A study on the non-financial legal disclosures to encourage for companies to take action

2021 Fiscal Year Final Research Report

• Project/Area Number: 19K01406
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Review Section: Basic Section 05060:Civil law-related
• Research Institution: Waseda University
• Principal Investigator: Kawashima Izumi 早稲田大学, 社会科学総合学術院, 教授 (50177672)
• Project Period (FY): 2019-04-01 – 2022-03-31
• Keywords: コーポレートガバナンス・コード / 非財務情報の開示 / 遵守または説明 / ESG情報の開示

Outline of Final Research Achievements

Under UK Companies Act, in relation to the ESG matters, certain companies are required to disclose its business model, its policies pursued, its outcome, KPI relevant to its business, and so forth. In addition to these, the new UK regulations 2022 requires to disclose the climate-related financial information consistent with the TCFD recommendations, or to explain why if they have not done so. Under the new requirements, not only risks, but also opportunities related to climate change are highlighted. By these, companies are encouraged to disclose and take actions. SEC also proposed Rules to enhance and standardize climate-related disclosures in March 2022. In addition to publicly quoted companies, the UK new disclosure requirements are applied to large private companies and LLPs. It is important to make the total framework of the company's disclosure regimes aligned with related government departments and regulators.

Free Research Field

社会科学

Academic Significance and Societal Importance of the Research Achievements

イギリスの非財務情報の開示制度は、上場会社等にESG（環境・社会・ガバナンス）情報の開示を求める中、ESGに関する企業の取組について、リスク面での管理プロセスへの統合に加え、収益機会と結びつけて開示の意義を捉える方向に進んでいること、また、開示方式として、遵守または説明や報告または説明とともに、方針の策定や目標の設定とその進捗や結果の開示、シナリオ分析など、企業の継続的な取組を促す効果が高い手法が採用されていることを確認した。これは、他の法域でもみられる現象である。開示規制の法源が複数存在する中で、開示負担を軽減し開示の質を向上させるには、開示規制全体の体系的な整備が必要であると考えられる。