1、THE STATE OF PLAY:SUSTAINABILITY DISCLOSURE&ASSURANCE2019-2021 TRENDS&ANALYSISFEBRUARY 20232FOREWORDThis marks our third annual benchmarking study of global practice in sustainability disclosure and its assurance.The momentum behind enhancing corporate reporting with environmental,social,and governa

2、nce(ESG)or sustainability information continuesdemonstrated by our findings that 95%of large companies report on ESG and 64%of companies now obtain assurance/verification over some of the information they provided in 2021(increasing from 91%and 51%,respectively,in 2019).The need for a harmonized,glo

3、bal system for reporting decision-useful information is clearer than ever before given 86%of the companies reviewed employed multiple standards and frameworks to prepare and present sustainability information.We continue to believe this practice neither supports consistent,comparable,and reliable in

4、formation,nor provides a foundation for globally consistent,high-quality sustainability assurance.New in this report,we examine the extent to which companies provide forward-looking information on climate:emissions reduction targets and plans for achieving them.While nearly two-thirds of companies d

5、isclosed targets,they lag the rate at which companies report their historic greenhouse gas emissions(97%).Other key highlights in this report demonstrate important global trends,as well as continuing jurisdictional differences.Stand-alone sustainability reports remain a popular format for disclosure

6、(especially in Canada,U.S.,and jurisdictions in Asia).But there are jurisdiction-specific trends toward reporting in annual reports and integrated reports,which provide more connectivity between ESG and financial information and support integrated decision making within companies.While most reportin

7、g focuses on multi-stakeholder and societal matters,using or referencing the TCFD Framework and SASB Standards has grown dramatically since 2019,albeit unevenly around the world.The rate of assurance has increased significantly from 2019 to 2021,but most engagements remain narrowly focused on greenh

8、ouse gas metrics.Little more than half(53%)of engagements encompassed a range of ESG disclosures.The International Auditing and Assurance Standards Boards(IAASB)International Standard on Assurance Engagements 3000(Revised)remained the most widely used assurance standard.Assurance enhances trust and

9、confidence in ESG information and the systems and controls used to collect and report data.It also supports informed capital allocation decisions.We believe professional accountants are best positioned to conduct engagements that connect sustainability assurance with financial statement auditsall ba

10、sed on rigorous and widely accepted professional,quality management,and ethical standards.In fact,70%of the time,companies that obtained sustainability assurance from a professional accountant engaged their statutory auditor to also review their ESG disclosures.However,in seven jurisdictions,non-acc

11、ountancy service providers performed a majority of assurance engagements,albeit narrower in scopefocused on greenhouse gas or other environmental metrics.As the ISSB,IAASB,IESBA collectively work to ensure their standards support high-quality sustainability disclosure and assurance,the accountancy p

12、rofession must demonstrate to stakeholders why our profession is best placed to deliver assurance.We hope that this study continues to serve as a foundation for evidenced-based conversations amongst policy makers,regulators,preparers,and all users of sustainability information.Kevin Dancey Chief Exe

13、cutive Officer,IFACSusan S.Coffey CPA,CGMA,Chief Executive Officer Public Accounting AICPA&CIMA3MAPPING GLOBAL REPORTING AND ASSURANCE PRACTICESKEY FINDINGS:2019|2020|2021For the third consecutive year,our analysis indicates that while the frequency of reporting ESG information is very high and the

14、incidence of assurance is on an upward trend,there continues to be a meaningful difference between reporting and assurance rates.This study updates understanding,based on 2021 reporting,of market practice for the reporting and assurance of environmental,social,and governance(ESG or sustainability)in

15、formation,globally.1,350 companies across twenty-one jurisdictions were reviewed for 2021(see Methodology Section).reported some ESG informationobtained some level of assuranceassurance engagements conducted by firmsof assurance was limitedof firms applied ISAE 3000(Revised)*of other service provide

16、rs applied ISAE 3000(Revised)91%51%63%83%88%34%92%58%61%82%94%39%95%64%57%80%95%38%Link to 2020 State of Play report*Including national assurance standardssuch as the AICPAs attestation standardsthat are at least as robust as ISAE 3000(Revised),the percentage of Firms that applied ISAE 3000(Revised)

17、,or corresponding national standards,was 96%in 2019,96%in 2020,and 99%in 2021.4CANADAMEXICOUNITED STATESARGENTINABRAZIL98.086.099.064.092.061.246.581.825.071.761.385.015.389.075.8FRANCEGERMANYUNITED KINGDOMSPAINITALY10099.099.098.010098.073.781.893.994.098.095.936.498.0100SOUTH AFRICAINDIASAUDI ARAB

18、IA96.010076.062.549.013.246.947.171.4TURKEYCHINAs mainlandSOUTH KOREA88.093.092.052.336.610069.050.08.1JAPANHONG KONG S.A.R.AUSTRALIASINGAPOREINDONESIA99.010098.010010068.752.069.438.032.046.634.594.356.550.00%100%ESG Reporting Companies0%100%Rate of ESG Assurance0%100%Assurance Provided by Audit Fi

19、rms or Affiliated FirmsMAPPING GLOBAL REPORTING AND ASSURANCE PRACTICES-20215SCOPE OF REPORTING AND ASSURANCEReporting:REPORTINGREPORTINGREPORTINGREPORTINGREPORTINGAssurance:ASSURANCEASSURANCEASSURANCEASSURANCEASSURANCEMost companies reported some information on greenhouse gas(GHG),other environment

20、al,social,and governance sustainability matters.The percentage of companies who provided information in all four of these ESG categories examined in this study increased to 96%.Companies who obtained assurance still focused primarily on GHG data,but the scope of information being assured increased.5

21、3%of companies obtained assurance on information in all four of the ESG categories examined in this study.GHG Social Other Environmental Governance*All Topics*Governance does not include remuneration(or other)information that is statutorily required to be reported and assured in some jurisdictions20

22、20202195%43%78%68%43%94%53%82%74%56%92%89%98%96%95%97%96%99%100%100%6REPORTING7SUMMARY CHANGES:REPORTINGMETHOD OF REPORTING.The use of stand-alone sustainability reports has declined globally over the 2019-2021 reporting periods,with Canada,Chinas mainland,Hong Kong S.A.R.,South Korea and the U.S.be

