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Institutional Investor (June 26)

2012/ 06/ 28 by jd in Global News

“Despite the rise in prominence of environmental, social and corporate governance issues, many corporations still do not include ESG risks into their financial performance.” Part of the problem is the lack of a robust international framework, but progress is being made with the London-based International Integrated Reporting Committee expected “to release a prescriptive integrated framework that provides guidance details for measurements by industry sector by mid-to-late next year. Prior to that, GRI will publish their own prescriptive, but not as detailed, framework by next May.” Another issue, however, is data collection. Companies will “need the processes and controls to collect the data” for ESG reporting. Ultimately, Institutional Investor believes, “getting ESG risk in financial statements may need investor muscle…. It may be up to a few active ESG investors to push changes at the board level.”

 

Financial Times (September 26)

2011/ 09/ 28 by jd in Global News

“The business model of the Big Four accounting firms is under attack from the European Commission, which is pushing for tough rules that would force the firms to abandon their consultancy businesses and share audit work with smaller rivals.” The draft legislation is hardly a sure thing and the Big Four will likely do all they can to fight it, but Michel Barnier, the EUs internal market commissioner, is supporting the legislation as way to restore confidence in financial reporting.

 

Financial Times (July 26)

2011/ 07/ 28 by jd in Global News

“Made in China, undone in America.” Chinese firms that list in the U.S., often through reverse mergers, have seen their popularity drop and shares slump as questions arise over the propriety of their books. Some of the world’s most respected investors, including John Paulson, have taken their lumps. As of July 20, the shares of four of these firms were trading at less than half the price they were initially sold to US investors. Meanwhile, one of the stocks had been de-listed from Nasdaq and all eight were trading far below their one-time highs.” This trend has raised questions about whether reporting and regulation in China fall short of international standards.

 

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