulestoreportagainsttheTCFDframework,onabroadly‘comply-or-explain’basis,wasalwaysgoing

tobechallenging,giventhattheTCFDframeworkwasnotdesignedasasetofcompliancecriteriaandrelies,for

instance,onsigni?cantjudgementandsupportingguidance.Asmarketpracticedevelopswehopethatthe

observationsinthisdocumentwillhelpcompaniestogetmorefromtheTCFDframework,andatthesametimecomply

withthetechnicalrequirements,whileprovidingshareholdersandotherstakeholderswiththeinformationtheyneed.

2ThegreenshootsofTCFDreporting

Our?ndings

Risksandresponses–strikingtherightbalance

Climatechangeaffectscompaniesin

differentwaysandtodifferentextents,

andtheTCFDframeworkrecognises

thatonesizedoesnot?tallwhenit

comestoreporting.

Companiesneedtotakea

proportionateapproachtoreporting,

dependingontheimpactclimate

changewillhaveontheirbusiness.

Investors,amongotherstakeholders,have

understandablyfocusedoncompanies

insectorsidenti?edbytheTCFDas

‘high-impact’1forclimatechange.Such

businessesmaybeexpectedtobewell

progressedintheirapproachto

managingclimatechangeandtherefore

wouldbeexpectedtobeinarelatively

strongpositiontoreportonit.

Climatechangeismorelikelytobe

seenasastrategicmatter–aprincipal

riskoropportunity–and?nancially

materialforthesebusinesses.TCFD

disclosuresareexpectedtore?ectthis.

There’salsoalargegroupof

businessesthatdonot?twithin

high-impactsectors,anditcanbe

morechallengingforthemtotakea

proportionateapproachtodisclosure.

Ononehand,theywanttoshowthey’re

committedtoplayingtheirpartin

tacklingclimatechange,butonthe

other,theydon’twanttoimplytherisks

oropportunitiesareexpectedtobe

strategicallymaterial.

Asaresult,we’veseenthese

businessesoftendeveloplengthy

disclosuresthatlooksimilartothoseof

a‘highimpact’business,without

explanationofhowandwhytheissueis

importanttothem.Thisdoesnot

necessarilymeanthatthedisclosures

aregreenwashing.Theactionsbeing

takencanbemakingagenuine

contribution–it’sjustthereasonfor

makingthemisnotsuf?cientlyclear.It’s

importantthatthedisclosuresareclear,

becauseacompany’sassessmentofits

risksandopportunitiesdeterminesits

approachtotherestoftheTCFD

framework.

1Banking,Insurance,Energy,MaterialsandBuildings,Transportation,Agriculture,FoodandForestProducts,TechnologyandMedia,ConsumerGoods

4ThegreenshootsofTCFDreporting

Risksandopportunities:businessassessment

4%86%32%28%

Statewhether

climatechange

ismaterialin

their?nancial

statements

Listclimatechange

asaprincipalrisk

orembeditinto

existingprincipal

risks

Providea

detailed

disclosureofthe

riskassessment

process

carriedout

Clearlylink

risksand

opportunities

withmetricsand

targets

Whathaveweseensofar?

Alackofconsistencyacrossthe

reporting

?Whileonly4%reportwhether

climatechangeismaterialintheir

?nancialstatements,86%list

climatechangeasaprincipalriskor

embeditintoexistingprincipalrisks.

Anumberofcompaniesalsopublish

substantialclimateorsustainability

reportsseparately,whichimplies

thattherearesigni?cantrisksor

opportunitiestobemanaged.We

encouragecompaniestobeclear

abouthowtheirapproachandthe

relatedjudgementsareconsistent

acrossthevariousdisclosures.

Littlefocusontheprocesses

usedtoassessandmanagerisks

(andopportunities)

?Only32%ofcompaniesprovidea

detaileddisclosureoftherisk

assessmentprocesscarriedout,

andfewdetailtheoutcomes.

Disclosurescanthereforeappear

unclearaboutthematerialrisksand

opportunitiestothecompany,the

relatedtimeframesandhowclimate

changecouldimpactthebusiness

model,strategyand?nancial

planning.

Disclosuresnotdrivenbythe

assessmentofrisksand

opportunities

?Bystructuringreportingunderthe

fourpillarsoftheTCFDframework,

companiesoftenmissthe

opportunitytobuildacoherentstory

acrosseachpillar,withonly28%

clearlylinkingrisksand

opportunitieswithmetricsand

targets.Thebestdisclosuresstart

withtheassessmentofrisksand

opportunitiesandrelatetherest

(includinganyscenarioanalysisand

metricsandtargets)backtothis.

