Around one-third of shipping companies still keep their
financial information under wraps - although, on the whole, transparency has
improved over the past three years, according to a new survey from KPMG. The
research, which updates an earlier version undertaken by the professional
services firm in 2008, examines specific areas such as accounting standards and
impairment, risk disclosure, key performance indicators and sustainability
reporting. “Of greatest concern is that for many in the sector there is no
information at all,” KPMG said. “We continue to find it difficult to locate
publicly-available information.” Annual reports or equivalents were
unobtainable in 33% of cases, down from 44% in 2008. The improvement is hailed
as encouraging and perhaps a reflection of growing demand for transparency from
shipping’s supply chain and financiers. Shipping annual reports were on average
130 pages long, compared with 175 pages on average for FTSE 100 companies.
Based on that finding, KPMG concluded that even such information as is
available is in less depth than that for other business areas.
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