Briefly, without adequate disclosure to help identify and price risks, change may be disorderly and much more difficult to manage. Historically, the financial system has not fully accounted for the consequences of climate change. But New Zealand’s financial history is still being written – and disclosure has the potential to be a key part of that story.
This is not a trivial task: In the realm of culture and ethics, there are neither universal “best practices”, nor are there metrics by which success can be quantified. It is thus very difficult to develop specific criteria that define the culture of a company.