Keytakeaway:Aproportionateapproachtoreporting–onethatisbasedonasolid

understandingoftherisksandopportunitiesclimatechangeposesandthesubsequent

judgementsmade–willenablecompaniestotellaclearandconsistentstorytostakeholders.

ThegreenshootsofTCFDreporting5

Risksandopportunities:businessresponse

34%38%56%

Giveaclearplan

and/orresponse

tophysicaland

transitionalrisks

identi?ed

Setoutspeci?c

timingsfortheir

transitionplan

Disclose

milestones/interim

targetsfortheir

emission

commitments

Whathaveweseensofar?

Risksandopportunitiesneedto

beclear?rst

?Thelackofclarityaroundrisksand

opportunitiesnotedintheprevious

sectionmakesitdif?cultfor

businessestoarticulatetheir

responsestotheclimate-related

risksidenti?ed.

Lackofclarityonthenatureof

theresponses

?Almosteveryreportreferstoa

‘transitionplan’,whichshould

explainthestrategyforreachingthe

company’sclimategoal.However

themajorityfocusinsteadon

outliningtargetstoreduce

emissions.

?Whilesomeoftheseplansaddress

astrategicriskoropportunity,

othersdon’t.There’saclear

opportunityhereforcompaniesto

demonstratehowtheremaining

strategicrisksandopportunitiesare

beingaddressed.

?Manyclimate-relatedtargetsarefor

themediumtolong-term,yetonly

56%ofcompaniesdiscloseinterim

milestones.

Defaultingtoemissionsfor

metricsandtargets

?Manycompaniesexpresstheir

climate-relatedmetricsandtargets

intermsofemissionsonly.Where

thereareotherstrategically

signi?cantunderlyingdrivers,

companiesshouldconsider

reportingonthesetoo.Forexample,

thepercentageofrawmaterials

sourcedfromwaterstressedregions

willbekeytomanagingclimate

change.Thiswillalsohelptoshow

howthemetricsandtargetsaddress

anystrategicrisksand

opportunities.

Keytakeaway:Once

companieshavereported

ontheirrelevantrisksand

opportunities,theyneedto

articulatethenatureand

purposeoftheirresponses.

Theseshouldalsore?ect

theappropriatetimescales.

6ThegreenshootsofTCFDreporting

Financialimpact–the‘F’inTCFD

The?nancialimpactofclimatechange

onbusinessesisatthecoreofthe

TCFDframework,asemphasisedby

theTCFDGuidanceonlinkingclimate

metricsto?nancialdisclosures.While

recognisingthatthesedisclosureswill

continuetoevolve,forthecompanies

wereviewed,relativelyfewdisclosures

includequanti?ed?nancialinformation.

Where?nancialinformationisdisclosed

inthefronthalfoftheannualreport,it

isofteninthecontextofscenario

testing,althoughthereisoftenalackof

clarityabouttherelevancetothe

?nancialstatements.

Whereclimate-related?nancial

informationisgiveninthe?nancial

statements,itisoftenabriefstatement

thatclimatechangeis‘notmaterial’

withlittlecommentarytoexplainhow

thisconclusionhasbeenreached.

Whereclimatechangeismentionedin

the?nancialstatements,itistypically

includedintheaccountingpolicy

notesandimpairmentreviews.

Ourobservationsandrecommendations

belowtacklethiskeycomponentof

reportingagainsttheTCFDframework

inmoredetail.

We’vefoundthatwhilemanycompanies

provideextensiveclimate-related

disclosuresinthefronthalf,their

conclusionsastowhytheissueis‘not

material’forthe?nancialstatements

couldbemadeclearer.

Itisimportantthatcompaniesmake

thesejudgementsonaconsistent

basisastheydevelopcash?ow

forecasts,whetherforTCFDreporting

orthe?nancialstatements.For

instance,acompanymayconclude

thatclimatechangeisnotexpected

tocauseamaterialimpairment

chargeevenifthecash?owforecasts

thatwereusedfortheimpairmenttest

includedcapitalexpendituresand

operatingcostsrelatedtoaddressing

climaterisk.Thisinformationmight

itselfbeusefultousersofthe

accountsbutwouldrarelybe

disclosedbecauseitdidnotresultin

animpairmentcharge.Equally,

climatechangemightbeexpectedto

bequantitativelymaterialandaffect

the?nancialstatementsinthefuture,

butbecauseofthetimehorizonor

severityitmaynothaveaneffecton

thecurrentperiod’sbalancesheet.

