This study aims to examine the influence that some characteristics of the board of directors can have on reporting choices on greenhouse gas (GHG) emission, which has become a remarkable topic over the last years. Using the stakeholder theory as theoretical lens, we intend to verify whether the board composition and board diversity represent a significant determinant of the carbon disclosure. The content analysis is conducted in Italy because the Government has recently declared the reduction of emissions (in accordance with the Kyoto Protocol parameters) as a national policy objective to be achieved by 2020. Moreover, Italy covers the third position in Europe for number of installations of polluting plants. The empirical analysis was conducted through the OLS method which has confirmed that the inclusion of independent directors, as well as a more marked diversity of the board – in the form of gender and geographical component – impacting positively on the voluntary carbon disclosure. Board independence and board diversity are key factors that encourage most marked transparency mechanism for the benefit of stakeholders. Our findings should be useful for top managers and regulators who are interested in improving corporate governance practices and climate-change strategies.
Key-Words: Rendicontazione sociale, carbon disclosure, board composition, board diversity
