Nearly half of boards across the world, or 40%, spent zero hours discussing climate change this year, according to Harvey Nash. This was lower than last year’s 55%.

Harvey Nash’s report is based on a survey of 640 chairs and non-executives from across the globe.

Nordics are leading the way when it comes to spending time on climate change, with 22% spending zero hours on this issue.

The report found that Financial Services was the sector globally that was least likely to be discussing climate change last year, with over two thirds of boards spending zero hours on the topic. But this year, that figure has almost halved from 67% to 35%.

Albert Ellis, CEO of Harvey Nash, commented, “Although discussions on climate change appear to be gaining momentum in the boardroom, progress is still slow, with boards lacking the sense of urgency and immediacy required.”

“These findings highlight that significant change is needed,” Ellis said. “But it will take visionary leaders that act as champions of climate change action, more government regulation, and the continual push from society to force change, and drive new and proactive thinking on this issue.”

In the UK, the zero hours figure has reduced from almost two thirds of boards in 2018 (61%) to 46% in 2019, but the report says that progress is too slow. 

The report also found that the UK is the only region where boards do not list their impact on society as one of their top three responsibilities. Instead, two thirds (66%) elect to put the customer first.

In the UK, almost half, or 42%, of board members point the finger towards the CEO but almost a quarter (23%) have no clue who is responsible for climate-related risk and environmental impact within their business.

Simon Osborne, Executive Fellow, Leadership Institute and Executive Fellow of Organisational Behaviour, London Business School, commented, “The views of UK boards regarding their environmental responsibilities are markedly out of step with the views of millennials and investors. No board of directors or trustees, whatever the size of its business and footprint, can afford to disregard even the tangential impact that climate change, and their responses to this phenomenon, may have on, for example, water scarcity, economic migration, rising levels of inequality, or political and social instability. A marked change in outlook is needed.”