WORKSHOP: Can biodiversity be a material issue for companies? Barriers, challenges and how to overcome them
This session will review and discuss the findings of a report produced by international accounting firm KPMG, The Association of Chartered Certified Accountants which is the UK professional body for accountants and Fauna & Flora International. The report examines the current response to the issue within the accounting profession, its regulators and standard setting bodies.
- DATE: 07 Sep 2012
- TIME: 14:30 - 16:30
- ROOM: A - Yeongju Hall B
A survey conducted by McKinsey of over 1,000 companies found that biodiversity loss is a major emerging issue for businesses and has reached a similar position in public debates as climate change did in 2007. Although several analyses of the business case for action on this issue have been put forward, few have been framed in terms of financial or stakeholder inclusive materiality. As a result they lack traction with individuals responsible for managing corporate financial performance. Until finance directors are convinced of biodiversity being a material and financial issue, widespread action to avoid and minimize impacts on biodiversity is unlikely to occur.
The findings will set out the role of the accounting profession, its regulators and standard setting bodies in addressing issues that are currently material. These roles include: identifying means by which materiality can be evaluated, responding to future challenges and enabling the development of a reporting and disclosure framework that better captures issues deemed material by society.
We propose a meeting between those responsible for engaging with the private sector within the big international environmental groups such as IUCN, Conservation International, The Nature Conservancy, FFI and WBCSD as well as three government representatives and three private sector representatives to discuss the findings of this report, explore its recommendations and suggest actions to drive them forward.
This workshop is organized by Fauna & Flora International in partnership with KPMG, The Association of Chartered Certified Accountants and the World Business Council for Sustainable Development.