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Even though these 31 companies are already among the most transparent in reporting their material impacts, in most cases the research found a real lack of transparency regarding how the materiality determination process actually works.
No doubt when BP lost 50% of its share value in 50 days after the Deep Water Horizon spill or when Starbucks faced boycotts over perceived tax avoidance in the UK, these were material impacts.
It is quite conceivable that these factors – hitherto largely ignored in the debate on sustainable business practice – may be of far greater environmental significance than the direct material impacts of a particular range of products or services".
Of those reports, 63 percent, or 12.1 percent of all reports examined, were found to contain errors that could potentially have "material impacts" that could lead to "possible adverse consequences".
The first was the release by the Centre for Policy Development and Future Business Council of a legal opinion by Sydney silk Noel Hutley SC that found that directors who don't properly consider the material impacts of climate change on their business risk personal liability for breach of duty.
Best practice dictates that all financial models should be quality assured and independently tested Although no amount of auditing will ever rid the world of incorrect or incorrectly applied logic entirely, it is important is that errors with material impacts are minimised to an acceptable level of tolerance.
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Still, the gyrations are not without material impact.
Cisco said it did not expect any "material impact".
"It has no long-term material impact on the company as an investment".
But Verizon can claim that this is likely to have a material impact.
None had a "material impact" on finances, nor did the company admit any wrongdoing, Pediatrix said.
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