Chetna Haresh Lakhiani’s Post

A key milestone for Malaysia was achieved together with regulators-ministries-investors-corporates-public consultations, global benchmarks, awareness & capability building for market. The convergence of multiple ESG standards is critical, with Malaysia's National Sustainability Reporting Framework (NSRF) set to commence in 2025, adopting IFRS S1 and S2 with reliefs to enable a phased and developmental approach. The journey continues as ESG measurements is streamlined, linked to economic factors that will enhance resilience and improve enterprise value creation. Rauf Rashid Matthew Bell Mathew Nelson Terence Jeyaretnam Michiel Van der Lof Julia Tay Nicolette Landsbergen Benjamin Villacorte Praveen Tekchandani Chee Wai Ong Ismed Darwis Bahatiar Megat Iskandar Shah Jan Ning Woo Wilaiporn Ittiwiroon Sampath Jayawardena

Headhunterzz.net ..Use your Brain for a Change! #investing #energy #sustainable #eco #globalwarming #climatechange #carbonneutral #shareholderactivism #finance #parisagreement #banking #Risk #chemicals #pollution #solution #alternative #solutions #Sustainability #Innovation #RegenerativeBusiness #NaturePositive #Sustainability #DistributiveManufacturing #LocalEconomy #GreenInnovation #Innovation

More and more countries are implementing IFRS S1 and S2. Here is the example from Malaysia. Kazakhstan, Uzbekistan, Azerbaijan and other countries in the Central Asia and Caucasus region will be impacted by this trend, in particular with growing expectations from our companies to report on. Corresponding policies, and the government's positions, should be developed and announced in these countries. #ESG #IFRS #sustainabilityreporting

Key Takeaways of Malaysia's National Sustainability Reporting Framework (NSRF) consultation webinar held on 5th March 2024, broken into 2 main parts.   🔎 Part 1: Implementation of IFRS S1 and S2 (Slide 13) 1️⃣ EY (2023): IFRS S1 sets out the general requirements for a complete set of sustainability-related financial disclosures. IFRS S1 is designed to applied in conjunction with IFRS S2, which is a topic-based standard that specifies disclosures relating to climate. REF: https://lnkd.in/gjhkDVV7 i. FYE 2025 - Adopt S2 with reliefs ii. FYE 2026 - Adopt S1 with reliefs. iii. FYE 2027- Full adoption of IFRS S1 and S2. 2️⃣ Reliefs provided for implementation of IFRS S1 and S2 (Slide 14) i. Summary of ISSB In-Built Relief ii. Summary of ACSR’s proposed additional reliefs (Malaysia) iii. Proportionality – KPMG (2022): Proportionality measures aim to ensure all types of company can apply the standards, not just the most sophisticated. REF: https://lnkd.in/g5w-Dh8c iv. Scalability – ISSB (2022): The mechanisms for addressing scalability are designed to address challenges that affect a subset of preparers: those that are less able to comply with the proposed disclosure requirements in the exposure drafts. We describe this particular aspect of application challenges as addressing ‘scalability’ (some have also referred to this as proportionality). REF: https://lnkd.in/gMBzXbuX 🔎 Part 2: Sustainability Assurance (Slide 16) 1️⃣ Bursa Listed Issuers are currently required to disclose a statement that contains: i. Type of assurance (none, internal or external); and ii. Standards used; and iii. Scope of assurance Main Market listed issuers by FYE 31 Dec 2023. ACE Market listed issuers by FYE 31 Dec 2025. 2️⃣ Important Note: Understand the difference between Reasonable Assurance and Limited Assurance. (Slide 18) 3️⃣ GHG emission is proposed to be the initial focus of assurance. (Slide 21) 4️⃣ Proposed mandatory assurance requirements fit into the current proposed ISSB Standards adoption timeline. (Slide 22) 5️⃣ Note: The assurance mentioned focuses on GHG Scope 1 and Scope 2 but not limited to of that. You can also access and download the FAQ uploaded on the Securities Commission website, along with a recording of the Consultation Webinar and the Presentation Slides. These resources can be accessed via https://lnkd.in/g4bnnbfF. 💭 What do you think of the NSRF that is being develop for Malaysia? 🌱 If you find this helpful, Repost. Securities Commission Malaysia Bank Negara Malaysia Bursa Malaysia

Did you know? The Canadian Sustainability Standards Board (CSSB) has released a set of draft Canadian Sustainability Disclosure Standards (CSDS) for consultation until 10 June 2024. The proposed #CSDS 1 and CSDS 2 align with the IFRS Foundation’s Sustainability Disclosure Standards IFRS S1 and S2 (also known as the ISSB standards). The modifications proposed to the CSDS relative to the IFRS SDS are very minor, pertaining mainly to effective dates and transition reliefs. In other words, there are no major changes to the information required to be disclosed. This will help support a global baseline of comparable disclosures. The effective date for the standards would be for reporting periods starting on or after 1 January 2025, which implies them being finalized before year-end. The standards will be voluntary until mandated by Canada’s regulators and legislators, who will also determine which organizations are in scope and the time frame for compliance. For more information, visit 👉 https://lnkd.in/eFADxk8V

