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1、Measuring Stakeholder Capitalism Towards Common Metrics and Consistent Reporting of Sustainable Value Creation W H I T E P A P E R S E P T E M B E R 2 0 2 0 Prepared in collaboration with Deloitte, EY, KPMG and PwC Contents Cover: Unsplash/Jan Tinneberg Inside: Unsplash/Javier Allegue Barros; Unspla

2、sh/Kimson Doan; Gettyimage/SDI Productions; Unsplash/Flavio Gasperini; Unsplash/The New York Public Library; Unsplash/Victor Garcia; Unsplash/USGS; Unsplash/Phoenix Han; Unsplash/ Nooa Gk 2020 World Economic Forum. All rights reserved. No part of this publication may be reproduced or transmitted in

3、any form or by any means, including photocopying and recording, or by any information storage and retrieval system. 3 Preface 5 Introduction and summary 11 Approach 12 Development of recommended metrics 13 Application of recommended metrics 16 Consultation and refinement process 17 Consultation proc

4、ess 18 Summary of feedback and key changes 20 Pillar 1 - Principles of Governance 21 Introduction 21 Themes 23 Governance: Core metrics and disclosures 24 Governance: Expanded metrics and disclosures 25 Pillar 2 - Planet 26 Introduction 27 Themes 28 Planet: Core metrics and disclosures 28 Planet: Ex

5、panded metrics and disclosures 31 Pillar 3 -People 32 Introduction 32 Themes 33 People: Core metrics and disclosures 34 People: Expanded metrics and disclosures 36 Pillar 4 - Prosperity 37 Introduction 37 Themes 38 Prosperity: Core metrics and disclosures 39 Prosperity: Expanded metrics and disclosu

6、res 40 How our work fits into the wider ecosystem 41 Evolving landscape 42 How our work seeks to help 43 Conclusion 45 Appendix 48 Introduction 48 Pillar 1 Principles of Governance 48 Summary of key changes 49 Governance: Core metrics and disclosures 53 Governance: Expanded metrics and disclosures 5

7、5 Pillar 2 Planet 55 Summary of key changes 56 Planet: Core metrics and disclosures 59 Planet: Expanded metrics and disclosures 64 Pillar 3 People 64 Summary of key changes 65 People: Core metrics and disclosures 69 People: Expanded metrics and disclosures 73 Pillar 4 Prosperity 73 Summary of key ch

8、anges 74 Prosperity: Core metrics and disclosures 79 Prosperity: Expanded metrics and disclosures 83 Glossary Measuring Stakeholder Capitalism: Towards Common Metrics and Consistent Reporting of Sustainable Value Creation2 Preface We are in the midst of the most severe series of challenges the world

9、 has experienced since World War Two. The COVID-19 pandemic has exposed the fragility of our global systems. It has exacerbated underlying economic and social inequalities and is unfolding at the same time as a mounting climate crisis. Leaders in every sector government, business, civil society find

10、 themselves at a defining crossroads. We must mobilize all constituencies of our global society to work together and seize this historic opportunity to rebalance our world for the benefit of all. The private sector has a critical role to play. The principles of stakeholder capitalism, championed by

11、the World Economic Forum for half a century and recently restated in the Davos Manifesto 2020, have never been so important. The Forums International Business Council (IBC) is at the forefront of this rebalancing of corporate purpose. In 2017, the IBC spearheaded a commitment from more than 140 CEOs

12、 to align their corporate values and strategies with the UNs Sustainable Development Goals (SDGs), to better serve society. There is an emerging consensus among companies that long-term value is most effectively created by serving the interests of all stakeholders. This is the context within which w

13、e present the conclusions of our project to define common metrics for sustainable value creation, launched at the Annual Meeting of the World Economic Forum in January 2020. This project, developed within the IBC, seeks to improve the ways that companies measure and demonstrate their contributions t

14、owards creating more prosperous, fulfilled societies and a more sustainable relationship with our planet. It also recognizes that companies that hold themselves accountable to their stakeholders and increase transparency will be more viable and valuable in the long-term. The culmination of a years e

15、ffort from contributors on every continent, this work defines the essence of stakeholder capitalism: it is the capacity of the private sector to harness the innovative, creative power of individuals and teams to generate long- term value for shareholders, for all members of society and for the plane

