• Register
Return to: Home > News > Standards > World Business Council for Sustainable Development launches the Reporting Exchange

World Business Council for Sustainable Development launches the Reporting Exchange

The World Business Council for Sustainable Development (WBCSD) has launched the Reporting Exchange, an online platform to help businesses navigate the confusing and fragmented world of corporate reporting requirements on environmental, social and governance issues (ESG).

The reporting exchange is a free online resource that allows anybody interested in corporate reporting of ESG information to find out what the reporting requirements are across the world, what reporting resources exist to support those requirements and what management resources exist to help management implement those requirements.

The platform currently hosts 1,776 reporting provisions covering 60 countries which, according to  WBCSD managing director, redefining value & education Rodney Irwin, represent 93% of global GDP.  

The platform will soon launch a Spanish version followed by a Japanese one and French, German, Italian and Portuguese, Irwin announced at the launch event of the English platform in the London Stock Exchange in September.

“Our aim is to build a global community of business, reporters, academics and others who contribute their knowledge and experience of the platform by adding and updating the requirements and resources,” Irwin said. “Sustainability reporting is not a competitive advantage, we want company to compete on performance not on methodology and therefore this resource is there to create that level playing field against which all companies can report transparently their performance and compete on performance not the theory behind the numbers that they produce.”

While the Reporting Exchange was created in partnership with many stakeholders, the brain behind this initiative is Climate Disclosure Standards Board (CDSB) founding director Lois Guthrie who in the mid noughties had the idea of creating a resource giving clarity on the corporate reporting landscape.

“So now we know the landscape or at least 60 countries worth of it, yes it’s confused, yes it’s frustrating as the panellists have said, yes it is bewildering,” she said at the launch event. “However that is not necessarily a bad thing, it is healthy at this stage in the development of our understanding about how we are to collect information necessary for making decisions about a sustainable future.”

Some people have said that these different provisions are a bit like notes on a musical score, Guthrie continued, they just need orchestration to make a more harmonious sound.

“While we work out what to do there is actually a faithful scribe a faultless calculator and a superb bookkeeper that is keeping a record of what is happening to the planet and society and that is in the shape of the carbon cycle, the water cycle, natural systems, the hearts and minds of people. They are keeping the record and if we could read that record it would say crisis,” she said. “So now it is over to you, you’ve got to look at that system and look at what is needed for coherent policy making that is going to protect our society and planet. Have a look at it and come back to us where you see opportunities for synergies.”

The Reporting Exchange can be accessed here

Top Content

    Choosing the right location can have cast-iron benefits

    As Game of Thrones, one of the biggest television shows of all time, comes to an end, Joe Pickard looks at how tax incentives offered to television and film production companies help the wider economy.

    read more

    Primary financial statements: a game changer in reporting?

    International Accounting Standards Board chair Hans Hoogervorst delivered a speech at the Seminario International sobre NIIF y NIF, organised by the Consejo Mexicano de Normas de Información Financiera in Mexico. The Accountant presents the highlights.

    read more

    FASB readies standards for the netflix generation

    The US Financial Accounting Standards Board (FASB) has updated its accounting standard for entertainment, with a specific eye on keeping up to date with how episodic content, such as television programmes, is consumed in the modern world. Jonathan Minter reports.

    read more

    Brexit: why it takes two to tango

    Former TA editor Vincent Huck, now editor of Insurance Asset Risk, looks at why Brexit might unleash geopolitical intrigue in Europe’s accounting standard-setting scene – and why IFRS 17 will be an incredible source of opportunity for firms in the coming years.

    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.