The presentation focused largely on the importance of transparent reporting on climate change issues in Extended External Reporting, and how New Zealand needs to step up to build a robust landscape of corporate reporting.
The XRB were interested in learning Wendy McGuinness’ thoughts on what the future of Extended External Reporting should look like from the perspective of a futurist.
In terms of climate change, Wendy said the first thing we can do is try to decrease carbon levels, but the background to that is informing society:
There are different gaps in the information system at the moment in New Zealand. The gap between what is actually happening and what users know, what preparers know and what the board knows.
Wendy explained how the methodology developed throughout the research process will allow the Institute to benchmark progress every year to analyse how things connect and improve.
The board also discussed the importance of wellbeing for the 2018 budget. Wendy noted:
New Zealand could be a leader globally in terms of this kind of information and it could easily be implemented, requiring just large companies to begin reporting this type of information.
See Wendy’s abridged slideshow presentation below.