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Implementing the Task Force on Climate-related Financial Disclosures Recommendations: An Assessment of Corporate Readiness

Author

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  • Robert G. Eccles

    (Saïd Business School, University of Oxford)

  • Michael P. Krzus

Abstract

We conducted a type of “field experiment” in September 2017 to evaluate how difficult it will be for companies to implement the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We examined the disclosures of 15 of the largest oil & gas companies by market cap that had filed a 10‑K or 20‑F in 2016, so before the TCFD’s recommendations were published. In general, we found reporting for that year uneven, with some TCFD categories fairly well covered and others not. We also found variation across companies, with most making fairly modest disclosures but some being fairly progressive in this regard. Significantly, we also found that most of the disclosures were in voluntary sustainability reports, not the financial filings required by statute and as recommended by the TCFD. Taken in the aggregate, at least one company was reporting on each of the 11 recommendations with one exception. This suggests that it is feasible for companies in this sector to follow the TCFD’s recommendations if they are interested in doing so.

Suggested Citation

  • Robert G. Eccles & Michael P. Krzus, 2019. "Implementing the Task Force on Climate-related Financial Disclosures Recommendations: An Assessment of Corporate Readiness," Schmalenbach Business Review, Springer;Schmalenbach-Gesellschaft, vol. 71(2), pages 287-293, May.
    • Handle: RePEc:spr:schmbr:v:71:y:2019:i:2:d:10.1007_s41464-018-0060-4
    DOI: 10.1007/s41464-018-0060-4
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    Cited by:

    1. Tom Deweerdt & Kristin Caltabiano & Paul Dargusch, 2022. "Original Research: How Will the TNFD Impact the Health Sector’s Nature-Risks Management?," IJERPH, MDPI, vol. 19(20), pages 1-10, October.
    2. Deborah Cotton, 2020. "Transition Finance and Markets," Published Paper Series 2020-4, Finance Discipline Group, UTS Business School, University of Technology, Sydney.
    3. Patrick Velte, 2022. "Archival research on integrated reporting: a systematic review of main drivers and the impact of integrated reporting on firm value," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 26(3), pages 997-1061, September.
    4. Shan Zhou, 2022. "Reporting and Assurance of Climate‐Related and Other Sustainability Information: A Review of Research and Practice," Australian Accounting Review, CPA Australia, vol. 32(3), pages 315-333, September.
    5. Shami Syauqina Balqis Noor Shahidan & Nur Ashikin Mohd Saat, 2023. "Climate-Related Financial Disclosure in Supporting SDGs," International Journal of Research and Scientific Innovation, International Journal of Research and Scientific Innovation (IJRSI), vol. 10(1), pages 46-49, January.
    6. Arnone, Massimo & Leogrande, Angelo & Costantiello, Alberto & Laureti, Lucio, 2024. "Banking Stability in the ESG Framework Across Italian Regions," MPRA Paper 121452, University Library of Munich, Germany.
    7. Aldina Lopes Santos & Lúcia Lima Rodrigues, 2021. "Banks and Climate-Related Information: The Case of Portugal," Sustainability, MDPI, vol. 13(21), pages 1-20, November.

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