-
PARKSAFE GROUP TEAMS UP WITH QUECLINK WIRELESS SOLUTIONS IN FLEET TECHNOLOGY PARTNERSHIP - 1 day ago
-
Facing shocking levels of violence at work – yet not paid enough to live on: 57% of UK retail staff say their wages barely cover basic expenses, despite many working more hours than ever - March 26, 2024
-
Bridgestone proving the worth of its Duravis Van tyre through academic study - March 25, 2024
-
Fleetmaxx Solutions announces Vanaways partnership - March 25, 2024
-
Lightweight Loading Platform Proves Its Heavyweight Credentials for AG Transport - March 20, 2024
-
The food sector must face its fears over warehouse automation - March 20, 2024
-
ROSIE’S BAKES SELECTS INTEGRATED FLEET TECHNOLOGY SOLUTION FROM INSEEGO AND POCKET BOX - March 20, 2024
-
Rite-Hite’s HVLS Revolution fan keeping climbers cool at Boulder Central - March 14, 2024
-
Kammac Welcomes Elanders’ Group Management Team - March 12, 2024
-
MIDDLEGATE EUROPE SELECTS SURECAM VIDEO TELEMATICS TO PROTECT FLEET AND DRIVERS - February 29, 2024
SEGURA WARNS RETAILERS TO PREPARE FOR THE TASKFORCE ON CLIMATE RELATED FINANCIAL DISCLOSURE (TCFD)
Peter Needle, Founder and President at Segura, said: “The time for procrastination is over as this legislation requires urgent action. Retailers must fully understand and asses their supply chain risks. TCFD is already advisable and reporting becomes mandatory for the financial year following April 2022. Non-compliance will immediately affect the cost of capital, create negative publicity, threaten board room incentives and will gradually attract sanctions.”
TCFD was set up by the Financial Stability Board (FSB) in 2015, to develop recommendations for climate-related disclosures. From 6 April 2022, over 1,300 of the largest UK-registered companies and financial institutions will have to disclose climate-related information on a mandatory basis. This will include many of the UK’s largest traded companies, retailers, banks and insurers, as well as private companies with over 500 employees and £500 million in turnover.
With less than 6 weeks to go companies will need to be ready to disclose their governance around climate-related risks and opportunities; the actual and potential impacts of climate-related risks and opportunities on the organisation’s operations, strategy, and financial planning; how the organisation identifies, assesses, and manages their climate-related risks; together with what metrics and targets they will use as part of their assessment.
Needle comments: “Although initially the legislation will focus on climate-related information for the 1,300 largest UK-registered companies, others shouldn’t be complacent. If it follows previous legislation, this could be rolled out across a much broader number of companies, and encompass other environmental considerations. At Segura we are already working with some of the UK’s leading retailers, helping them to achieve ethical, sustainable and compliant multi-tiered supply chains through automatic supplier onboarding, mapping and reporting.”
Needle strongly advises that failure to comply with TCFD will put companies at risk of audit non-compliance and strategic risk to business continuity. “In the next financial year, larger UK retailers must fully understand all parts of their supply chain, in order to provide TCFD reporting. This requirement goes beyond Tier 1 and Tier 2 and reaches through the whole multi-tier supply chain. Typically, this is where 96% of a retailer’s carbon footprint exists and 100% of their exposure around safe and ethical working practices.” Link to the whitepaper download page is here: https://inbound.segura.co.uk/resources/downloads/tcfd-and-the-implications-for-retail