23、ing notable exceptions.Elsewhere ESG reporting in integrated reports(Brazil,France,Japan,India,Turkey,Singapore)and annual reports(Germany,Spain,Saudi Arabia,Indonesia,and Singapore)has increased.(See page 8 for more information.)The use of/reference to Global Reporting Initiative(GRI)Standards and

24、the UN Sustainable Development Goals(SDGs)remained high(comparing 2020 to 2021)among the companies that reported on ESG.STANDARDS&FRAMEWORKS.The use of/reference to the Sustainability Accounting Standards Board(SASB)Standards and the Task Force on Climate-related Financial Disclosure(TCFD)Framework

25、increased significantly.(GRI)toto(SDGs)over 2020SASB increase ofover 2020TCFD increase of increasing from increasing from 29%30%72%74%76%79%1,283 of 1,350 companies reported ESG information in 2021(compared to 1,283 of 1,400 in 2020).8CHANGES IN WHERE COMPANIES REPORTED ON ESGOver the three year per

26、iod,fewer companies relied on stand-alone sustainability reports while use of integrated and annual reports for ESG disclosures increased.Use of Integrated Reports surged in France from 2020 to 2021(up 44%).30 of the 50 companies reviewed included ESG information in a report consistent with the Inte

27、grated Reporting Framework.Globally,the number of reporting companies has steadily increased.In Saudi Arabia,reporting on ESG increased 24%in 2021,primarily in annual reports.AMERICASEUROPEAN UNIONOTHER EMEAASIA-PACIFICARGENTINABRAZILCANADAMEXICOUSAFRANCEGERMANYITALYSPAINUNITED KINGDOMSAUDI ARABIASO

28、UTH AFRICATURKEYAUSTRALIAHONG KONG S.A.R.INDONESIA201920202021SINGAPOREINDIAJAPANSOUTH KOREACHINAS MAINLAND0%50%100%Sustainability ReportAnnual ReportIntegrated ReportNo Report57%18%20%24%16%21%21%9%8%5%51%50%95%AVERAGE RATE OF REPORTING9STANDARDS AND FRAMEWORKSUsage of SASB Standards and the TCFD F

29、ramework has increased significantly between 2019 and 2021albeit not to the same extent across all jurisdictions.Companies in the Americas and Europe have steadily adopted while companies in the Middle East,and parts of Asia have lagged.ARGENTINAARGENTINA2002020212021BRAZILBRAZILCANADACAN

30、ADAMEXICOMEXICOUSAUSAFRANCEFRANCEGERMANYGERMANYITALYITALYSPAINSPAINUNITED KINGDOMUNITED KINGDOMSAUDI ARABIASAUDI ARABIASOUTH AFRICASOUTH AFRICATURKEYTURKEYAUSTRALIAAUSTRALIAHONG KONG S.A.R.HONG KONG S.A.R.INDONESIAINDONESIASINGAPORESINGAPOREINDIAINDIAJAPANJAPANSOUTH KOREASOUTH KOREACHINAS MAINLANDCH

31、INAS MAINLAND0%0%50%50%100%100%SASB Standards Jurisdictional reference or use of SASB Standards during 2021TCFD Framework Jurisdictional reference or use of TCFD Framework during 202115%38%49%The percentage of ESG reporting framework/standard is calculated as the number of reports that disclose the

32、use of a specific framework/standard vs.the total number of reports that include ESG information(1283).24%48%63%49%AVERAGE RATE OF REPORTING63%AVERAGE RATE OF REPORTINGAMERICASAMERICASEUROPEAN UNIONEUROPEAN UNIONOTHER EMEAOTHER EMEAASIA-PACIFICASIA-PACIFIC10STANDARDS AND FRAMEWORKSARGENTINAARGENTINA

33、2002020212021BRAZILBRAZILCANADACANADAMEXICOMEXICOUSAUSAFRANCEFRANCEGERMANYGERMANYITALYITALYSPAINSPAINUNITED KINGDOMUNITED KINGDOMSAUDI ARABIASAUDI ARABIASOUTH AFRICASOUTH AFRICATURKEYTURKEYAUSTRALIAAUSTRALIAHONG KONG S.A.R.HONG KONG S.A.R.INDONESIAINDONESIASINGAPORESINGAPOREINDIAINDIAJAPA

34、NJAPANSOUTH KOREASOUTH KOREACHINAS MAINLANDCHINAS MAINLAND0%0%50%50%100%100%GRI Standards Jurisdictional reference or use of GRI Standards during 2021SDG Goals Jurisdictional reference or use of SDG Goals during 2021Multiple Standards69%72%74%62%76%79%74%AVERAGE RATE OF REPORTING79%AVERAGE RATE OF R

35、EPORTING20%50%100%86%80%68%AMERICASAMERICASEUROPEAN UNIONEUROPEAN UNIONOTHER EMEAOTHER EMEAASIA-PACIFICASIA-PACIFIC86%of companies now use/reference more than one reporting standard or framework.11FORWARD-LOOKING DISCLOSURE120%50%100%SETTING AND GETTING TO CLIMATE REDUCTION GOALS2021 is b

36、ased on 1,350 companies from 21 jurisdictions.2020 is based on 600 companies from 15 jurisdictions.2020202116%27%23%34%22%27%18%33%No TargetOther TargetNet Zero Scopes 1+2Net Zero Scopes 1,2+3GHG target that does not achieve carbon neutrality or net zero.GHG target that reaches carbon neutrality or

37、net zero emission in operations.(i.e.,Scope 1+2)GHG target that reaches carbon neutrality or net zero emission in the value chain.(i.e.,Scope 1,2+3)Carbon neutral or net zero?The terms carbon neutral and net zero are often used interchangeably-leading to inconsistencies in what stakeholders understa

38、nd about what is or is not included in an entitys emissions reduction target.This report highlights targets intended to achieve zero emissions(i.e.,identified by the green sections of the graph).Scope 3 disclosures vary.Companies may include all 15 categories from the GHG Protocol standards,only mat

