PracticeAuditFTSE 350 pay ‘lip service’ to environment in annual reports

FTSE 350 pay 'lip service' to environment in annual reports

PwC report finds 30% of companies do not link KPIs with sustainability objectives

Companies are paying “lip service” to environmental sustainability in their
annual reports according to a PricewaterhouseCoopers (PwC) report which predicts
investors will demand evidence of green thinking in the future.

The accounting firm’s study of FTSE 350 companies found only 31% align
sustainability measures with their key performance indicators, and many are
reticent to provide about their “key dependencies”.

“Although the number of companies aligning their sustainability objectives
with strategic goals has increased, many companies appear to pay lip service to
this are of reporting,” the report said.

“With a growing recognition of the realities of climate change, stakeholders
will increasingly seek evidence that companies have considered, and are
responding to, the potential risks.”

The report found there’s room for improvement across FTSE 350 companies when
it comes to narrative reporting. The Financial Reporting Council is preparing
new guidance on narrative reporting likely to be released by the end of the
year.

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