Countries' updates - Eva Lindström, European Court of Auditors
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The document discusses sustainability reporting in both the public and private sectors, highlighting a shift towards non-financial information inspired by private sector models since the 1980s and 1990s. It emphasizes the framework provided by the Agenda 2030 and Sustainable Development Goals (SDGs) for effective reporting, alongside examples from Swedish state-owned companies that have adopted compulsory reporting practices. Key benefits of sustainability reporting include improved business models, long-term value creation, and enhanced communication with stakeholders.
Countries' updates - Eva Lindström, European Court of Auditors
- 1. Sustainability Reporting in the public and private sector Eva Lindström Member of the European Court of Auditors Annual Meeting of OECD Senior Financial Management and Reporting Officials 4 March 2019
- 2. Background • Changes since 1980s-90s in public accountancy, budgeting, reporting: inspired by private sector model • Performance reporting is key to public governance • Increasing demand for non-financial information in private sector • EU directive 2014/95 Disclosure of non-financial information and diversity • BUT reporting is not mandatory for public sector Slide 2
- 3. Sustainable development “Development and growth of one generation not compromising the ability of future generations to meet their needs” Brundtland Report 1987 Page 3
- 4. Agenda 2030 & Sustainable Development Goals (SDGs) • Adopted in 2015 by 193 countries • 17 goals, 169 targets • Private/public sector • High Level Political Forum in 9-18 July 2019
- 5. Sustainability reporting in the private Sector Sustainability reporting = non-financial information on economic, social & environmental dimensions related to activities of the institution (risk and materiality) How? Global Reporting Initiative (GRI), etc. Where? Separate or in annual report Why? Preparedness Communication New opportunities Secure & develop business model Agenda 2030/SDGs could offer a framework for reporting Slide 5
- 6. Country experience: State-owned companies in Sweden • 47 companies, 135 000 employees, 54 bn EUR (market value) • Compulsory reporting since 2008 • Relating work to Agenda 2030 since 2016 • International frameworks • Sustainability goals decided by governing boards • Top of agenda in every “owner dialogue” Advantages Secure business model Long term value creation Communication to parliament, citizen etc. From strategic sustainable goals to sustainable strategies Slide 6
- 7. • Agenda 2030 strategic framework in countries • Voluntary national reviews to the UN • 102 countries so far • Mechanisms for co-ordination vary Slide 7 Sustainability reporting in the public sector
- 8. Page 8
- 9. Transparency and trust The truth, the whole truth and nothing but the truth? Slide 9