Over 150 companies utilising WEF Stakeholder Metrics
The World Economic Forum (WEF) has published an update on its Stakeholder Metrics Initiative, confirming that 158 companies have included the Metrics in their mainstream reporting materials.
In partnership with companies, including the Big 4, the WEF identified a set of universal metrics and disclosures with the aim of promoting alignment amongst existing ESG frameworks. The alignment helps to create a set of data points that can be compared between companies, regardless of their industry or region. The Metrics include non-financial disclosures concerning 4 main pillars: people, planet, prosperity, and principles of governance. Measurements such as greenhouse gas emissions, pay equality and board diversity are also included.
Since January 2021, over 160 companies have shown their support for Stakeholder Metrics. Firms which have adopted this approach include Accenture, Bank of America, Fidelity International, HSBC Holdings, IBM, Mastercard, UBS, and Zurich Insurance Group, among others.
Alongside the development of the Stakeholder Metrics, and brining on-board companies to the coalition, the WEF has engaged with the Impact Management Project to bring together major standard setters and frameworks. Additionally, the WEF were a contributing member to the International Financial Reporting Standards Foundation’s (IFRS) Technical Readiness Working Group. These collaborations allowed the WEF to contribute to the establishment of the International Sustainability Standards Board (ISSB), which was unveiled during the Climate Change Conference COP26.
The WEF is currently developing illustrative guidance to assist the transition from its Stakeholder Metrics to the first two sets of the ISSB Standards. This is intended to be the first set of a collection of subsequent guidance as new ISSB Standards are developed. The Metrics have served as an effective on-boarding ramp for companies to get started on their sustainability reporting journey.
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