39、erial categories,or only select categories of Scope 3 emissions.A detailed analysis of Scope 3 emissions was not included in this analysis.67%of companies reviewed in 2021 disclosed emissions reduction targetsClick to view Net Zero reportBENCHMARKING EMISSIONS TARGETS AND TRANSITION PLANS1A Global R

40、eview of Corporate DisclosuresGETTING TO NET ZERO13SETTING NET ZERO REDUCTION TARGETS58%EU49%Overall50%EMEA49%AM44%APAMERICASEUROPEAN UNIONOTHER EMEAASIA-PACIFICARGENTINABRAZILCANADAMEXICOUSAFRANCEGERMANYITALYSPAINUNITED KINGDOMSAUDI ARABIASOUTH AFRICATURKEYAUSTRALIAHONG KONG S.A.R.INDONESIASINGAPOR

41、EINDIAJAPANSOUTH KOREACHINAS MAINLAND0%50%100%Other TargetScopes 1,2+3Scopes 1+2No TargetThere is little regional variance in setting emissions reduction goals other than a slightly higher rate,58%,of net zero targets-either Scopes 1+2 or Scopes 1,2+3-in the European Union.However,companies in G7 ju

42、risdictions were more likely to disclose net zero targets.68%disclosed a net zero target compared to 40%from non-G7 jurisdictions.Political and societal mandates,and other market incentives,may play a role in the level of voluntary disclosure observed by the largest companies in the G7 jurisdictions

43、.49%of companies reviewed in 2021 set a net zero emissions reduction target14CREATING EMISSIONS REDUCTION PLANSAMERICASEUROPEAN UNIONOTHER EMEAASIA-PACIFICARGENTINABRAZILCANADAMEXICOUSAFRANCEGERMANYITALYSPAINUNITED KINGDOMSAUDI ARABIASOUTH AFRICATURKEYAUSTRALIAHONG KONG S.A.R.INDONESIASINGAPOREINDIA

44、JAPANSOUTH KOREACHINAS MAINLAND0%50%100%Transition PlanNo Transition PlanHowever,companies may state their goal is net zero by 2050 or operationally neutral by 2050 without specific detail about how the stated plan will achieve the goal.87%OF COMPANIES87%of companies reviewed in 2021 with an emissio

45、ns target also provide information about how they plan to reach the target.15ASSURANCE16SUMMARY CHANGES:ASSURANCEThe six jurisdictions with the largest 3-year increases are Hong Kong S.A.R.,Italy,Japan,Singapore,Turkey,and the United Kingdom,while Hong Kong S.A.R.,Japan,and the U.K.posted the larges

46、t single-year increases in 2021.Of engagements(i.e.,516 of 913 assurance reports from 818 companies)were conducted by audit firms in 2021Of engagements(i.e.,505 of 833 assurance reports from 741 companies)were conducted by audit firms in 2020Of engagements(i.e.,445 of 704 assurance reports from 645

47、companies)were conducted by audit firms in 2019WHO PROVIDES ASSURANCE.ASSURED ESG INFORMATION.The percentage of companies that obtained assurance on some of their ESG reporting increased from:57%61%63%95%of firms*(or their affiliates)used ISAE 3000(Revised),while non-IAASB standards were most common

48、ly used by the other services providers(i.e.,only 38%used ISAE 3000)during 2021.*99%of Firms applied ISAE 3000(Revised),or corresponding national standards,in 2021.ASSURANCE STANDARDS.The International Auditing and Assurance Standards Boards(IAASB)International Standard on Assurance Engagements(ISAE

49、)3000(Revised)remained the most widely used standard for ESG assurance engagements:in 2019in 2020in 2021toto68%72%70%in 2019in 2020in 2021toto51%58%64%17AMERICASEUROPEAN UNIONOTHER EMEAASIA-PACIFICARGENTINABRAZILCANADAMEXICOUSAFRANCEGERMANYITALYSPAINRUSSIAUNITED KINGDOMSAUDI ARABIASOUTH AFRICATURKEY

50、AUSTRALIA HONG KONG S.A.R.INDONESIASINGAPOREINDIAJAPANSOUTH KOREACHINAS MAINLAND0%50%100%RATE OF ASSURANCE BY JURISDICTION64%DISCLOSED ESG DATA OBTAINED ASSURANCE IN 2021.OF THE COMPANIES THATThe percentage of assurance is based on the number of companies that obtained assurance over reported ESG in

51、formation(818)vs.the total number of companies that reported ESG information(1,283).If a company obtained more than one assurance report(i.e.,there were multiple metrics or information individually verified),that company is only counted once.Reviews,verification statements,and other similar items we

52、re not counted as assurance reports.204%2021 AVERAGE58%2020 AVERAGE51%2019 AVERAGE18Indonesia 17%Hong Kong,S.A.R.11%Mexico 11%South Africa 20%United Kingdom 17%India 16%Japan 16%The number of assurance engagements performed by firms continues to grow(516 in 2021 from 505 in 2020),but firm

53、 market share continues to decline(57%from 61%).In 2021,other service providers(OSPs)had a majority market share in seven jurisdictions(Hong Kong S.A.R.,India,Japan,South Africa,South Korea,the U.K.,and the U.S.).TYPE OF FIRM PROVIDING ASSURANCE BY JURISDICTIONIncreaseDecreaseLargest Audit Firm Mark

54、et Share(2019-2021):AMERICASEUROPEAN UNIONOTHER EMEAASIA-PACIFICAudit Firm*Other Service Provider0%50%100%Assurance provider is calculated as the number of assurance reports signed by firm type vs.the total number of assurance reports.*An Affiliated Firm is an independent entity that is associated w

55、ith a specific audit firm(typically the local audit firm member of a global network).Audit firms and their affiliates have been combined in the data above.On average,57%of assurance in 2021 was performed by audit firmsARGENTINABRAZILCANADAMEXICOUSAFRANCEGERMANYITALYSPAINUNITED KINGDOMSAUDI ARABIASOU

