The Green Economy coalition included the need for a Convention on Reporting on Sustainability in their Zero Draft contribution:
'All large private and public enterprises should be required to internalise all external costs, and report on their environmental and social impacts and contribution to wellbeing, or explain why they do not. We call on governments, international bodies and major groups including business to:
Commit to develop a global policy framework that requires all listed and large private companies to consider sustainability issues and to integrate material sustainability information within their reporting cycle, and in their Annual Report and Accounts – or explain why if they do not. The global policy framework, which could take the form of a Convention, should adhere to three key principles:
- report or explain – establish a report or explain approaches to sustainability reporting policy;
- transparency – enhance transparency by requiring national measures that would mandate the integration of material sustainability issues within the company reporting cycle, in their Annual Report and Accounts;
- accountability – provide effective mechanisms for investors and all stakeholders to hold companies to account on the quality of their disclosures, including for instance an advisory vote at the Annual General Meeting (AGM).'
Access the full document here.