Where are the Net Zero plans?

Credible Net Zero plans are few and far between among the FTSE 100, says new EY report

Nearly 18 months after the Government’s COP26 pledge that UK listed businesses would be mandated to publish decarbonisation plans by 2023, only 5% of FTSE 100 companies have so far disclosed transition plans that would be deemed ‘credible’ or sufficiently detailed.

EY analysed Net Zero transition plans published by FTSE 100 businesses, as of 31 January 2023, and assessed them against the Transition Plan Taskforce’s (TPT) Draft Disclosure Framework. The Framework, which is set to

In brief

KAREN’S RESPONSE

With the rise of generative AI it’s understandable to wonder about the risk these advancements in technology could have on your job; your concern will be shared by many. However, rather than get caught up in the fear of being replaced by generative AI, it’s beneficial to think about the ways accountants can adapt to, and work alongside, these evolving technologies.

For example, automating repetitive admin tasks can save time, improve efficiency and cut costs. ChatGPT could be used to create more accurate invoices, as AI may be less likely to make mistakes that occur from human error whilst invoicing manually. This freed up accountants to focus on the more complex work that requires analytical and creative thinking: key human elements that, thus far, cannot be replicated by AI.

Whilst knowing how to utilise generative AI has the potential to enhance your career, it’s important to be cautious – do not to assume the results that generative AI produces are correct and always check before trusting them.

Ultimately, to help you feel less threatened by generative AI, ensure your soft skills – communication, interpretation, creative thinking and problem-solving to name a few – are up to scratch, and clearly demonstrate a willingness to adapt to change and learn new things. This will support you despite the technological developments happening in the industry at the time.

• Karen Young is a director at Hays. She is passionate about helping people to find the right job and companies the right person

Time for digital AGMs

Chair of M&S Archie Norman is calling on AGMs to move with the times and go ‘more digital’. He believes a more streamlined approach to shareholder communication will help multinational companies move into the digital age, and be far more inclusive.

Norman has written to the business secretary Kemi Badenoch on behalf of the ‘share your voice’ campaign. He explained the current legislation means ordinary people who have invested in listed companies struggle to hear what they are saying.

He has said that physical AGMs should be ditched in favour of hybrid or digital events, which be finalised this year following industry consultation, outlines guidance for companies to create decarbonisation plans that can be deemed “credible, useful, and consistent”.

The Treasury’s TPT was announced in November 2021 at COP26, where it was pledged that all UK listed businesses and financial institutions would be required to publish Net Zero transition plans by 2023, although a specific date was not set.

EY’s analysis found that while 78% of FTSE 100 companies have he believes will encourage real investor participation.

Nightmare on the dance floor

The bosses at the beleaguered tech firm Wandisco were recently forced to quit after an accounts black hole of £93m was uncovered.

Both CEO and CFO left the firm after millions of pounds worth of sales had to be written off following an investigation.

Wandisco said: “The results of the independent investigation to date continue to support the initial view that the irregularities are as a result of the actions of one senior sales employee.” disclosed partially-developed plans that include public targets to achieve Net Zero emissions by 2050, they have not yet adequately outlined how they will reach these targets, therefore missing key current TPT Framework requirements. Some 17% of FTSE 100 firms are still at the stage of setting targets and are yet to publicly disclose any plans.

The Sheffield-based business was eyeing a US listing for its shares.

EY’s analysis found that more than 80% of FTSE 100 firms have made public commitments to reach Net Zero carbon emissions by 2050.

Momentum stalls

Business efforts to tackle modern day slavery are stalling, according to an analysis of UK government data by the Chartered Institute of Procurement & Supply (CIPS), with the number of modern slavery statements submitted to the government registry for 2022 trailing markedly. Section 54 of the UK’s Modern Slavery Act 2015 requires in-scope organisations, those with a turnover of more than £36 million a year, to publish an annual statement outlining the steps they are taking to address slavery in supply chains. Analysis of the registry by CIPS reveals that 29% of organisations falling within scope of the Modern Slavery Act have yet to submit their slavery statements to the 2022 registry.

The PQ Book Club: books you should read

Speak with Confidence:

Overcome self-doubt, communicate clearly, and inspire your audience, by Mike Acker (Wiley £16.99)

With the PQ magazine awards around the corner, I thought it was time I took a look at what I do. Then Mike Acker’s book landed on my doormat, at exactly the right time. Perhaps I really do want to become a capable and confident speaker who makes an impact!

What our author rightly says is that you are the message. When politicians read a speech, it is often written for them (I never understood that). He also stresses when you are asked to talk, people want to hear from you, not your slideshow and handouts. If you ever come to hear me speak you will know I don’t do either!

It can be difficult ‘to thine own self be true’ because I am a writer, and speaking, particularly where professional lecturers abound, means I am often not as confident as when I write.

That said, I do really hate those slick presenters who are like snake oil salesman – they would/could sell everything, including their mother! They have no serenity either, but they are very confident. Acker explores all the narcissistic traits – as he says: “Genuine narcissists are pitiful creatures with fragile egos that require constant praise.”

Acker is also right about the most important thing in speaking –the audience. He says ask yourself one question: “What do they really, really want?”

Our author might accuse me of rambling on (a real no-no). So we better stop there.

PQ rating 4/5: Acker really tries to prove that you can do it, no matter what past experience you have had talking to a crowd. A lot of it is all about self-doubt. It’s time to be yourself.

Reviewer: Graham Hambly