56、TH AFRICATURKEYAUSTRALIAHONG KONG S.A.R.INDONESIASINGAPOREINDIAJAPANSOUTH KOREACHINAS MAINLAND57%2021 AVERAGE19LOCATION AND LEVEL OF ASSURANCE Higher rates of assurance from other service providers(OSPs)in Asia-Pacific resulted in more moderate and reasonable assurance.Many jurisdictions that have h

57、igh rates of integrated reporting also have high rates of assurancee.g.the assurance rate is 98%in France and 72%in Brazil in 2021.97%of audit firm-related engagements resulted in limited assurance reports.In contrast,58%of engagements conducted by other service providers resulted in limited assuran

58、ce.Assurance rates are increasing across all report types.ASSURANCE RATE BY REPORT TYPELEVEL OF ASSURANCE-202152%35%64%57%45%70%65%50%77%201920202021Sustainability ReportAnnual ReportIntegrated ReportLimitedReasonableModerateOtherTotal populationOther service providersAudit firms100%0%50%80%97%58%10

59、%7%22%15%5%1%2%2%20ASSURED ESG INFORMATION BY REPORTING FRAMEWORK OR STANDARD While the SDGs are the most commonly cited reporting framework(79%in 2021),this information is not the subject of sustainability assurance engagements.Information disclosed in accordance with the Greenhouse Gas(GHG)Protoco

60、l and jurisdictional standards in Europe are commonly the subject of assurance:GHG Protocol 145 assurance reports EU standards 116 assurance reportsInformation disclosed in accordance with GRI Standards is assured more often than any other reporting framework or standard.SASB2021202020199%4%7%8 of 1

61、9242 of 48546 of 623GRI202%37%39%322 of 871350 of 926370 of 949TCFD2021202020193%3%3%9 of 30720 of 61924 of 804SDG2021202020191%2%1%17 of 7899 of 97911 of 1,011Percentages are calculated as the number of times an ESG framework/standard was referenced in an assurance report divided by the

62、total number of times the framework/standard was referenced for ESG reporting.21AMERICASEUROPEAN UNIONOTHER EMEAASIA-PACIFIC70%of 516ESG assurance reports reviewed in 2021 provided by audit firms were from the same firm as the statutory audit provider for the same reporting entity-a slight decline f

63、rom 71%of 505 in 2020.STATUTORY AUDITORS VS.ESG ASSURANCE PROVIDERS0%50%100%ARGENTINABRAZILCANADAMEXICOUSAFRANCEGERMANYITALYSPAINRUSSIAUNITED KINGDOMSAUDI ARABIASOUTH AFRICATURKEYAUSTRALIA HONG KONG S.A.R.INDONESIASINGAPOREINDIAJAPANSOUTH KOREACHINAS MAINLAND2020 Same Firm2021 Different Firm2020 Dif

64、ferent Firm2021 Same Firm70%2021 AVERAGE70%2021 AVERAGEStatutory audit firm data was only collected for 2020 and 2021.22AMERICASEUROPEAN UNIONOTHER EMEAASIA-PACIFICDAYS BETWEEN STATUTORY AUDIT AND ESG ASSURANCEAverage 2021Average 2020060120 ARGENTINABRAZILCANADAMEXICOUSAFRANCEGERMANYITALYSPAINRUSSIA

65、UNITED KINGDOMSAUDI ARABIASOUTH AFRICATURKEYAUSTRALIA HONG KONG S.A.R.INDONESIASINGAPOREINDIAJAPANSOUTH KOREACHINAS MAINLANDThe global gap between when statutory audit reports are issued and sustainability assurance reports are issued decreased to 51 days in 2021 from 54 days in 2020.Asia-Pacific sa

66、w the most improvement decreasing to 61 days in 2021 from 73 days in 2020.The assurance lag worsened in the Americas increasing to 92 days in 2021 from 89 days in 2020.20202021Some jurisdictions may have different deadline requirements for statutory reporting versus voluntary disclosures,which can i

67、mpact the time between the date of the statutory audit report and ESG assurance report(s).Statutory audit information was only collected for 2020 and 2021.23JURISDICTION PROFILES 24ARGENTINARegion:AMERICASSUSTAINABILITY DISCLOSURESUSTAINABILITY ASSURANCEReporting standards/frameworksAssurance standa

68、rdsFirm assuranceLimited assuranceUse statutory FirmAssurance lag(days)100%100%92%100%64%6689%100%88%499129assured some ESG informationreported some ESG informationNumber of assurance reports8 of 2626 of 5011 of 3030 of 508 of 3232 of 5031%52%37%60%25%64%2002020212021DISCLOSURE Lowest rat

69、e of emissions reduction targets(14%)globallyASSURANCE One of two jurisdictions with a decreased assurance rate(-6%)over three years2020%100%50%50%0%0%GRIISAE 3000SASBISAE 3410SDGTCFDAA1000MultipleISO 14064Other40%38%28%2%6%26%10%16%10%48%40%36%Report types87%73%77%33%43%84%78%81%19%44%10

70、0%69%73%15%92%17%8%33%89%22%11%56%100%SustainabilityAnnualIntegratedNo Report*A company may have more than one assurance report8%25Reporting standards/frameworksAssurance standardsFirm assuranceLimited assuranceUse statutory FirmAssurance lag(days)100%100%100%97%66%1594%91%64%26353528assured some ES

71、G informationreported some ESG informationNumber of assurance reports28 of 5050 of 5034 of 5050 of 5034 of 4949 of 5056%100%68%100%69%98%2002020212021SustainabilityAnnualIntegratedNo ReportDISCLOSURE Second highest rate of net zero emissions targets(76%)globallyASSURANCE Highest audit fir

72、m assurance market share(94%)in Asia-Pacific2020%100%50%50%0%0%GRIISAE 3000SASBISAE 3410SDGTCFDAA1000MultipleISO 14064OtherAUSTRALIARegion:ASIA-PACIFIC72%64%64%2%22%20%12%14%14%16%Report types54%80%72%88%84%28%82%71%90%86%43%70%62%76%4%6%43%4%11%94%6%29%3%100%100%*A company may have more

