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News Release

12 March 2009

Is there a sustainability crisis?
Sustainability reporting in Europe – launch of ESRA’s 3rd year results

ACCA (the Association of Chartered Certified Accountants) has announced that the online publication of the European Sustainability Reporting Association's (ESRA) 2008 reports will take place on 12 March. Now in its third year, ESRA is an information sharing resource, whose aim is to inspire and improve sustainability reporting in Europe by sharing developments of European countries.  

Vicky McAllister, Social and Environmental Projects Officer ACCA, said:

“This year’s reports are of particular interest due to the concern that the current global economic conditions could lead to a decrease in both the frequency and standard of non-financial reporting.  A couple of participating countries have already started to notice a decline in reporting levels following the credit crisis and this is an issue that ESRA, along with ACCA, will be monitoring closely over the following months.”

For the first time, the European Sustainable Investment Forum (Eurosif) has provided an opinion piece, which is available on the ESRA website, on European reporting from an SRI perspective. Eurosif is a pan-European group whose mission is to address sustainability issues through financial markets. Other contributors include the European Commission, the GRI and FEE.

Matt Christensen, Executive Director of Eurosif, explains the reasons for Eurosif’s involvement with ESRA:

“The current financial crisis has raised a number of issues related to the financial sector and its role in the healthy fostering of long term, sustainable capitalism within the EU.  An important part of the current financial crisis is a lack of transparency. Environmental, Social and Governance (ESG) data are relevant, material information that investors should have and increasingly want as a means to better gauge longer term risks. We are pleased to be associated with ESRA on this project which promotes and disseminates good ESG reporting practices across the EU”.

The individual country reports and statistics that are provided by CorporateRegister.com will highlight key reporting and assurance trends over the past 12 months. This will include any changes to Government regulation and challenges ahead. New participants in the scheme for 2008 include Hungary, Poland and Portugal.

For further information about ESRA and to see the submissions, please go to:
http://www.sustainabilityreporting.eu/

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Notes to Editors
1.   ACCA is the global body for professional accountants. We aim to offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management. We have 362,000 students and 131,500 members in 170 countries worldwide.

  1. ACCA has worked with governments, national organisations and development agencies in emerging economies- for over 20 years- promoting the accounting profession, to create value for the communities, businesses and individuals it serves.
  2. ACCA believes that globalisation of business means that one set of reporting standards is essential. We favour the principles-based IFRS.
  3. ACCA understands the real issues facing small businesses as 63,000 of our members work in SMEs or small partnerships worldwide.