The IFRS Foundation has unveiled a new guide to aid companies in voluntarily embracing the ISSB sustainability reporting standards. This resource is crafted to elevate the quality and uniformity of sustainability disclosures, equipping organizations with a roadmap to harmonize their reporting with global benchmarks. By facilitating the integration of sustainability into operations and decision-making processes, the guide aims to nurture enhanced transparency and accountability in reporting practices. This initiative highlights the pivotal role of sustainability in business strategies and the increasing focus on standardized reporting frameworks. Read more: https://lnkd.in/dKzkkVHs

The Sustainability Standards Board of Japan (SSBJ) released exposure drafts aligning with the International Sustainability Standards Board (ISSB) to establish standardized sustainability reporting. The drafts integrate IFRS Sustainability Disclosure Standards, covering general and climate-related disclosures. Aimed at Japanese companies, these drafts signal progress towards mandatory sustainability disclosures, including universal and theme-based standards.

The Sustainability Standards Board of Japan (SSBJ) recently unveiled new exposure drafts for standards that will govern how companies report on sustainability and climate-related information. These drafts are in alignment with the International Sustainability Standards Board's (ISSB) sustainability disclosure standards released by the IFRS Foundation. This move is part of a broader trend in Japan toward mandating standardized sustainability-related disclosures for listed companies, following initiatives by the Tokyo Stock Exchange and the Financial Services Agency (FSA) to enhance sustainability reporting requirements. The ISSB, established at the COP26 climate conference in November 2021, aims to create a global baseline for sustainability disclosure standards to aid in the understanding of sustainability risks and opportunities. The IFRS Foundation released the first general sustainability (IFRS S1) and climate reporting (IFRS S2) standards in June 2023, with the International Organization of Securities Commissions (IOSCO) urging regulatory bodies to incorporate these standards into their frameworks. Formed in 2022 under the Financial Accounting Standards Foundation (FASF), the SSBJ's goal is to develop and contribute to international sustainability reporting standards, with an eye towards making these disclosures mandatory in Japan. The SSBJ's proposals closely mirror the ISSB's standards but introduce a few regional adaptations and split the general sustainability standard into two separate drafts. The SSBJ is seeking feedback on these drafts with the intention to finalize the standards by the end of March 2025. https://lnkd.in/gxKfjrM7

In alignment with the new global sustainability reporting standards, the Securities Commission Malaysia (SC)’s Advisory Committee on Sustainability Reporting (ACSR) has released a Consultation Paper and is seeking public feedback to incorporate the sustainability and climate-related International Financial Reporting Standards (IFRS) S1 and S2 standards by the International Sustainability Standards Board (ISSB) into Malaysia’s National Sustainability Reporting Framework (NSRF). 📅 If you haven't already submitted a response, the consultation period ends this Friday on the 29th of March 2024. 📜 Link to the consultation paper: https://lnkd.in/gxyafmm8 ✍ Link to consultation response form: https://lnkd.in/gbZpR3Kr ⭐ Still unsure about the proposed approach? Read EY's take on it - Take 5: Aligning to the IFRS sustainability disclosure standards: IFRS S1 and S2 https://lnkd.in/gRMY_ztU

The June 2023 release of the International Sustainability Standards Board (#ISSB)’s inaugural standards, IFRS Foundation S1 and IFRS S2, ignited a global push for standardized sustainability reporting, with major economies like Japan, Canada, and Brazil announcing adoption and adoption intent. This surge demonstrates a growing demand for enhanced transparency, comparability, and accountability in sustainability reporting worldwide.    In its recent SDR implementation update, the UK government solidified its commitment to this global movement by adopting the Sustainability Disclosure Requirements (SDR) and announcing plans of the UK-endorsed ISSB standards – the UK Sustainability Reporting Standards (UK SRS), available in Q1 2025. Mandatory disclosure requirements are likely to be effective no earlier than accounting periods beginning on or after 1 January 2026. While the UK's implementation timeline provides some flexibility, forward-thinking companies are already recognizing the strategic advantages of early ISSB alignment, including:  ⏩ First-mover advantage: Demonstrate leadership and commitment to sustainability to investors, customers, and stakeholders  ⚠ Risk management and mitigation: Identify material sustainability-related risks and opportunities early on, allowing for proactive adjustments and strategic decision-making  🔢 Data readiness and operational efficiency: Streamline sustainability-related reporting and data collection processes, essential for accurate and efficient reporting   🌐 Stakeholder management: Build trust and establish strong relationships with key stakeholders, and gather valuable insights through stakeholder engagement    Importantly, the ISSB framework is designed to be interoperable with other leading sustainability standards and frameworks, such as the EU's Corporate Sustainability Reporting Directive (#CSRD) and building on the work completed by the Task Force on Climate-related Financial Disclosures (#TCFD). This interoperability will help to reduce the reporting burden for companies while ensuring consistent and comprehensive disclosure.     At Agendi, we believe that successful ISSB implementation goes beyond compliance, capitalizing on the integration of sustainability into core business strategy and leveraging sustainability reporting to drive business transformation. We offer tailored guidance to help businesses navigate the ISSB framework, optimize their reporting process and develop a tailored implementation strategy for long-term success.