4.3.3 What are the effects of the drivers of sustainability reporting?

In this section I explain the effects of the drivers of sustainability reporting, described above in section 3.2. Generally, sustainability reporting disclosure’ differences are registered mainly between developed countries and emerging markets. This difference is visible by looking at the different public (see chapter 3) in Brazil, the Netherlands, Sweden and the US. In Europe, sustainability has increasingly gained more relevance, through initiatives such as the non-financial reporting directive, and it may have an effect on the increasing relevance of sustainability reporting as well. In the US the tradition of minimal government interference (strong capitalist society) on capital markets may have an effect on the slower progress of sustainability reporting. Given the cultural, social and financial differences between Brazil and, the Netherlands, Sweden and the US, the level of awareness and activism towards sustainable development is different. As we saw in chapter 3, Brazil has urgent priorities, as social and financial inequality, safety and education. The level of concern with sustainability of the lower classes is therefore diminished when compared with their urgency for satisfying basic needs. In the Netherlands, Sweden and in the US, three developed economies, with high income, high level of education and safety, their publics are generally more conscientious about sustainability.

The information provided below was gathered in the greater part from the interviews held in Brazil, Sweden, the Netherlands and in the US. I have conducted more than 100 interviews with sustainability reporting experts, part of the main sustainability reporting stakeholders and in different levels of seniority. Among others, large companies, financial institutions, big four accountancy firms, sustainability indices, policy makers, pension funds, academia and non-governmental organizations.1

Below, I explain the shortcomings of developing a sustainability framework based on information retrieved from the interviews, and when possible supported by relevant literature.