A FTSE SMALL CAP Group Company Secretary writes...
“What actions are companies undertaking to ensure they are compliant with the Task Force on Climate-related Financial Disclosures requirements? (TCFD requirements).
How and who are you engaging to assist in educating your Board with these requirements?”
We plan to report in the form of a dashboard, reflecting our progress under each of the 4 TCFD themes. Some themes will be more progressed than other of course; we will be as transparent as possible without overpromising. We will be picking up where we left it in last year’s annual report basically.
We are doing all the work internally with help at reporting stage from our design agency.
We started this year by framing our reporting under the four headings but are working with the Carbon Trust to assess and model our risks an opportunities. They have led us through a couple of internal workshops and are supporting our Group Risk Manager and Strategy Director.
I think one of challenges is going to be that the companies that have gone first with the full disclosures are companies whose environmental impact is significant (eg energy companies) and their approach won’t be suitable for all. Reporting precedents for service companies for example are currently thin on the ground!
This rather depends on commitments made in the last annual report. We committed to considering scenario analysis (if relevant) so would anticipate needing a consultant’s help. Otherwise, most companies tend to report under the 4 headers (governance, strategy, risk management, and metrics and targets) I suggest looking at the annual report of other companies in similar industries who have already adopted the TCFD.