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Behemoth
Joined: 01 Dec 2004
Posts: 19023
Location: Leeds
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 Posted: Tue Jan 24, 06 9:56 am Post subject: Defra: Businesses should report on Env Impact |
 
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Tuesday 24 January 2006 00:02
Department for Environment, Food And Rural Affairs (National)
MORLEY: "BUSINESSES SHOULD REPORT ON THEIR ENVIRONMENTAL IMPACTS"
Environment Minister, Elliot Morley, today urged businesses to report on their environmental impacts, especially as new Defra guidelines will make it easier than ever to do so.
The message comes on the back of recent coverage on the removal of the Operating and Finance Review (OFR) which suggested that environmental reporting was no longer necessary.
However, Mr Morley, said this was 'simply not the case':
"All quoted and large private companies preparing the new Business Review will need to report significant environmental issues.
"The Business Review represents a significant advance in narrative reporting standards, including those for environmental reporting.
"But these reports required under the EU Accounts Modernisation Directive need not be a burden. To help companies make the most of these opportunities, we have produced a set of new easy-to-use guidelines.
"In addition, these can be used by all companies, not just those that are legally obliged to prepare a Business Review. Indeed, businesses measuring, managing and reporting their environmental performance can save on costs, enhance reputation and reduce risk."
Sir Digby Jones, Director General of the CBI, welcomed the Reporting Guidelines, saying:
"I'm a strong believer in businesses communicating their successes and being honest about the challenges faced.
"Companies that understand their links with the communities they operate in, and their impact on the environment, are most likely to prosper in the long-term."
The new generation of guidelines will help businesses address their most significant environmental impacts and report on these in a way that meets the needs of their shareholders and other stakeholders. They outline how environmental impacts can be measured through Key Performance Indicators (KPIs) - in many cases making use of standard business data that may already be collected - and how to report them easily.
Eighty per cent of UK businesses have just five or fewer significant Key Performance Indicators against which the Guidelines recommend they should report their performance.
In fact, almost all of those who responded to the wide-spread consultation said the guidelines were simple to follow.
Mr Morley added that this left many businesses with 'no excuse' to start reporting on their impact on the environment:
"Currently, 140 of the top 250 companies report on their environmental performance: that's a good start, but many more of those that aren't have significant impacts on the environment.
"And then there are the companies outside the top 250. I want to see many more other companies actively managing and reporting their environmental performance too. Which is why the new Guidelines focus on performance indicators that are relevant to all types of businesses.
"They have been designed to help make reporting much sharper and more focused on key impacts - this is about cutting out the fluff."
Dti Minister, Malcolm Wicks said:
"Removing the OFR has reduced costs for business.
"But this does not mean companies shouldn't report their performance on employee and environmental issues. Indeed, companies are increasingly reporting these issues.
"This is a trend we are keen to encourage and the new Business Review will stimulate this further."
Simon Thomas, chief executive of Trucost, the environmental research company that worked with Defra to produce the guidelines, said:
"Companies with experience of environmental reporting already report in accordance with these guidelines - they represent current best practice.
"The aim is to provide a means by which all companies can reach the standard of the best in a cost efficient way.
"Environmental reporting is an important factor in company valuation which is why investors have an increasing interest in it."
Notes to Editors
* UK Sustainable Development Strategy Securing the Future recognises that the Government, "has a key role to play in developing the business case for sustainable consumption and production - for example through standards, economic incentives, regulation, voluntary agreements, business support programmes, communications and consumer policy."
* The Government believes that the disclosure of environmental impacts, policies and performance benefits business, shareholders, wider stakeholders and society as a whole.
* The Accounts Modernisation Directive introduces requirements for large GB businesses (including over 1,200 quoted companies) to provide a Business Review, including information on environmental or employee matters to the extent necessary for an understanding of a company's development, performance or position. Medium private companies must also produce a Business Review, although they do not need to produce performance indicators relating to non-financial information.
* The new guidelines - Environmental Key Performance Indicators: Reporting Guidelines for UK Businesses - are published today at https://www.defra.gov.uk/environment/business/index.htm They provide clear guidance for companies on how to report on their environmental performance using Key Performance Indicators (KPIs), and define which KPIs are most relevant to which business sectors.
* Trucost plc is an environmental research organisation who helped Defra produce the Guidelines. Trucost helps companies report on their environmental impacts in a way that is quantitative, comprehensive and that allows meaningful comparisons to be made between companies in differing sectors and geographies. Trucost's methodology, which is developed with their international advisory panel of leading ecological economists, allows environmental impacts to be presented in financial terms so that they can be compared with existing financial reporting. Trucost helps companies to comply with the Accounts Modernisation Directive reporting regulations by determining the environmental issues that are significant to their business. (https://www.trucost.com)
Public enquiries 08459 335577;
Press notices are available on our website https://www.defra.gov.uk
Defra's aim is sustainable development |
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