The new FCA compliance statement on TCFD disclosures-Observations from first reporters

Published on: 08 Apr 2022

The survey is based on the first 30 annual reports published by UK premium-listed companies with December 2021 year-ends. Encompassing a wide range of industries and including representatives from the FTSE 100, FTSE 250 and FTSE All-share, the survey illustrates how companies are adhering to the TCFD four recommendations & eleven recommended disclosures.

The key observations from the survey include: 

  • 90% of companies disclosed a clearly identifiable compliance statement in their annual report
  • All companies indicated consistency with TCFD with respect to their Governance and Risk Management disclosures, in line with the FCA’s expectations in Listing Rule 9.8.6E
  • 70% of companies included their TCFD disclosures wholly within the annual report. Of these, 62% stated that they have performed quantitative scenario analysis
  • 87% of all companies disclosed some Scope 3 GHG emissions in their annual report
  • All but one company disclosed a carbon reduction target, with the majority of these companies describing their target as ‘net zero’ or ‘carbon neutral’. 

The report is available below. 

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