DoubleMateriality.org

Stand Up for Science The Nature Conservancy Harvard University Cambridge University Press & Assessment Stockholm Resilience Centre CNRS Max Planck Society University of Chinese Academy of Sciences Massachusetts Institute of Technology IPCC ITER Organization CERN AAAS Springer Nature National Geographic Society Climate TRACE

TISFD's position on materiality Recommendations from its founding partners. "use a definition of impact materiality that focuses on the severity of an entity’s impacts on people, in line with the definitions and materiality assessment processes used by GRI and the ESRS and with the underlying international standards of responsible business conduct." TISFD -> "The TISFD framework will align with the four-pillar structure of the disclosure frameworks of TCFD and TNFD and used in the ISSB Disclosure Standards, while ensuring that the framework’s content is tailored to the particularities of IDROs related to people." Taskforce on Inequality and Social-related Financial Disclosures (TISFD) Global Reporting Initiative (GRI) Arunma (AEEM) Oteh Peter Bakker Gabriela Ramos Marcie Frost Ana Beatriz Macedo da Costa Olivier Blum David Atkin WBCSD – World Business Council for Sustainable Development Manulife OECD - OCDE Natura &Co Schneider Electric EFRAG

Actuaries are natural friends of Double Materiality DMA is a goldmine for actuaries, whether in the methodology used to assess materiality or in the analysis of results. The connections with risk mapping are deep. "Actuaries can significantly contribute to the evolving risk landscape, which is increasingly intertwined with #sustainability" An article that gets straight to the point by Marianna Duca / Actuarial Association of Europe There is approximately 90.000 qualified actuaries worldwide (1/3 in the insurance sector). International Actuarial Association UNDP Sustainable Insurance Forum (SIF) IAIS - International Association of Insurance Supervisors American Academy of Actuaries German Association of Actuaries Institut des actuaires Institute and Faculty of Actuaries Swiss Association of Actuaries Institute of Actuaries of India Global Association of Risk Professionals (GARP) #omnibus #esrs #csrd #esg

"History shows that taking the perceived easy path could come with significant long-term costs and lost opportunities". "The research is clear: enforced regulation is the only way to shift the corporate focus from short-term profit generation to producing long-term value for national economies, people and the environment. That’s because companies and their investors benefit from robust markets, prosperous people and a healthy environment." "Since its inception, the EU’s corporate sustainability reporting package has maintained the need for reporting on actual impact on people and the planet, over a narrower focus on risks and opportunities for investors. Fortunately, this approach was not a casualty of this week’s changes, as some had feared." Link in the comment. Carol Adams Global Reporting Initiative (GRI) International Ethics Standards Board for Accountants (IESBA) International Auditing and Assurance Standards Board (IAASB) International Accounting Standards Board (IASB) EFRAG International Organization of Securities Commissions - IOSCO #csrd #omnibus #csddd #esg #climatechange

"This work is too important to disappear" The federal authorities have ordered the first 🇺🇸 National Nature Assessment project to be stopped immediately! In support to the 152 researchers who worked on it, we are publishing the list of authors (the web page has been removed). John Whitehead Rajat Panwar Timon McPhearson Gillian Bowser Danielle I. Chris Field Rachelle Gould Howard Frumkin Patricia Soranno Boston University University of Minnesota Duke University University of California, Berkeley Colorado State University Illinois State University The University of British Columbia Stanford University. Stockholm Resilience Centre #climatechange #biodiversity

Visualise why Double Materiality still has some work to do "The Compendium is an initiative of the FSB and is a joint product with relevant international standard-setting bodies." To penetrate the global operating mode, #DoubleMateriality will have to pass through several levels. One of the most closed committees is "The Compendium of Standards". A "compendium" is a comprehensive collection of information and analysis pertaining to a body of knowledge. Just as the definition of the "public interest" (see our post) can be asserted in-extenso, so too can the definition of a ‘standard’ : "Standards set out what are widely accepted as good principles, practices, or guidelines in a given area". This assertion is as imprecise as it is questionable. Standards included in the Compendium should: - be materially relevant for fostering sound financial systems (relevant); - clearly set out guidelines on good practices in a form that can be implemented (implementable); - have been issued by an internationally recognised body in the relevant area (internationally recognised); and - have broad applicability across different jurisdictions (widely applicable). Link in the comment. Network for Greening the Financial System (NGFS) IPCC Global Reporting Initiative (GRI) IPBES United Nations Environment Programme Finance Initiative (UNEP FI) International Monetary Fund The World Bank OECD - OCDE ISO - International Organization for Standardization Stockholm Resilience Centre Greenhouse Gas Protocol (GHG Protocol) Financial Stability Board (FSB) #esg #climatechange #sustainability #omnibus

🇪🇸 Spain takes a stand on the Omnibus "We strongly support maintaining main elements and principles of the #DoubleMateriality principle embedded in the #CSRD". Manuel Planelles at El Pais, who first had access to the letter. Sara Aagesen Muñoz, Carlos Cuerpo Ministerio para la Transición Ecológica y el Reto Demográfico Ministry of Economy, Trade and Business.

🇩🇪 Germany takes a stand on the Omnibus It reaffirms Double Materiality as a central pillar and recommend that IFRS Foundation establishes a consistent corporate reporting system. "Primarily, we support a principles-based approach and welcome the #doublemateriality analysis provided in the CSRD which also reflects the specific situations of the respective industries and companies specifically. " "The EU should take a leading role to shape and extend the international baseline, ensuring the #doublemateriality principle as well as the first-hand experience of European practitioners." Sustainable Finance-Beirat EU Platform on Sustainable Finance EFRAG Global Reporting Initiative (GRI) International Sustainability Standards Board (ISSB) Federal Ministry for Economic Affairs and Climate Action Bundesministerium der Finanzen Germanwatch e.V.

Investment Consultants 🇬🇧 go for Double Materiality "shift the emphasis of pension scheme sustainability requirements from single materiality towards #doublemateriality. Initially we will seek to ensure that the climate-related metrics required for TCFD reporting incorporate sufficiently forward-looking elements that encourage trustees to take real-world action, using DWP’s review of the TCFD requirements and/or adoption of a transition plan approach to enable this." Investment Consultants Sustainability Working Group, UK Investment Consultants Sustainability Working Group - United States (ICSWG-US) WTW Mercer Aon Cardano Barnett Waddingham Apex Group Ltd LCP bfinance Department for Work and Pensions (DWP) The Pensions Regulator Financial Conduct Authority FSB Task Force on Climate-related Financial Disclosures (TCFD) Claire Jones Iona Young

48% of 4,551 assessed companies globally say their approach is based on #doublemateriality. "As decision-makers seek to prioritize and focus where they can create positive impacts and limit negative impacts, investors and regulators are increasingly expecting them not to treat the two sides of materiality in isolation. Guidance from bodies such as the EFRAG and GRI recognizes that the interrelation between external and internal impact is key." Link in the comment Global Reporting Initiative (GRI) EFRAG S&P Global S&P Global Sustainable1 Cornis Van Der Lugt , María Andérez CFA ESG , Matt MacFarland World Economic Forum