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An Alignment Proposal: Boosting the Momentum of Sustainability Reporting

An Alignment Proposal: Boosting the Momentum of Sustainability Reporting While this type of information is often described as “non‐financial,” we maintain that this is a misnomer because the data does have financial relevance. Other possible terms include “ESG data” or “sustainability data.” Andrew Park & Curtis Ravenel, “Integrating Sustainability into Capital Markets: Bloomberg LP and ESG's Quantitative Legitimacy,” Journal of Applied Corporate Finance , Vol. 24, No. 3, Summer 2013, available at http://onlinelibrary.wiley.com/doi/10.1111/jacf.12030/abstract . Once again, we would like to stress that this is not a wholesale prioritization of quantitative data over qualitative data. The ideal scenario represents a reciprocal dynamic wherein qualitative information meaningfully contextualizes quantitative information, and vice versa. Indeed, neither in isolation is as effective in informing investors (or any other stakeholder for that matter) as when both are integrated within a more meaningful whole. As discussed later in this paper, the integrated reporting movement (“ “) embodies these notions in a structured, principles‐based framework. Bloomberg researches 20,000 of the most actively traded public companies in the world, out of which we obtain publicly‐disclosed ESG data for over 11,000 companies across 65 countries. While we have observed a 40% year‐over‐year increase in usage of ESG data by our customers since 2008 when we began http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Applied Corporate Finance Wiley

An Alignment Proposal: Boosting the Momentum of Sustainability Reporting

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Publisher
Wiley
Copyright
Copyright © 2015 Cantillon and Mann
ISSN
1078-1196
eISSN
1745-6622
DOI
10.1111/jacf.12117
Publisher site
See Article on Publisher Site

Abstract

While this type of information is often described as “non‐financial,” we maintain that this is a misnomer because the data does have financial relevance. Other possible terms include “ESG data” or “sustainability data.” Andrew Park & Curtis Ravenel, “Integrating Sustainability into Capital Markets: Bloomberg LP and ESG's Quantitative Legitimacy,” Journal of Applied Corporate Finance , Vol. 24, No. 3, Summer 2013, available at http://onlinelibrary.wiley.com/doi/10.1111/jacf.12030/abstract . Once again, we would like to stress that this is not a wholesale prioritization of quantitative data over qualitative data. The ideal scenario represents a reciprocal dynamic wherein qualitative information meaningfully contextualizes quantitative information, and vice versa. Indeed, neither in isolation is as effective in informing investors (or any other stakeholder for that matter) as when both are integrated within a more meaningful whole. As discussed later in this paper, the integrated reporting movement (“ “) embodies these notions in a structured, principles‐based framework. Bloomberg researches 20,000 of the most actively traded public companies in the world, out of which we obtain publicly‐disclosed ESG data for over 11,000 companies across 65 countries. While we have observed a 40% year‐over‐year increase in usage of ESG data by our customers since 2008 when we began

Journal

Journal of Applied Corporate FinanceWiley

Published: Jun 1, 2015

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