Thematerialitychallenge

Informationismaterialifomitting,misstatingor

obscuringitcouldreasonablybeexpectedto

in?uencethedecisionsthattheprimaryusersof

generalpurpose?nancialstatementsmakeonthe

basisofthose?nancialstatements…

IAS1–PresentationofFinancialStatements

ThegreenshootsofTCFDreporting7

Reportingthe‘F’inTCFD

78%26%8%10%

Mention‘climate

change’intheir

?nancial

statements

Ofthecompanies

whomention‘climate

change’intheir

?nancialstatements

haveprovided

detaileddisclosures.

Quantifyphysical

andtransitional

risksintheir

strategicreport

Ofcompaniesthat

quantifyphysicaland

transitionalriskintheir

CDPsubmissions

re?ectthemfullyintheir

annualreport.

Whathaveweseensofar?

Brief,high-leveldisclosures

While78%ofcompaniesreferto

climatechangeintheir?nancial

statements,thedisclosuresareoften

briefandhighlevel.Thisinformation

canoftenbefoundintheaccounting

policiesnote,withbriefreferencesin

othernotes.Climatechangeis

particularlyrelevanttoimpairment

reviews,particularlyinsomesectors,

althoughlittleinformationisprovided

abouttheassumptionsusedrelatedto

climaterisk.

Alackofquanti?ed?nancial

impactdisclosures

?Only8%ofcompanies,usuallyin

highrisksectors,quantifythe

?nancialimpactofphysicaland

transitionalrisks.Itispossibleto

provide‘?nancial’informationona

qualitativebasis,butitwilltypically

besubstantiallylessmeaningful

thanquanti?eddisclosures.

Quanti?edinformation

providedelsewhere

?63%ofcompanieswithCDP

submissionsprovidequanti?ed

?nancialinformationontheir

climate-relatedrisksand

opportunities.This,however,isnot

usuallyre?ectedinthe?nancial

statements–withonly10%

explaininghowthetworelate.

Interpretationofmaterial

?nancialimpact

?Wherethereare?nancialdisclosures

intheTCFDreporting,theytendto

focusonthematerialityofclimate

changetothecurrentbalancesheet.

However,theTCFDframeworkis

clearthatcompaniesshouldalso

considerthepotentialimpactof

climate-relatedissuesonfuture

?nancialperformanceandposition,

butthereislittledisclosureofthis.

Therelationshipbetweenthefront

halfandthe?nancialstatements

?Thefronthalfoftheannualreport

oftenincludessigni?cantcontenton

climatechangewithlittleorno

mentionofthisinthe?nancial

statements.Therecanbevalid

reasonsforthisbuttheyareoften

notprovided.

Keytakeaway:Whereitisnecessary,basedontheassessmentofrisksandopportunities,

companieswilloftenneedtoprovidemorequanti?ed?nancialinformationontheimpactsof

climatechangeinthefronthalfnarrativeoffuturereportstomeettheexpectationsoftheTCFD

frameworkinfull.Carefulconsiderationwillthereforeneedtobegiventotheconsistency,or

otherwise,betweenthefronthalfandbackhalf.

8ThegreenshootsofTCFDreporting

ListingRulesreporting–statementof

consistencywiththeTCFDframework

Inthissection,wefocusonhowthe

ListingRulesrequirementshavebeen

addressedfromthepointofviewof

technicalcompliance.

Forperiodsbeginningonorafter

1January2021,premiumlisted

companieshavebeenrequiredunder

theFCAListingRulestoreportclimate-

relateddisclosuresinlinewiththe

TCFDframework,onabroadly‘comply-

or-explain’basis.Thiswasalwaysgoing

tobechallenging,giventhattheTCFD

frameworkwasnotdesignedasasetof

compliancecriteriaandrelies,for

instance,onsigni?cantjudgementand

supportingguidance.

Thishasresultedinarangeof

approachestothereporting

requirements.Forinstance,somehave

includedaseparate‘consistency

statement’,whileothershaveintegrated

informationontheirstatusagainstthe

frameworkwithintheTCFDdisclosures

themselves.

Equally,judgementhashadtobe

appliedtodecidewhetheracompanyis

orisnotsuf?cientlyprogressedinits

processesanddisclosurestoclaim

‘consistency’withtheTCFDframework.