73、than one assurance reportSUSTAINABILITY ASSURANCESUSTAINABILITY DISCLOSURE26Reporting standards/frameworksAssurance standardsFirm assuranceLimited assuranceUse statutory FirmAssurance lag(days)76%88%77%97%83%5076%94%72%60333125assured some ESG informationreported some ESG informationNumber of assura

74、nce reports24 of 4545 of 5031 of 4646 of 5033 of 4646 of 5053%90%67%92%72%92%2002020212021SustainabilityAnnualIntegratedNo ReportDISCLOSURE Highest rate of Integrated Reporting(46%)in the Americas*A company may have more than one assurance reportASSURANCE Second shortest assurance lag(60

75、days)in the Americas2020%100%50%50%0%0%GRIISAE 3000SASBISAE 3410SDGTCFDAA1000MultipleISO 14064Report types88%BRAZILRegion:AMERICAS46%40%32%8%14%48%4%46%36%10%8%8%18%98%91%96%50%61%91%85%93%52%85%93%82%87%13%88%84%Other3%3%10%8%8%4%6%3%9%SUSTAINABILITY ASSURANCESUSTAINABILITY DISCLOSURE27R

76、eporting standards/frameworksAssurance standardsFirm assuranceLimited assuranceUse statutory FirmAssurance lag(days)75%92%67%90%50%9861%77%53%94313024assured some ESG informationreported some ESG informationNumber of assurance reports21 of 4747 of 5028 of 4848 of 5030 of 4949 of 5045%94%58%96%61%98%

77、2002020212021SustainabilityAnnualIntegratedNo ReportDISCLOSURE Highest use(96%)of standalone Sustainability Reports*A company may have more than one assurance reportASSURANCE Largest three-year decline(-14%)in Audit Firm assurance market share in the Americas2020%100%50%50%0%0%

78、GRIISAE 3000SASBISAE 3410SDGTCFDAA1000MultipleISO 14064Report typesOtherCANADARegion:AMERICAS92%94%96%2%2%6%2%2%4%71%71%85%79%81%73%76%92%82%90%72%55%89%62%60%48%58%60%40%27%33%33%4%19%35%SUSTAINABILITY ASSURANCESUSTAINABILITY DISCLOSURE28Reporting standards/frameworksAssurance standardsFirm assuran

79、ceLimited assuranceUse statutory FirmAssurance lag(days)59%73%52%76%62%3950%50%65%17313024assured some ESG informationreported some ESG informationNumber of assurance reports22 of 7979 of 10024 of 8080 of 10034 of 9393 of 10028%79%30%80%37%93%2002020212021SustainabilityAnnualIntegratedNo

80、ReportDISCLOSURE Third largest three-year sustainable reporting growth(14%)globally*A company may have more than one assurance reportASSURANCE Shortest assurance lag(17 days)outside of the EU2020%100%50%50%0%0%GRIISAE 3000SASBISAE 3410SDGTCFDAA1000MultipleISO 14064Report typesOtherCHINAs

81、mainlandRegion:ASIA-PACIFIC66%74%6%20%81%11%7%1%12%21%1%69%49%70%18%11%73%60%81%41%18%54%32%62%1%5%53%64%68%4%28%4%5%27%9%4%3%38%12%3%SUSTAINABILITY ASSURANCESUSTAINABILITY DISCLOSURE29Reporting standards/frameworksAssurance standardsFirm assuranceLimited assuranceUse statutory FirmAssurance lag(day

82、s)98%90%98%95%96%698%96%98%2495652assured some ESG informationreported some ESG informationNumber of assurance reports48 of 5050 of 5049 of 5050 of 5049 of 5050 of 5096%100%98%100%98%100%2002020212021SustainabilityAnnualIntegratedNo ReportDISCLOSURE Largest three-year increase in use of I

83、ntegrated Reports(64%)*A company may have more than one assurance reportASSURANCE Highest rate of using statutory audit firm for sustainable assurance(98%)globally2020%100%50%50%0%0%GRIISAE 3000SASBISAE 3410SDGTCFDAA1000MultipleISO 14064Report typesOtherFRANCERegion:EUROPEAN UNION100%80%2

84、0%36%64%64%88%90%74%48%62%92%92%82%64%60%66%60%12%42%98%98%98%2%2%2%2%SUSTAINABILITY ASSURANCESUSTAINABILITY DISCLOSURE30Reporting standards/frameworksAssurance standardsFirm assuranceLimited assuranceUse statutory FirmAssurance lag(days)94%94%95%97%93%1496%97%93%12747364assured some ESG information

85、reported some ESG informationNumber of assurance reports59 of 9494 of 10066 of 9494 of 10073 of 9999 of 10063%94%70%94%74%99%2002020212021SustainabilityAnnualIntegratedNo ReportDISCLOSURE Third highest use of Annual Reports(47%)globally*A company may have more than one assurance reportASS

86、URANCE Lowest rate of assurance(74%)among EU jurisdictions2020%100%50%50%0%0%GRIISAE 3000SASBISAE 3410SDGTCFDAA1000MultipleISO 14064Report typesOtherGERMANYRegion:EUROPEAN UNION80%73%77%44%32%86%81%83%59%42%82%60%66%9%27%97%68%60%28%6%6%6%6%45%47%7%1%20%SUSTAINABILITY ASSURANCESUSTAINABIL

87、ITY DISCLOSURE92%93%4%4%3%5%5%2%3%1%31Reporting standards/frameworksAssurance standardsFirm assuranceLimited assuranceUse statutory FirmAssurance lag(days)23%38%29%38%33%2034%55%70%20292113assured some ESG informationreported some ESG informationNumber of assurance reports13 of 5050 of 5017 of 4949

88、of 5026 of 5050 of 5026%100%35%98%52%100%2002020212021SustainabilityAnnualIntegratedNo Report*A company may have more than one assurance report2020%100%50%50%0%0%GRIISAE 3000SASBISAE 3410SDGTCFDAA1000MultipleISO 14064Report typesOtherHONG KONG S.A.R.Region:ASIA-PACIFIC84%88%8%8

