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Asia Pacific has overtaken other regions on Corporate Responsibility (CR) reporting rates, with India among the top 10 countries with the highest rate of CR information, a survey by KPMG said.
According to ‘The KPMG Survey of Corporate Responsibility Reporting 2015’, as many as 79 per cent companies report on CR in Asia Pacific, followed by 77 per cent in the Americas, and 74 per cent in Europe.
“This growth has been driven by a surge of CR reporting in countries such as India, Taiwan and South Korea, where increasing amounts of reporting requirements and guidelines have been introduced,” the study said.
Mritunjay Kapur, Partner and Head of Risk Consulting, KPMG in India, said, “It is encouraging to see that India is leading, with all top companies reporting on CR, but we can see through this survey that the quality of Indian reports can improve further. CR is emerging as a board level agenda and is likely to bring in more integration to business strategy and improved quality of reports.”
Overall rate of CR reporting worldwide continues to grow with 73 per cent of the companies now reporting on CR versus 71 per cent in 2013, it said.
Santhosh Jayaram, Director – Climate Change and Sustainability, KPMG in India, said, “Today, all of the largest Indian firms report on CR, compared with just 20 per cent of companies in 2011. Last year the Government made it mandatory for large companies to report on CSR projects undertaken and to disclose details, including the spending on these projects, in their annual report.”
Moreover, Business Responsibility Reporting requirement for top 100 listed entities from the Securities and Exchange Board of India has pushed the rate of CR reporting in India to the highest in the world, Jayaram added.
The report also said that G250 companies are now under pressure to cut their carbon emissions. Although four out of five G250 companies identify climate change and carbon as material issues and report on their carbon emissions, surprisingly, some big companies in sectors known for high emissions do not identify the same as material issues, and do not report the same, the study said.
The report analysed reporting from 4,500 companies across 45 countries.
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