Dealingwithclimatechangewillbean

ongoingprocess,meaningthat

processesanddisclosureswilloften

developand?exgoingforward.Atwhat

pointdoesthismeanthatthecurrent

positionisorisnotfullyconsistentwith

theframework?

TheListingRulesalsopermit

informationtobeprovidedoutsidethe

annualreport(subjecttoexplainingwhy

thishasbeendone)buttheCompanies

Actrequiresallmaterialinformation

connectedwithclimatechangetobe

includedintheannualreportitself.This

hasgivenrisetodiscussionswithin

companiesinanumberofcasesabout

whatdoesanddoesnotneedtobein

theannualreportwhereacompanyhas

asubstantialseparateclimateor

sustainabilityreport.

Welookattheseissuesnext.Itis

likelythatpracticeinthisareawill

continuetodevelopasthe?rstround

ofreportingisreviewedbythe

regulatorsandotherstakeholders,

andasreportingevolvesinlightof

technologyanddigitisation

opportunities.

ThegreenshootsofTCFDreporting9

ListingRulesreporting

68%38%50%46%

Provideanexplicit

statementof

consistencywith

theTCFD

framework

Statefull

consistencywith

theTCFD

framework

Acknowledgein

theirreportingthat

theyhavemore

worktodoontheir

TCFDdisclosuresin

futureperiods

Includeinformation

outsidetheannual

report

Whathaveweseensofar?

Lackofclarityonconsistency

withTCFDframework

?Itisnotalwaysimmediatelyclear

whetheracompanybelievesits

disclosuresare–orarenot–

consistentwiththeTCFD

framework.Themost

straightforwardwayforacompany

todothisistoincludeaseparate

consistencystatementthatrefersto

theTCFD’selevenrecommended

disclosures,explainingwhathas

beenachievedintheyearandwhere

furtherinformationwillbeprovided

intheyearstocome.Aseparate

tableorstatementdetailingthisis

notatechnicalrequirement,but

providesaclearoverviewfor

thereader.

Qualityofexplanationswhere

inconsistentwiththeTCFD

framework

?Withsomeexceptions,reports

generallydonotexplaininanydetail

whythecompanyisnotyet

consistentwiththeframeworkor

whattheirfutureplansare.There

shouldbe‘full,clearandmeaningful

explanations1’astowhycertain

disclosureshavenotbeenincluded.

Companiesshouldofcoursealso

avoidgivingtheimpressionthey

havedonemorethantheyactually

have.Importantly,whereacompany

hasmadeajudgementbasedonits

riskassessmentthatanelementof

theTCFDframeworkisnot

appropriatetothem(forinstance

quantitativescenariotesting)thisis

consistentwiththeframeworkifitis

explained.

Useofotherreportingchannels

?ThemajorityofTCFDreportingis

includedwithintheannualreport,

almostalwaysinaspeci?csection

ofthestrategicreport.However,a

signi?cantnumberofcompanies

cross-refertoaseparatereportand

asmallnumberincludemostofthe

relevantdisclosuresinaseparate

TCFDorsustainabilityreport.

Companiesshouldnotethatunder

theListingRulesareasonneedsto

begivenfortakingthisapproach,

andthisisrarelyexplainedclearly.

Asareminder,allmaterial

informationmustbeincludedinthe

annualreporttocomplywiththe

CompaniesAct.Thiscouldbeas

partofprincipalriskorotherrelated

reportingiftheTCFDdisclosures

areoutsidetheannualreport.

Keytakeaway:TheListingRulerequirementscallfortheexerciseofconsiderablejudgementin

manycasesandcompaniesshouldseekfeedbackontheirTCFDreportingfromregulatorsand

otherstakeholdersontheapproachestakeninyearoneofthenewreporting.

1FCAPrimaryMarketTechnicalNote802.1

10ThegreenshootsofTCFDreporting

Lookingahead

Ourrecommendationsonhowtoenhancereporting

Asidenti?edinouranalysis,thereareanumberofareaswherereportingwill

needtoevolvetocomeclosertotheoriginalintentionsbehindtheTCFD,build

greatertrustincompanies’climatedisclosuresandhelppreparecompaniesfor

futureregulatoryreportingrequirements.Theseinclude:

?Greaterclarityonthestrategicrisksandopportunitiesconnectedwithclimate

changeforthebusinessandhowtheyarebeingrespondedt