89、8%10%2%2%2%14%2%61%57%73%33%22%74%68%86%66%26%62%56%64%8%86%85%86%19%10%15%5%23%3%10%31%7%SUSTAINABILITY ASSURANCESUSTAINABILITY DISCLOSUREDISCLOSURE Third highest use(88%)of standalone Sustainability ReportsASSURANCE Highest rate of reasonable assurance(34%)globally32Reporting standards/frameworksA

90、ssurance standardsFirm assuranceLimited assuranceUse statutory FirmAssurance lag(days)63%84%44%67%20%10947%75%4%95514538assured some ESG informationreported some ESG informationNumber of assurance reports37 of 9898 of 10040 of 100100 of 10049 of 100100 of 10038%98%40%100%49%100%2002020212

91、021SustainabilityAnnualIntegratedNo ReportDISCLOSURE Lowest use of SASB Standards(17%)and second lowest use of TCFD(21%)in Asia-Pacific*A company may have more than one assurance reportASSURANCE Second longest assurance lag(95 days),globally2020%100%50%50%0%0%GRIISAE 3000SASBISAE 3410SDGT

92、CFDAA1000MultipleISO 14064Report typesOtherINDIARegion:ASIA-PACIFIC41%28%33%23%39%2%36%20%44%34%76%6%84%78%7%27%13%3%3%34%29%4%22%SUSTAINABILITY ASSURANCESUSTAINABILITY DISCLOSURE50%57%55%14%3%60%64%64%21%17%47%39%44%3%4%33Reporting standards/frameworksAssurance standardsFirm assuranceLimited assura

93、nceUse statutory FirmAssurance lag(days)33%56%23%46%0%5350%56%25%4216139assured some ESG informationreported some ESG informationNumber of assurance reports9 of 4545 of 5013 of 5050 of 5016 of 5050 of 5020%90%26%100%32%100%2002020212021SustainabilityAnnualIntegratedNo ReportDISCLOSURE Hig

94、hest use of Annual Reports(70%),globally*A company may have more than one assurance reportASSURANCE Highest use of AA1000 assurance standards(44%),globally2020%100%50%50%0%0%GRIISAE 3000SASBISAE 3410SDGTCFDAA1000MultipleISO 14064Report typesOtherINDONESIARegion:ASIA-PACIFIC82%10%76%4%2%4%

95、22%30%70%78%82%80%10%16%78%88%88%10%18%67%69%73%11%56%33%38%54%8%89%44%SUSTAINABILITY ASSURANCESUSTAINABILITY DISCLOSURE34Reporting standards/frameworksAssurance standardsFirm assuranceLimited assuranceUse statutory FirmAssurance lag(days)97%100%98%98%96%2100%100%93%1474637assured some ESG informati

96、onreported some ESG informationNumber of assurance reports38 of 4949 of 5044 of 4949 of 5047 of 5050 of 5073%98%90%98%94%100%2002020212021SustainabilityAnnualIntegratedNo ReportDISCLOSURE Highest use of standalone Sustainability Reports(64%)in the EU*A company may have more than one assur

97、ance reportASSURANCE Shortest lag(1 day)between statutory and sustainability assurance,globally2020%100%50%50%0%0%GRIISAE 3000SASBISAE 3410SDGTCFDAA1000MultipleISO 14064Report typesOtherITALYRegion:EUROPEAN UNION70%62%6%20%30%2%2%64%12%24%8%100%90%94%43%29%98%92%92%66%48%98%71%76%16%29%10

98、0%97%98%2%3%SUSTAINABILITY ASSURANCESUSTAINABILITY DISCLOSURE35Reporting standards/frameworksAssurance standardsFirm assuranceLimited assuranceUse statutory FirmAssurance lag(days)63%90%61%93%49%10247%96%44%75735751assured some ESG informationreported some ESG informationNumber of assurance reports4

99、7 of 9999 of 10052 of 9999 of 10068 of 9999 of 10047%99%53%99%69%99%2002020212021SustainabilityAnnualIntegratedNo ReportDISCLOSURE Highest use of Integrated Reports(55%)in Asia-Pacific*A company may have more than one assurance reportASSURANCE Second highest use of ISO GHG assurance stand

100、ards(48%)globally2020%100%50%50%0%0%GRIISAE 3000SASBISAE 3410SDGTCFDAA1000MultipleISO 14064Report typesOtherJAPANRegion:ASIA-PACIFIC53%40%5%43%54%1%1%1%37%7%55%3%54%93%84%73%25%62%93%90%87%38%62%86%76%9%36%71%44%80%81%61%5%33%27%2%61%6%5%48%SUSTAINABILITY ASSURANCESUSTAINABILITY DISCLOSUR

101、E36Reporting standards/frameworksAssurance standardsFirm assuranceLimited assuranceUse statutory FirmAssurance lag(days)74%95%67%100%79%5585%95%71%75202119assured some ESG informationreported some ESG informationNumber of assurance reports19 of 3939 of 5021 of 4141 of 5020 of 4343 of 5049%78%51%82%4

102、7%86%2002020212021SustainabilityAnnualIntegratedNo ReportDISCLOSURE Third lowest rate(86%)of sustainability disclosure globally*A company may have more than one assurance reportASSURANCE One of two jurisdictions with a decreased assurance rate(-2%)2020%100%50%50%0%0%GRIISAE 300

103、0SASBISAE 3410SDGTCFDAA1000MultipleISO 14064Report typesOtherMEXICORegion:AMERICAS48%32%26%22%18%12%24%18%38%28%14%20%88%88%85%41%63%88%79%84%58%77%87%67%69%18%18%95%5%89%95%5%5%5%SUSTAINABILITY ASSURANCESUSTAINABILITY DISCLOSURE37Reporting standards/frameworksAssurance standardsFirm assuranceLimite

104、d assuranceUse statutory FirmAssurance lag(days)100%100%67%100%0%5071%100%0%64732assured some ESG informationreported some ESG informationNumber of assurance reports2 of 2626 of 503 of 2626 of 505 of 3838 of 508%52%12%52%13%76%2002020212021SustainabilityAnnualIntegratedNo ReportDISCLOSURE

