02 October 2019

IIRC: SSE 10 years of impact and progress report - Charles Tilley Statement

Since the launch of the United Nations Sustainable Stock Exchanges (SSE) initiative in 2009, the SSE has worked with partners, including the IIRC, to drive sustainable development and implement capital market activities that support this goal.

Charles Tilley contributed to the SSE ‘10 Years of Impact and Progress Report‘ to mark and celebrate their impact and progress over this time, saying:

“The International Integrated Reporting Council congratulates the Sustainable Stock Exchanges initiative for driving powerful and impactful action to embed sustainable development within capital market decision-making on this, its 10th anniversary.

The pace of change has been truly remarkable, evidenced by the shift in global risks identified each year by the World Economic Forum. The world has transitioned from one dominated by financial and economic risks to one where climate, population and social risks dominate. Ten years ago, those calling for sustainable development to be put at the heart of the way our markets operate and the way we do business were loud and passionate, but also in the minority.

Nowadays, there is a huge shift in understanding the inextricable link between financial stability and sustainable development. It is something we have seen through the companies that have embraced the concept of value creation and embedded the principles of integrated reporting in over 70 countries globally.

However, whilst there has been an awakening to the urgency in tackling these issues – especially through the agreement of the Sustainable Development Goals and the Paris Climate Accord – that doesn’t mean these are issues that are simple to tackle, however willing we are.

To be successful, we will need to adopt a fresh approach and a new way of thinking not just within individual businesses – but across entire markets. Stock exchanges will have an important role in achieving this. We will have to shift to an outcomes-based philosophy, based on value creation not just for organizations and their shareholders, but also for broader society.

At the IIRC, we have learned that the most drastic changes come when organizations are shown the benefits of embracing sustainable development and adopting these principles because the Board and top management believes in their importance, rather than when they are forced into action. We look forward to welcoming ever increasing numbers of these advocates into our coalition – Our goal, after all, is to develop the system so that it is fit for purpose for a 21st century responsible capitalism world.”

Full statement on IIRC

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