PwC corporate reporting and investor engagement specialists unpack highlights from the first year of required climate disclosures in the UK.
The Task Force on Climate-related Financial Disclosures (TCFD) framework forms the basis of climate-related rules within each of the major ESG disclosure proposals released this year. The UK is the first jurisdiction to mandate reporting under the TCFD for listed companies. This requirement was effective for 2021, meaning these reports were available for the first time in 2022.
Heather Horn sat down with Mark O’Sullivan, PwC UK’s Head of Corporate Reporting, and Hilary Eastman, Director of Investor Engagement at PwC, to discuss PwC’s observations on our review of the first 50 companies that reported under this mandate, as well as investor perspectives related to the filings.
In this episode, our guests discuss:
  • 3:23 - Overview of our review of TCFD reporting in the UK
  • 10:06 - What we know about investor views on the importance of climate risk management
  • 17:08 - The areas investors want to understand, including the relevance of climate risk to the business, and the related financial impacts
  • 26:03 - Key challenges faced by companies when reporting under the TCFD framework
  • 31:40 - How companies in different industries approached the disclosures
  • 42:24 - The areas cited in reviews by the UK’s Financial Reporting Council (FRC) and Financial Conduct Authority (FCA)
  • 47:09 - Advice for companies contemplating how best to prepare for future ESG disclosures

Want to learn more about developments in ESG and TCFD? Read PwC UK’s report, The green shoots of TCFD reporting, along with our previous podcast on leveraging TCFD for climate-related disclosures. Also see the FRC’s and FCA’s reports on their reviews of TCFD disclosures, as well as the FRC’s lab report on net zero disclosures.
About our guests
Hilary Eastman leads global investor engagement at PwC and has extensive experience advising on ESG reporting strategy. She manages the firm’s relationships with the investment community in the UK and globally. In her role, Hilary works with investors and analysts to get their views on a variety of corporate reporting and governance matters to help companies improve their reporting to the capital markets.
Mark O’Sullivan is PwC UK’s Head of Corporate Reporting. He has more than 15 years of experience advising leading organizations on current and best practices in reporting and the implementation of new reporting strategies to meet the needs of the capital markets. Mark also oversees PwC’s annual review of corporate reporting practices in the FTSE 350.
About our host
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to
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