CDSB has comprehensively reviewed the annual reports of the FTSE 350 listed companies in the report. This review discusses the disclosure of environmental information in the annual reports of FTSE350 companies following the implementation of mandatory greenhouse gas reporting in the UK (updates to the Companies Act 2006). Comply or explain focuses on comparative sector analysis and uses illustrative examples to provide evidence of current practice following the policy revision. The report proposes steps that could be taken by regulators to enhance the enabling environment for disclosure. It was reviewed by Oxford University’s Saïd Business School, and by members of CDSB’s Technical Working Group. Read the report at cdsb.net/FTSE350

1. February16|Tweet @CDSBGlobal
Comply or explain
A review of FTSE 350 companies’ environmental
reporting and greenhouse gas emission
disclosures in annual reports
#complyorexplain

2. February16|Tweet @CDSBGlobal
Caroline May
Head of Safety and Environment
Norton Rose Fulbright LLP
#complyorexplain

3. February16|Tweet @CDSBGlobal
Lois Guthrie
Founding Director
Climate Disclosure Standards Board
#complyorexplain

4. February16|Tweet @CDSBGlobal
Agenda
1. Comply or explain– report overview& recommendations
2. Reactionof the regulator– Financial Reporting Council
3. Reactionof the reportingentity – SAB Miller
4. Q&Asession
#complyorexplain#complyorexplain
Comply or explain
#complyorexplain

5. February16|Tweet @CDSBGlobal
Elements of reporting
Comply or explain 6
Objective of
reporting
Requirement to
deliver
Clear content
requirements
Standard for
compliance
System for
delivery &
analysis
Assurance
Review

6. CDSB: Comply or Explain
Richard Barker
28 Jan 2016

7. Some Headlines
Companies
Environmental factors feature more strongly as principal
business risks than as key performance indicators (KPIs)
A wide range of KPIs is used, possibly conflicting with the
benefits of standardisation
Emissions reporting is just one aspect of broader reporting on
natural capital impacts and dependencies
Scope 3 reporting is limited, suggesting a need to re-think the
boundary of the entity
Regulators
Reporting standards are insufficiently harmonised
A ‘market solution’ is unlikely to be sufficient
Sometimes (but not always) mandatory reporting is the best
approach
A coordinated, international model is called for

8. February16|Tweet @CDSBGlobal
Stephen Haddrill
CEO
Financial Reporting Council
#complyorexplain
#complyorexplain

9. Communicating SABMiller’s
environmental impact
Tom Salisbury
Manager: SD Measurement and Community, SABMiller plc
@tj_salisbury

11. © SABMiller 2014 12

12. © SABMiller 2014
Value chain carbon footprint
13
%

13. © SABMiller 2014 14Presentation information in footer

14. © SABMiller 2014 15Presentation information in footer

15. © SABMiller 2014
Thank you

16. February16|Tweet @CDSBGlobal
Q&A
#complyorexplain

17. February16|Tweet @CDSBGlobal
Thank you
Radley Yeldar
www.ry.com
Comply or explain

18. February16|Tweet @CDSBGlobal
Report checker pilot
• Annual report review
• Conformance check with the CDSB Framework
• Feedback briefing
Contact
Désirée Lucchese
Technical Manager, CDSB
+44(0)20 381 83937
desiree.lucchese@cdsb.net
Comply or explain 19
Advance & align your natural and financial capital reporting

19. February16|Tweet @CDSBGlobal
Thank youE:info@cdsb.net
T:+44 (0)2038183939
www.cdsb.net
@CDSBGlobal