b'GOVERNANCE| LEGAL SECTOR| 2022SUSTAINABILITY INSIGHTSUSTAINABILITY REPORTING Introduction The process of sustainability reporting enables an organisation and its stakeholders to better understand, manage and share the environmental, social and governance risks it faces. In addition to collecting and analysing sustainability impacts internally, it is also important to transparently communicate this information with interested stakeholders and the public.Reporting is a universally accepted component of sound organisational planning and strategy. It requires engagement with stakeholders to assess the most important opportunities and threats and is an important tool for measuring and communicating progress on those material issues, commitments, targets and performance.Publishing an organisations commitments and performance builds trust and reputation by demonstrating openness and accountability and supercharges the meaningfulness of their commitments and acceptance of their responsibility to address them.Reliable public sustainability reporting is of interest to a growing range of stakeholders, including customers, employees, regulators and shareholders. These stakeholders care about the values, priorities, performance, and longer-term value of an organisation.Expectations about the scope, detail, rigour and completeness of sustainability commitments and performance also continue to build among this group as more organisations provide reports and demonstrate their values and priorities. Sustainability reporting has been trending towards greater adoption of standards developed by key NGOs and as well as regulators. The scope of sustainability reporting is growing to include increased reporting on climate-related risks and carbon reduction targets, biodiversity risks, and human rights throughout the product lifecycle.Regulators from many jurisdictions have recently or will plan to mandate sustainability reporting which will change the scope and frequency of reporting significantly.Globally, the number and quality of sustainability reports continues to increase significantly. In its 2018 report, the World Business Council for Sustainable Development identified that 85 per cent of S&P 500 companies issued a sustainability report in 2017 compared with under 20 per cent in 2011.The findings in KPMGs 2022 Survey of Sustainability Reporting found that 96 per cent of G250 companies report on sustainability or ESG matters. Sixty-four per cent acknowledge climate change as a risk to their business. However, only 49 per cent acknowledge social elements as a risk to their business and less than half of companies report on biodiversity loss. The companies generally used GRI, TCFD and SDGs as frameworks to develop their reporting. TCFD adoption nearly doubled in 2 years, going from 37 per cent to 61 per cent. Seventy-one per cent of N100 companies identify material ESG topics.ADDITIONAL SUSTAINABILITY AUSLSA REPORT PROMOTEDREPORTING SCOPEYES NO IN DEVT YES NO34%REPORT42% 41% 59%PROMOTED CSR / ENV24%76'