Senior leaders from the Big Four accountancy firms have called on companies to adopt “audacious” ESG targets and implement “organisational change at the governance, strategy, risk management and performance management levels” to achieve those goals.
The statement, issued yesterday, was co-signed by EY CEO Carmine Di Sibio, Deloitte CEO Punit Renjen, KPMG CEO Bill Thomas and PwC Chairman Robert Moritz.
It follows the publication last year of ESG disclosure guidelines by the firms in collaboration with the World Economic Forum (WEF).
According to the accountancy firms, companies need to start embedding ESG into their strategies and focus on disclosure of “meaningful ESG performance information” to raise the quality of ESG reporting in line with financial reporting.
Prolonging this will increase compliance costs and reporting complexity for companies who will need to abide by sustainability reporting rules in the future, they said.