• Register
Return to: Home > News > Mark Carney: non-financial reporting provides opportunities as well as risks

Mark Carney: non-financial reporting provides opportunities as well as risks

Bank of England governor Mark Carney has said an integrated approach to non-financial reporting will allow companies to think about longer-term value creation as well as managing climate risk.

In an interview with CPA Canada president and CEO Joy Thomas on defining the success of the Task Force on Climate-related financial Disclosures (TCFD), which he created, Carney commented that by looking at the risks that are created due to climate change, opportunities will present themselves which will make for an effective transition in to a low carbon world.

He noted that these opportunities may come in different areas, such as in the form of data or AI

Carney, as the chair of the Financial Stability Board, was asked by the G20 to create the TCFD to develop a set of voluntary disclosures to help establish greater reporting consistency on climate change issues.

In the interview, Carney commented that while it is up to the TCFD to set the disclosures, it will be down to the professionals of the accountancy industry and their clients to determine “which of the disclosures work, which ones could be improved, which should be trimmed back, which should be expanded”.

In regards to energy transition, Carney said: “You don’t just need static disclosure—we do need it—but you also need that scenario analysis and a sense of how companies are managing their risks and their governance processes in order to do so.?

“These are some very higher order types of disclosure and takes true judgment and that’s why having the support of the CPA and the professionals in the CPA is hugely important to make sure that this works.”

Defining the success of the TCFD, Carney noted that the TCFD is ipso facto a success due to its composition: “A solution of the private sector for the private sector.”

Top Content

    ARGA team, assemble!

    The new top team has been named that will see in root-and-branch reform at the Financial Reporting Council (FRC) as it transforms into the Audit, Reporting and Governance Authority (ARGA). Will the new duo be as dynamic as some are hoping? Robin Amlôt reports.

    read more

    FASB: a quest for simpler standards

    FASB chair Russell Golden addressed the IMA 2019 Annual Conference and Expo at the Sheraton San Diego Hotel and Marina, California, on 18 June. IMA immediate former chair-emeritus Alex Eng acted as moderator. Joe Pickard reports.

    read more

    The future of audit, and how to get there

    Two recent reports peer into the future of the audit profession. One analyses what an audit should offer, while the other looks at how the audit process will be carried out. Robin Amlôt takes a closer look at both.

    read more

    EFAA elects new president, focuses on digital future

    EFAA’s new president, Salvador Marin, outlined his key priorities for the next two years at the organisation’s 2019 annual general meeting, while outgoing president Bodo Richardt offered advice. Robin Amlôt reports.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.