Our impact
Since it was established in 2004 by HM The King, when he was The Prince of Wales, A4S has played a central role transforming the finance and accounting landscape.
As an initiator for integrated thinking and reporting, A4S set the foundation upon which global sustainability reporting has been built and continues to grow. A4S’s outputs and initiatives, such as the Essential Guide Series, the A4S CFO Leadership Network and Accounting Bodies Network, have driven a profound shift towards sustainable business practices for over the last two decades.
Below we have reflected on both our achievements so far and our mission going forward to bring about the significant changes needed to build a sustainable economy.
Our achievements
A4S CFO Leadership Network and Circles of Practice
Launched in 2013, the network brings together CFOs from large global organizations to drive leadership and enable action.
Key achievements
- CFO Leadership Network members represent approximately $1.8 trillion in market capitalization.
- Approximately two thirds of the listed companies in the A4S CFO Leadership Network are Fortune 500 (US or Global).
- Global network with representation across Asia Pacific, Europe and Americas.
- Established regional Circles of Practice established including in Brazil and Ireland.
- Developed our series of A4S Essential Guides, which provide practical examples from network members on how to embed sustainability in day-to-day decision making.
- Our CFO members have collectively fulfilled over 600 commitments to action.
A4S Accounting Bodies Network
Our first network, launched in 2008, the Accounting Bodies Network (ABN) brings together accountancy professional bodies from around the world. Members share knowledge, collaborate to overcome common barriers and champion the need for change within the accounting community.
“We’re fortunate to work with partners all around the world to effect change and (the A4S) Accounting Bodies Network is among the most valuable and forward looking of collaborations.” Barry Dempsey, Chief Executive, Chartered Accountants Ireland
Key achievements
- Issued a Call to Action in 2020 to galvanize the accounting profession in response to the climate emergency and launched the #OurClimateCounts movement.
- Led a collective commitment by member accounting bodies to achieve net zero and to help their members do the same in their own organizations.
- Published a wide variety of guidance, including on net zero, navigating the reporting landscape and actions for SMEs.
A4S Asset Owners Network
Launched in 2018, the A4S Asset Owners Network brings together the chairs of pension funds, their investment committees, pooling partners and endowments. With a UK Chapter, and a newly-formed European-mainland Chapter, the network provides a confidential and commercial-free space for chairs to share and learn from peers.
“The A4S Asset Owner Network has provided me with a unique space to explore – in an open and non-commercial setting – some of the most significant challenges that I face as a chair of a large pension scheme.” Russell Picot, Chair of the HSBC Bank (UK) Pension Scheme and Former Chair of the UK Chapter of the A4S Asset Owners Network
Key achievements
- Grew the membership to over 45, with over US$1.3 trillion in combined assets under management.
- Helped pension boards to adopt and implement net zero targets and TCFD.
- Produced the ESG Toolkit for Pension Chairs and Trustees, which includes practical guidance and case studies.
- Convened a cross-markets collaborative effort to raise the bar on embedding sustainability into the bulk annuity process in the UK. Signatories to the Sustainability Principles Charter for the Bulk Annuity Process now represent 92% of the UK Bulk Annuity Market.
Capital Markets
A4S regularly convenes key actors across the global investment chain. We support capital market leaders to remove barriers, accelerate change and enhance their technical capability to integrate sustainability into financial decision making. A4S brings the investor and corporate conversation together at a very senior level.
Key achievements
- Convened representatives from across the global financial system at our Finance Leaders Summits, to identify actions that can deliver a global sustainable financial system and overcome the barriers to progress. This led to two reports: Financing Our Future and Accelerating the Transition, and a range of individual and collective actions.
- Increased the knowledge, confidence and motivation of our pension fund chair network – representing over US$1.3 trillion in assets under management – in embedding sustainability in their strategic and investment decision-making tools.
- Produced technical webinars, guidance and case studies for CFOs and finance teams in financial institutions on operationalizing net zero targets and on accounting for financed, facilitated and insurance-associated emissions.
- Launched the Moving Capital Markets project to identify the actions that will help close the transition finance gap in Canada.
A4S Academy
Launched in 2020, the Academy is a learning and implementation programme for senior finance leaders. The programme empowers and equips finance teams with the capabilities needed for their organizations to succeed in the face of environmental and social risks and opportunities.
Key achievements
- Supported 500+ participants from 200+ organizations through the A4S Academy.
- Created a powerful legacy for the programme – each participant completes a year-long implementation project to graduate.
- Empowered participants to drive change: 89% of participants report that their participation made an impact on sustainability integration in their organization within just one year, and 93% of participants felt empowered to drive change.
“There’s no better place than the A4S Academy to build a coalition of the willing … through the Academy you can turn the problems that face you today into fantastic opportunities.” Javier Echave, former Chief Financial Officer, Heathrow Airport Holdings
Business Schools and Academia
A4S has worked with business schools and the academic community since inception, helping to embed sustainability into finance and accounting research and teaching.
Key achievements
- Co-edited a book, Accounting for Sustainability: Practical Insights, in 2010 with leading academics. The book was evaluated as “outstanding” by the Research Excellence Framework 2014.
- Convened a major event in 2015 with global business school leaders to inspire and drive change in sustainable business and finance research, resulting in a special edition of The Review of Financial Studies.
- Created the A4S International Case Competition for business and accounting students. Founded in 2018, this has also led to the formation of the group of schools we work with most closely – our Anchor Business Schools.
Reporting
A4S has worked over the past two decades to move sustainability reporting into the mainstream, engaging with companies, investors, standard setters, regulators and other stakeholders to make this a reality.
Key achievements
- Founded the International Integrated Reporting Council (IIRC), which has played a critical role in reshaping the reporting landscape including the formation of the International Sustainability Standards Board, into which the IIRC is now incorporated.
- Initiated the creation of the Task Force on Climate-related Financial Disclosures (TCFD) and supported the adoption of the TCFD recommendations.
- Upskilled finance and accounting professionals through A4S’s programme of roundtables, workshops and webinars.
- Mobilized the CFO and investor community to support the adoption of global standards and engage in public consultations to inform their creation.
Finance for the Future Awards
The Finance for the Future Awards were created in 2012 to celebrate organizations and individuals who are driving the integration of sustainability into financial decision making.
A4S, ICAEW and Deloitte work in partnership on the awards with the ambition to share best practice as well as create and develop a community of leaders and recognized experts in this field.
The awards are free to enter and open to all organizations internationally, including businesses, charities, social enterprises and the public sector.
“The awards are a fantastic opportunity to acknowledge the critical role finance teams play as catalysts for change and be a force for good.” 2023 awards entrant
Previous winners include
- Aviva Investors
- Burberry
- DHL Group
- Forico
- Mars
- Natura
- NatWest Group
- Salesforce
- SSE
- Unilever
Looking ahead:
The awards continue with new categories and judges. You can register your interest on the awards website www.financeforthefuture.org
Our mission going forward
In 2004 we knew that finance and accounting professionals would need to have a significant role in shaping a sustainable future. This is as true today as it was then – and it will be necessary if we are to get on track for successfully transitioning to a sustainable economy. Which is why we are looking forward to achieving more, together, over the next 20 years.
Unfortunately, time is not on our side. Progress has been made, but current actions are not enough. Emissions are still rising, and we are on track for a 2.6°C increase in global temperatures – far above the safe threshold. Businesses and society depend upon natural resources, yet nature continues to be depleted, and biodiversity is declining quickly.
The global finance and accounting community has a significant role to play to get us on track, and we need tangible change now. So A4S’s mission to drive action continues:
