Southeast Asian nations that include the Philippines emerge as global leaders in so-called sustainable businesses reporting, with many companies in the region increasingly likely to publicly disclose their environmental impact.
A recent analysis by accounting firm KPMG revealed that Singapore and Malaysia are among the countries with the highest sustainability reporting rates for large companies, at 100 percent and 99 percent, respectively. Leading firms in the Philippines are fast catching up, with a score of 87 percent.
In all three countries, a majority of the top 100 companies use the Global Reporting Initiative (GRI) standard for reporting.
“As the economies of Southeast Asia continue to grow, it’s crucial that we do all we can to harness and support their sustainability potential. It’s encouraging therefore that, among the larger companies, the commitment to sustainability reporting is so widespread,” Eelco van der Enden, GRI chief executive, said.
“I see the Association of Southeast Asian Nations as having a key role in the broader sustainable development agenda, and look forward to engaging with companies, financial institutions and capital markets in Singapore, Malaysia and the Philippines. I believe there are many opportunities for GRI to deepen our collaboration with stakeholders throughout the region,” he said.
Van Der Enden will be in Manila next week in Ateneo de Manila University and at the Securities and Exchange Commission for a lecture series.
He will also have high-level meetings in the region, including those with the Monetary Authority of Singapore, the Singapore Accounting and Corporate Regulatory Authority, the Malaysian Ministry of International Trade and Industry, Malaysia Institute of Accountants, Capital Markets Malaysia, Bursa Malaysia, InvestKL, Bangko Sentral ng Pilipinas, the Asian Development Bank and the SEC in the Philippines.
GRI’s focus on Southeast Asia recognizes it’s significance as an economic force, with 2022 seeing ASEAN countries among those with the fastest growth, according to ADB’s projections.
A research published by GRI last year said that while 70 percent of listed companies reported on climate, gaps exist when it comes to disclosing risks and targets.