105、 Largest three-year growth of sustainability reporting(24%)from 52%to 76%*A company may have more than one assurance reportASSURANCE Lowest rate of sustainable assurance(13%)globally2020%100%50%50%0%0%GRIISAE 3000SASBISAE 3410SDGTCFDAA1000MultipleISO 14064Report typesOtherSUSTAINABILITY A

106、SSURANCESAUDI ARABIARegion:OTHER EMEA24%24%24%48%24%4%4%48%28%44%24%4%50%54%54%4%15%42%47%47%8%11%54%42%38%8%86%29%14%100%100%33%SUSTAINABILITY DISCLOSURE38Reporting standards/frameworksAssurance standardsFirm assuranceLimited assuranceUse statutory FirmAssurance lag(days)54%92%50%75%38%3357%83%38%3

107、4231613assured some ESG informationreported some ESG informationNumber of assurance reports10 of 4848 of 5012 of 4848 of 5019 of 5050 of 5021%96%25%96%38%100%2002020212021SustainabilityAnnualIntegratedNo ReportDISCLOSURE Second largest three-year decline(26%)in use of standalone Sustainab

108、ility Reports*A company may have more than one assurance reportASSURANCE Second highest audit firm market share(57%)in Asia-Pacific2020%100%50%50%0%0%GRIISAE 3000SASBISAE 3410SDGTCFDAA1000MultipleISO 14064Report typesOtherSUSTAINABILITY ASSURANCESINGAPORERegion:ASIA-PACIFIC60%42%50%34%4%4

109、%4%2%34%52%14%98%88%90%31%13%25%94%90%94%70%30%96%73%81%8%87%26%9%4%4%85%69%13%13%6%15%15%8%SUSTAINABILITY DISCLOSURE39Reporting standards/frameworksAssurance standardsFirm assuranceLimited assuranceUse statutory FirmAssurance lag(days)67%87%65%81%56%3047%75%67%54322630assured some ESG informationre

110、ported some ESG informationNumber of assurance reports27 of 5050 of 5026 of 4848 of 5030 of 4848 of 5054%100%54%96%63%96%2002020212021SustainabilityAnnualIntegratedNo ReportDISCLOSURE Highest use of Integrated Reports(88%),globally*A company may have more than one assurance reportASSURANC

111、E Largest decrease in the use of ISAE 3000(R)(33%)globally2020%100%50%50%0%0%GRIISAE 3000SASBISAE 3410SDGTCFDAA1000MultipleISO 14064Report typesOtherSUSTAINABILITY ASSURANCESOUTH AFRICARegion:OTHER EMEA14%94%82%4%4%6%2%2%4%88%98%50%34%16%34%83%73%15%46%12%7%4%53%10%SUSTAINABILITY DISCLOSU

112、RE60%77%92%40%12%8%2%52%90%73%15%64%62%88%40Reporting standards/frameworksAssurance standardsFirm assuranceLimited assuranceUse statutory FirmAssurance lag(days)5%21%12%20%0%978%33%14%87866957assured some ESG informationreported some ESG informationNumber of assurance reports43 of 4646 of 5045 of 46

113、46 of 5046 of 4646 of 5093%92%98%92%100%92%2002020212021SustainabilityAnnualIntegratedNo ReportDISCLOSURE 89%of companies that disclosed sustainability information incorporated all four reporting standards/frameworks*A company may have more than one assurance reportASSURANCE Most companie

114、s with more than one assurance report2020%100%50%50%0%0%GRIISAE 3000SASBISAE 3410SDGTCFDAA1000MultipleISO 14064Report typesOtherSUSTAINABILITY ASSURANCESOUTH KOREARegion:ASIA-PACIFIC58%62%8%30%8%32%8%8%2%2%82%96%96%96%87%24%80%30%100%91%100%98%98%93%91%91%20%1%40%42%17%18%14%59%3%25%10%74

115、%4%16%46%SUSTAINABILITY DISCLOSURE41Reporting standards/frameworksAssurance standardsFirm assuranceLimited assuranceUse statutory FirmAssurance lag(days)93%100%93%95%78%1298%98%81%6494444assured some ESG informationreported some ESG informationNumber of assurance reports41 of 4848 of 5042 of 4949 of

116、 5046 of 4949 of 5085%96%86%98%94%98%2002020212021SustainabilityAnnualIntegratedNo ReportDISCLOSURE Second largest three-year growth of Annual Reports(34%)from 8%to 42%*A company may have more than one assurance reportASSURANCE Tied for second highest audit firm assurance market share(98%

117、)globally2020%100%50%50%0%0%GRIISAE 3000SASBISAE 3410SDGTCFDAA1000MultipleISO 14064Report typesOtherSUSTAINABILITY ASSURANCESPAINRegion:EUROPEAN UNION38%36%14%48%4%50%8%2%2%28%42%28%88%92%86%49%38%45%15%98%92%98%73%63%94%83%85%94%4%10%2%4%89%93%11%5%5%20%5%2%SUSTAINABILITY DISCLOSURE42Rep

118、orting standards/frameworksAssurance standardsFirm assuranceLimited assuranceUse statutory FirmAssurance lag(days)62%69%67%86%50%10269%86%50%74292113assured some ESG informationreported some ESG informationNumber of assurance reports12 of 3636 of 5018 of 4141 of 5023 of 4444 of 5033%72%44%82%52%88%2

119、002020212021SustainabilityAnnualIntegratedNo ReportDISCLOSURE Second largest three-year growth of sustainability reporting(16%)from 72%to 88%*A company may have more than one assurance reportASSURANCE Biggest assurance lag improvement (28 days)globally2020%100%50%50%0%0%GRIISAE

120、 3000SASBISAE 3410SDGTCFDAA1000MultipleISO 14064Report typesOtherSUSTAINABILITY ASSURANCETURKEYRegion:OTHER EMEA32%28%34%20%18%28%10%30%30%22%36%12%76%61%66%20%6%34%17%82%84%80%59%50%64%47%47%76%48%3%21%62%67%5%43%29%8%31%SUSTAINABILITY DISCLOSURE43Reporting standards/frameworksAssurance standardsFi

