UN survey finds most companies not reporting on social, environmental risks

The United Nations environment agency today released a new survey that finds most of the world's top-ranking corporations failing to inform investors about the impact of environmental and social issues on their business opportunities.

Co-authored by the UN Environment Programme (UNEP), in partnership with the private firms SustainAbility and Standard & Poor, the survey points out that despite an increasing demand by investors, analysts, lenders and insurers, only three of the "Top 50" companies revealed their assessment of the key environmental and social risks in their reports this year.

"Corporate governance is the hottest topic," SustainAbility Chairman John Elkington said in a statement, "but recent scandals have meant most boards are focused on financial integrity issues - to the detriment of the bigger picture of non-financial risks and opportunities."

Describing efforts to ensure that leading companies integrate their reporting in ways that help investors and analysts as "a challenge," he said he was hopeful that the next year "will see leadership companies setting new standards."

Despite minimal reporting by corporations, Monique Barbut, director of UNEP's technology, industry and economics division, sounded optimistic, as well. "It's striking that 47 out of 50 top reporters are using the Global Reporting Initiative (GRI) Guidelines," she said in a statement. "Without doubt, sustainability reporting is going mainstream."