16、t we share. It is an idea whose time has come. This work defines a core set of “Stakeholder Capitalism Metrics” (SCM) and disclosures that can be used by IBC members to align their mainstream reporting on performance against environmental, social and governance (ESG) indicators and track their contr

17、ibutions towards the SDGs on a consistent basis. The metrics are deliberately based on existing standards, with the near-term objectives of accelerating convergence among the leading private standard-setters and bringing greater comparability and consistency to the reporting of ESG disclosures. Thes

18、e recommended Stakeholder Capitalism Metrics and disclosures have been developed by an outstanding task force of experts dedicated to the project by the four largest accounting firms, as well as colleagues from Bank of America and the World Economic Forum who coordinated the process and synthesized

19、its outcomes. Brian Moynihan Chairman and Chief Executive Officer, Bank of America Chairman, International Business Council of the World Economic Forum Klaus Schwab Founder and Executive Chairman, World Economic Forum Measuring Stakeholder Capitalism: Towards Common Metrics and Consistent Reporting

20、of Sustainable Value Creation SEPTEMBER 2020 Measuring Stakeholder Capitalism: Towards Common Metrics and Consistent Reporting of Sustainable Value Creation3 We thank our IBC colleagues Punit Renjen of Deloitte, Carmine Di Sibio of EY, Bill Thomas of KPMG and Bob Moritz of PwC for the extraordinary

21、commitment and spirit of collaboration that they and their talented teams have brought to this project. We also appreciate the efforts of our Bank of America and Forum colleagues, as well as experts from IBC companies and other organizations who have provided their input. The Acknowledgements sectio

22、n of the report recognizes these team members. We are heartened by the emerging consensus among IBC members towards their own adoption of these metrics and the commitment the group has made to realizing the ideals of stakeholder capitalism. Similarly, we are encouraged by the substantial momentum to

23、wards a system-wide solution for ESG reporting. We invite all IBC members to declare their intention to report on these metrics and disclosures; collectively, we will present a timeline for that process at the IBCs Winter Meeting in January 2021. Finally, we encourage the wider corporate community t

24、o join us in this collective endeavour. Measuring Stakeholder Capitalism: Towards Common Metrics and Consistent Reporting of Sustainable Value Creation4 Introduction and summary 1 Measuring Stakeholder Capitalism: Towards Common Metrics and Consistent Reporting of Sustainable Value Creation5 The con

25、text in which businesses now operate has been transformed by climate change, nature loss, social unrest around inclusion and working conditions, COVID-19 and changing expectations of the role of corporations. Further, the global pandemic has exacerbated underlying and longstanding failures regarding

26、 equality and access to economic opportunities. To continue to thrive, companies need to build their resilience and enhance their licence to operate, through greater commitment to long-term, sustainable value creation that embraces the wider demands of people and planet. The IBC has been leading the

27、 way in this initiative to deliver on the promise of stakeholder capitalism. In 2017, it sponsored the World Economic Forums Compact for Responsive and Responsible Leadership, in which more than 140 global business leaders committed to align their corporate goals with the long-term goals of society.

28、 In its Summer Meeting 2019, IBC members reaffirmed the significance of environmental, social and governance (ESG) aspects of business performance and risk in creating long-term value. They flagged the existence of multiple ESG reporting frameworks and the lack of consistency and comparability of me

29、trics as pain points preventing companies from credibly demonstrating to all stakeholders their progress on sustainability and their contributions to the SDGs. Consequently, the IBC invited the Forum in collaboration with Deloitte, EY, KPMG and PwC to identify a set of universal, material ESG metric

30、s and recommended disclosures that could be reflected in the mainstream annual reports of companies on a consistent basis across industry sectors and countries. The metrics should be capable of verification and assurance, to enhance transparency and alignment among corporations, investors and all st

31、akeholders. The wider objective was and remains “for IBC companies to begin reporting collectively on this basis in an effort to encourage greater cooperation and alignment among existing standards as well as to catalyse progress towards a systemic solution, such as a generally accepted internationa

32、l accounting standard in this respect.”1 The project presented its provisional set of metrics and disclosures to the IBCs Winter Meeting 2020 in Davos-Klosters. From January to July, an intense period of consultation with more than 200 companies, investors and other key players elicited valuable fee