121、rm assuranceLimited assuranceUse statutory FirmAssurance lag(days)53%97%42%94%60%2736%81%63%28887158assured some ESG informationreported some ESG informationNumber of assurance reports54 of 9999 of 10067 of 9898 of 10081 of 9999 of 10055%99%68%98%82%99%2002020212021SustainabilityAnnualInt

122、egratedNo ReportDISCLOSURE Highest rate of net zero emissions reduction targets(79%)globally*A company may have more than one assurance reportASSURANCE Largest three-year growth of assurance rates(27%)globally2020%100%50%50%0%0%GRIISAE 3000SASBISAE 3410SDGTCFDAA1000MultipleISO 14064Report

123、 typesOtherSUSTAINABILITY ASSURANCEUNITED KINGDOMRegion:OTHER EMEA60%56%34%8%6%33%57%40%2%2%1%1%44%82%82%76%43%48%14%43%80%90%92%65%37%62%58%66%23%5%27%5%78%73%4%5%39%25%40%21%5%SUSTAINABILITY DISCLOSURE44Reporting standards/frameworksAssurance standardsFirm assuranceLimited assuranceUse statutory F

124、irmAssurance lag(days)11%77%16%82%94%11015%81%93%111989981assured some ESG informationreported some ESG informationNumber of assurance reports70 of 9999 of 10079 of 9898 of 10081 of 9999 of 10071%99%81%98%82%99%2002020212021SustainabilityAnnualIntegratedNo ReportDISCLOSURE Highest rate of

125、 emissions reduction targets(97%)globally*A company may have more than one assurance reportASSURANCE Second lowest audit firm assurance market share(15%)globally2020%100%50%50%0%0%GRIISAE 3000SASBISAE 3410SDGTCFDAA1000AICPAMultipleISO 14064Report typesOtherSUSTAINABILITY ASSURANCEUNITED S

126、TATESRegion:AMERICAS96%95%95%3%2%1%2%2%1%1%1%1%40%2%14%7%50%4%21%34%13%8%10%11%2%47%2%60%1%3%73%70%86%64%31%85%76%71%91%82%93%59%48%48%60%SUSTAINABILITY DISCLOSURE45METHODOLOGY46METHODOLOGY This study reviewed the largest companies in each jurisdiction by market capitalization as of approximately Ma

127、rch 21,2021,for fiscal years 2019 and 2020,and March 21,2022,for fiscal year 2021.Company jurisdiction was based on the location of the companys headquarters.The largest 50 companies were reviewed in 16 jurisdictions for fiscal years 2019 and 2020,and 15 jurisdictions for fiscal year 2021.The larges

128、t 100 companies were reviewed in the six largest economies(denoted with an asterisk).The jurisdictions that make up the G20,Spain,Hong Kong S.A.R.,and Singapore were selected to ensure the jurisdictions had at least 50 listed companies to review.Jurisdictions with 100 companies reviewed were selecte

129、d based on the largest nominal GDP as of March 21,2021.Americas Argentina Brazil Canada Mexico United States of America*Europe,Middle East,and Africa(EMEA)France Germany*Italy Russia Saudi Arabia South Africa Spain Turkey United Kingdom*Asia-Pacific Australia Chinas mainland*Hong Kong S.A.R.India*In

130、donesia Japan*Singapore South KoreaDATA COLLECTION METHODOLOGYReports were located on a companys website in one of four places:1.Dedicated sustainability web page for stakeholders2.Sustainability web page under“About the Company”section3.Annual reports or downloads section of investor relations web

131、page4.Sustainability section of investor relations web pageIf a report could not be located on a companys website,the company name was searched with the term“2021 sustainability report.”If a report was still not located,the company was search in the GRI Database of sustainability reports.For Hong Ko

132、ng Stock Exchange(HKEx)listed companies,the exchange website was used to collect reports if a report could not be found on a companys website.This only impacted companies located in Chinas mainland and Hong Kong S.A.R.1.Sustainability Report2.Annual Report3.Integrated Report4.Company Website5.TCFD W

133、ebsite6.Other climate reportEmissions reduction targets and transition plans were collected as of fiscal year 2021.Emissions reduction targets and transition plans were usually located in one of six places:Emissions reduction targets and transition plans were not always located together.All location

134、s were reviewed for each company to ensure all targets or transition plans were observed.For targets and transition plans that were located on a website,date of publication was used to ensure targets and transition plans related to fiscal year 2021 or earlier.Russia was excluded for fiscal year 2021

135、 due to issues accessing public company documents and websites.Excluding Russia from prior results would have resulted in 52%of companies receiving assurance in 2019(instead of 51%)and 60%audit firm market share in 2020(instead of 61%).The impact on other reported information was deemed immaterial.4

136、7METHODOLOGY Reporting standards were collected from the“About this Report”section.Both reporting standards and reporting frameworks were captured due to inconsistent disclosure regarding their use as standards or frameworks.Next,any standards or frameworks indexed in the appendix were collected.Fin

137、ally,a text search for the Global Reporting Initiative(GRI),Sustainability Accounting Standards Board(SASB),United Nations Sustainable Development Goals(SDG),and Task force on Climate-related Financial Disclosures(TCFD)was used to find additional references within the body of the report.Standards an

138、d frameworks must have been used to report primary information to stakeholders.A company was determined to have obtained assurance if an assurance report that covered ESG data was found within a report,on the companys website,or in the CDP database.Verification statements were not counted,nor were r

139、eferences to assurance where a specific assurance report was not available.If a report included more than one assurance report,each report was reviewed separately.Reports were classified into three groups:sustainability reports,annual reports,and integrated reports.Sustainability reports were identi

140、fied as those published for the sole or main purpose of informing stakeholders of environmental,social,or governance activities and performance.Annual reports were identified as those published for the main purpose of informing stakeholders of financial performance.Annual reports were only collected

141、 if they included sustainability or ESG reporting.Integrated reports were identified as those published pursuant to the framework issued by the International Integrated Reporting Council.For companies that issued more than one report,a hierarchy was used to determine which report to collect.If an in

142、tegrated report was published,the company was counted as reporting in an integrated report,regardless of any other publications.If a company published both an ESG report and published this ESG information within an annual report,the company was counted as reporting in an annual report.REPORT CLASSIF

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