Page 4 - Awards for Best Belgian Sustainability Reports
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Importance on quality: accuracy-timeliness- completeness
This criterion was in average amongst the best quoted by the Jury this year. The reported information should be sufficiently accu- rate and detailed for stakeholders to assess the organization’s performance.
The organization should report on a regular schedule so that information is available in time for stakeholders to make informed decisions.
The usefulness of information is closely tied to whether the timing of its disclosure to stakeholders enables them to effectively inte- grate it into their decision-making.
The Jury particularly appreciated the accuracy, timeliness and completeness of the reports of KBC, Proximus, Lidl Belgium, Solvay and Idelux.
Towards harmonisation in international standards on non financial reporting ? Enhancing reliability of non-financial information through external assurance
Today, there is no harmonisation in the area of non-financial and sustainability reporting, but various initiatives have been taken to meet this expectation of organizations, investors and governments.
Amongst the recent initiatives, the following can be listed:
the forthcoming revision of the European Directive on
Non-Financial Reporting,
the EC’s announcement to develop its own European standard for non-financial reporting (through the mandate of the Euro- pean Financial Reporting Advisory Group-EFRAG) and
the publication “Toward Common Metrics and Consistent Reporting of Sustainable Value Creation”, presented at the World Economic Forum (WEF) in January 2020 (developed in collaboration with the 120 members of the WEF’s Inter- national Business Council and the 4 big audit firms).
Given the growing importance of non-financial and sustainability reporting and initiatives at the legislative level - which also affect the responsibilities of governing bodies within organizations - the reliability of these reports is becoming increasingly crucial.
However, reliability was again this year one of the criterion with the weakest scores: the Jury insists on the fact that reference to independent studies, external benchmarking and independent assurance is essential to enhance the credibility of non-financial information and the confidence of stakeholders in the veracity of the report content
The Jury appreciates the (continued) commit- ment to obtain external assurance with clear indication of the scope and level of assurance by Solvay.
The Jury encourages other organizations to follow the path of the one obtaining external assurance, at least on part of the report, as for example: Aldi, Argenta, Barco, Befimmo, essenscia, KBC Lidl Belgium, Luminus, Proximus, Recticel, Solvay, Telenet, The Skateroom, UCB and WDP.
Edition 2020 4

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