On 26 June 2023, the International Sustainability Standards Board (“ISSB”) issued its long-awaited inaugural global sustainability disclosure standards: IFRS S1 (General Requirements for Disclosure of Sustainability-related Financial Information) and IFRS S2 (Climate-related Disclosures) (together, the “Standards”). The ISSB also released a related Sustainability Standards Navigator tool and a three-minute video. The
On 30 May 2023, the Hong Kong Monetary Authority (HKMA) released a discussion paper titled “Prototype of a Green Classification Framework for Hong Kong” seeking feedback on developing and adopting a green taxonomy for Hong Kong. In an effort to support Hong Kong’s role in linking green financial flows between Mainland
On March 27, 2023, the ASEAN Taxonomy Board released Version 2 of the ASEAN Taxonomy for Sustainable Finance (the “ASEAN Taxonomy“). As we reported here, Version 1 of the ASEAN Taxonomy was first published in November 2021 and it was designed to promote the transition towards sustainable finance by the ASEAN member
In this report, Mayer Brown and Sedgwick Richardson share the results of our recent survey about sustainable asset management in Asia.
As interest in sustainability continues to grow worldwide, much of the focus has been on Europe and the United States. From the explosive growth of flows into funds classified as Article 8 or 9
This report provides crucial insights into the evolving landscape of ESG and sustainability-related regulations, practices and challenges facing the private equity industry in Asia, and tracks the ESG and sustainability journeys of private equity (PE) fund managers. Continue Reading Sustainable Private Equity in Asia: Through the Lenses of Compliance, Strategy and Branding
On February 17, 2023, the Securities Commission Malaysia (“SC”) published the revised Guidelines on Sustainable and Responsible Investment Funds (“Guidelines”) setting out the reporting and disclosure requirements for a fund to qualify as a Sustainable and Responsible Investment (“SRI”) Fund and, under a new chapter added to the Guidelines, an ASEAN Sustainable and Responsible Fund (“SRF”). The amendments revise the first version of the Guidelines issued in December 2017 and are effective on the date of issuance.Continue Reading Securities Commission Malaysia Publishes Revised Guidelines on Sustainable and Responsible Investment Funds
In the Hong Kong government’s 2023-2024 budget, the Financial Secretary, the Hon Paul MP Chan, unveiled various measures to bolster Hong Kong’s economy following the Covid-19 epidemic, with a strong focus on promoting green and sustainable finance and technology and advancing the virtual assets sector (also reported here).
The following initiatives were announced
On January 15, 2023, South Korea’s Financial Supervisory Service (“FSS”) issued new guidelines (the “Guidelines”) (Korean language only) to enhance transparency on the methods and procedures used by credit rating agencies to perform ESG bond certification evaluations. In announcing the Guidelines, the FSS noted that, prior to their introduction, there were
On 20 December 2022, the Green and Sustainable Finance Cross-Agency Steering Group (the “Steering Group”) co-chaired by the Hong Kong Monetary Authority (“HKMA”) and the Securities and Futures Commission (“SFC”) announced that it has entered into a collaboration arrangement with CDP, an international non-profit organisation that runs the global environmental disclosure system for companies, cities, states and regions.Continue Reading HKMA and SFC Cross-Agency Steering Group Announces Collaboration with CDP to Facilitate Climate-Related Risk Disclosures by Small and Medium Enterprises
On November 25, 2022, the Stock Exchange of Hong Kong Limited (SEHK) published a report on its analysis of ESG practice disclosure in Hong Kong (the Report). The Report sets out the SEHK’s findings of their review of compliance by Hong Kong issuers of the new ESG requirements implemented in July 2020, which focused on board governance, climate change, and other ESG issues (2020 Enhancements). We reported here on the related amendments to the SEHK’s Corporate Governance Code and the Listing Rules addressing the link between ESG and good corporate governance, ESG reporting and gender diversity.Continue Reading Analysis of ESG Practice Disclosure by Hong Kong Stock Exchange