More than three quarters of GP 100 Panel members believe global exchanges should require sustainability reporting by listed companies.
Some 76.92% agreed with 24 investors representing $1.6trn in assets who this month wrote to the main exchanges to encourage them to consider how to improve the quality of sustainability reporting.
The investors suggested creating a listing requirement for companies to consider how responsible and sustainable their business model is, and put a forward-looking sustainability strategy to the vote at their AGM.
The move, led by Aviva Investors, was part of a broader collaborative engagement initiative launched by Aviva and facilitated by the UN-backed Principles for Responsible Investment (PRI) in 2008.
It aims to encourage stock exchanges to consider how to improve the quality of sustainability reporting by the companies that list on their exchange.
Exchanges including the Australian Stock Exchange, NASDAQ GS, Korea Exchange, Santiago Stock Exchange and Philippine Stock Exchange have the lowest number of companies disclosing ESG data.
Those with a large number of companies disclosing their data include Euronext Paris, Tokyo Stock Exchange, Helsinki, Euronext Amsterdam, Euronext Lisbon and Borsa Italiana.
One respondent who backed the call for better reporting said: "It's all about more disclosure. Information is knowledge. You don't have to take a stand on climate change or ESG. You're just asking for more disclosure to make better decisions, how can you oppose that. Maybe the exchanges aren't the best place, but…many insurance companies are already asking for this data in their underwriting, so investors should have it as well."
Another added: "We take sustainability seriously and want all listed companies to do so too."
A third said: "Institutional investors are focused on the long term. The market is often more concerned with short term returns, even if they are unsustainable."