33、dback, with more than three-quarters of respondents agreeing that reporting on a set of universal, industry-agnostic ESG metrics would be useful for their company, financial markets and the economy more generally. The refined set of indicators was presented to the IBCs Summer Meeting in August 2020,

34、 where the initiative attracted strong support from investors and companies alike, with the great majority of participating IBC members committing to report against the metrics at the earliest opportunity. It is seen as the right thing to do, for business and for society. The result of this process

35、is 21 core and 34 expanded metrics and disclosures, which the project commends to both IBC members and nonIBC companies for adoption: Core metrics: A set of 21 more-established or critically important metrics and disclosures. These are primarily quantitative metrics for which information is already

36、being reported by many firms (albeit often in different formats) or can be obtained with reasonable effort. They focus primarily on activities within an organizations own boundaries. Expanded metrics: A set of 34 metrics and disclosures that tend to be less well-established in existing practice and

37、standards and have a wider value chain scope or convey impact in a more sophisticated or tangible way, such as in monetary terms. They represent a more advanced way of measuring and communicating sustainable value creation. The recommended metrics are organized under four pillars that are aligned wi

38、th the SDGs and principal ESG domains: Principles of Governance, Planet, People and Prosperity. They are drawn wherever possible from existing standards and disclosures, with the aim of amplifying the rigorous work already done by standard-setters rather than reinventing the wheel. The metrics have

39、been selected for their universality across industries and business models, but the intention is not to replace relevant sector- and company-specific indicators. Companies are encouraged to report against as many of the core and expanded metrics as they find material and appropriate, on the basis of

40、 a “disclose or explain” approach. Since the project began, the ecosystem has seen numerous developments. The European Commission is revising its Non-Financial Reporting Directive. The International Organization of Securities Commissions (IOSCO) has set out its intention to accelerate the harmonizat

41、ion of sustainability standards. The US Securities and Exchange Commission (SEC) has amended its rules to enhance human capital disclosures. The International Financial Reporting Standards (IFRS) Foundation has agreed to consult on broadening its mandate to include sustainability issues. The Interna

42、tional Federation of Accountants (IFAC) has called for the creation of an International Sustainability Standards Board to sit alongside the International Accounting Standards Board (IASB) under the auspices of the IFRS Foundation. Meanwhile, the five leading voluntary framework- and standard-setters

43、 CDP, the Climate Disclosure Standards Board (CDSB), the Global Reporting Initiative (GRI), the International Integrated Reporting Council (IIRC) and the Sustainability Accounting Standards Board (SASB) have for the first time committed to work towards a joint vision. They presented a paper to the I

44、BC Summer Meeting 2020 and issued a subsequent statement of intent,2 Measuring Stakeholder Capitalism: Towards Common Metrics and Consistent Reporting of Sustainable Value Creation6 detailing how their work and the IBCs project are fundamentally complementary and could form the natural building bloc

45、ks of a single, coherent, global ESG reporting system. Within the ecosystem, the IBC is seen as carrying great influence as a collective. If members take the lead in reporting and promoting the metrics, it will encourage other companies and investors to participate in the collective action, creating

46、 greater momentum towards the convergence the project aims to realize. At the heart of this exercise is the belief that the interrelation of economic, environmental and social factors is increasingly material to long-term enterprise value creation. Investors and stakeholders now expect companies to

47、report on non-financial issues, risks and opportunities with the same discipline and rigour as financial information. By reporting on these recommended metrics in its mainstream report and integrating them into governance, business strategy and performance management a company demonstrates to its sh

48、areholders and stakeholders alike that it diligently weighs all pertinent risks and opportunities in running its business. But beyond this, those corporations that align their goals to the long-term goals of society, as articulated in the SDGs, are the most likely to create long-term sustainable val

49、ue, while driving positive outcomes for business, the economy, society and the planet. This is the true definition of stakeholder capitalism. As the UK works in partnership with Italy towards hosting the COP26 climate change conference in Glasgow in November 2021, I welcome the work of the World Economic Forums International Business Council in creating a set of common metrics for reporting sustainable value creation. Through this work you are demonstrating to shareholders, stakeholders and society at large that the private sector is committed to m