The project is a collaboration between the World Economic Forum (WEF), the International Business Council (IBC), Deloitte, KPMG, EY and PWC (collectively, the “IBC Disclosure Project”). It is a follow-up to the IBC’s 2017 initiative to align company corporate values and strategies with the UN Sustainable Development Goals (UN SDGs). The IBC Disclosure Project stated goal is to bring greater consistency and comparability to sustainability reporting by establishing common metrics for company disclosure.
The framework encourages disclosure on a “comply or explain” basis, with materiality, confidentiality and legal constraints listed as acceptable reasons for not disclosing to a particular disclosure metric. In this context, “materiality” can be defined by the company and need not conform to any regulatory definition of the term. Reporting is also encouraged via annual reports or proxy statements to help ensure Board oversight and participation of sustainability disclosure. Companies could to continue to use sustainability reports for any supplemental sustainability information
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