Aviva calls for corporate sustainability disclosure
by Gill Montia
In an open letter to heads of state gathering for the Rio+20 summit, Aviva has called for a change in corporate reporting so that sustainability issues are included.
According to the insurer, 75% of companies don’t currently report on sustainability issues meaning that the ability of markets to integrate sustainability into company valuation is severely limited.
Aviva is therefore calling for a UN agreement on sustainability that would involve member states developing regulations and codes or listing rules, to encourage the integration of sustainability issues within the annual reports of all listed and large private companies.
Corporate sustainability disclosure would then be on a “report or explain” basis.
Aviva claims that the scale of support among investors for the idea is “extraordinary” and that sustainability disclosure is in the interest of all companies.