Table 4
Reasons for wanting environmental disclosure, what shareholders use the information for, and Environmental Audit (Expectation 2 & 3).
Panel A – Reasons for disclosure (percentages of those answering the question) US % Agree UK % Agree AU % Agree
Companies should disclose environmental information because:
1. It is material for financial decision-making (e.g. buy/hold/sell shares) 71.7 64.1 75.9
2. It is a means for companies to defend their environmental management 64.0 63.7 80.2
3. Companies should be accountable for their environmental stewardship 89.1 78.7 91.5
4. I am concerned about climate change 60.4 57.3 67.3
Panel B – Environmental audit (percentages of those answering the question)
Companies should disclose an independent audit of environmental disclosures 53.1 54.8 70.3
Panel C – Environmental information used and the reasons for using it (Responses for the three countries combined)
Investment decisions % Accountability % Own interest %
I use (or would use if it was provided) information for:
Environmental risks/impacts information 69.6 22.4 8.0
Environmental policy 54.9 30.4 14.8
Waste handling/toxic release/emissions info 49.3 43.2 7.5
Environmental performance (against targets) 42.9 47.3 9.8
Environmental liabilities and contingencies 70.5 22.1 7.4
Environmental fines 48.0 40.7 11.3
Environmental targets 38.9 46.8 14.2
Energy use/savings info 48.4 29.9 21.7
Environmental audit 40.4 50.3 9.4
Legal compliance (environmental) 51.9 43.1 5.0
Recycling information 26.9 38.3 34.9
Carbon trading/neutrality/credits 47.4 29.8 22.8
Evaluation of sustainability/ecological footprint 38.8 33.8 27.5
Industry environmental rankings 41.3 29.7 29.0
Packaging information 26.2 32.5 41.3
Environmental rehabilitation 31.8 49.7 18.5
Design life-cycle information 38.3 20.9 40.9