Japanese giant Asics claims to have become the world’s first sporting goods manufacturer to support the Task Force on Climate-Related Financial Disclosures (TCFD), which is developing climate-related financial risk disclosures for use by companies in providing information to investors, lenders, insurers and other stakeholders.
Established by the Financial Stability Board (FSB) in 2015, the TCFD in 2017 proposed that financial institutions, companies, and governments should disclose the financial impact of their climate-related risks and opportunities in their financial reports.
Asics now says that in addition to its existing Risk Management Committee, the firm has established a new sustainability committee led by the company’s president and COO Yasuhito Hirota to advise its board of directors on sustainability risk and opportunities as part of its support to the TCFD.
The new sustainability committee will work to solve social and environmental issues through business activities which, Asics says, will, in turn, increase its engagement with customers and partners, increasing brand value and its contribution to a more sustainable world.
Earlier this year, Japanese conglomerate Teijin Group made public its support for the TCFD and last month joined the new TCFD Consortium set up by a coalition of Japanese companies to help improve reporting of the financial impacts of climate-related risks and opportunities and boost investment and innovations centred around sustainability.