Net Zero & Nature Positive Theatre (Keynote)
The Shifting Landscape of ESG Reporting: Navigating Risk and Performance Outcomes
Day 2 : 16:35 – 17:25
As the demand on companies to make greater efforts towards sustainability and decarbonisation increase, more organisations are making sustainability commitments and looking to showcase their ESG credentials. ESG reporting has become a mandatory requirement for companies to disclose their sustainability commitments and seen by many as a way to hold companies accountable to these commitments. However, given varying voluntary ESG reporting standards, firms have often struggled with understanding ESG frameworks and demonstrating sustainable ESG integration.
The International Sustainability Standards Board (ISSB) has been tasked to consolidate ESG reporting standards in Hong Kong and issue a finalised set of ESG reporting standards which will be mandatory for all HKEX listed companies. Aimed at steering corporate focus decisively towards sustainability and long-term value, ISSB and HKEX have proposed tougher climate and sustainability disclosures beginning from January 2024. Discussing the new disclosure rules and sharing successfully enacted models for sustainable business growth, this panel aims to introduce the new HKEX ESG reporting guidelines and share successfully enacted models for reporting.
Learnings
- 2022 has made clear the many limitations of voluntary ESG reporting as a mechanism to guide companies towards more sustainable practices, with news reports of greenwashing and incorrect or incomplete disclosure. There is also a growing disconnect between the commitments reported by companies, what has been practically achieved, and what can be achieved in extended time horizons (2050).
- These limitations are highlighted by recent research which found that of the companies that have made commitments to net zero, 93% of them are set to fail on achieving these commitments. Reporting frameworks need to be consolidated and finalised and data collection for ESG streamlined. New ideas for sustainable transformation of listed firms and a renewed business case for sustainability are needed.
Post-Event Actions
- Rethink how your company can integrate ESG, streamline ESG data collection and step-up ESG reporting to meet more demanding sustainability-disclosure requirements.
- Rethink your company’s approach to ESG, renew and refresh efforts to achieve actual business transformation based on sustainability-related opportunities.
Speakers
Moderator
Jamie Allen
Secretary General
Jamie Allen
Secretary General
Jamie Allen is the founding Secretary General of the Asian Corporate Governance Association (ACGA), an independent membership association carrying out original research, advocacy and education on corporate governance in Asia since 1999. A published author, he has more than 30 years of experience writing about Asian business, finance, and economics. Prior to founding ACGA, he was a consultant providing customised research to multinational companies. From 1992 to 1995, he was editor of Business Asia for the Economist Intelligence Unit and a contributor to The Economist magazine from 1994 to 1996. He is one of the main authors of Awakening Governance: The evolution of corporate governance in China and CG Watch 2020 – Future promise, two reports published by ACGA in July 2018 and May 2021 respectively.
Jamie is the local convenor for the Sustainability and Climate Action Task Force (SCATF) formed in February 2022 by the Financial Reporting Council of Hong Kong. His past public service roles include being a member of the Public Shareholders’ Group, formed by the Hong Kong Securities and Futures Commission (SFC), sitting on the Listing Committee of the Stock Exchange of Hong Kong, and serving on the Operations Oversight Committee of the Financial Reporting Council of Hong Kong.
In 2017, he received an International Corporate Governance Network Lifetime Achievement Award and a Regional CG Recognition Award from the Minority Shareholders Watch Group of Malaysia.
He is a graduate of the Australian National University, Canberra, where he received a BA (Hons) in political science and Chinese language. He studied Mandarin Chinese in Taiwan from 1983 to 1984
Mark Harper
Group Head of Sustainability
Mark Harper
Group Head of Sustainability
At Swire Mark is responsible for the Group’s ESG disclosure and TCFD reporting as well as guiding the development of Group strategy on Climate, and Waste. He sits on the Board and Executive Committees of a number of NGO’s including Business Environment Council, Drink Without Waste and HeroesToo.
My Sustainability Goals for 2023:
Rollout of the Group’s Net Zero Carbon emissions and zero to landfill commitments. Finalising the Group’s climate risk assessment process and analysis.
Kelly Lee
Senior Vice President, Listing Division
Kelly Lee
Senior Vice President, Listing Division
Ms Kelly Lee joined HKEX in 2013. She works within the Policy and Secretariat Services Unit of the Listing Division, and has been involved in HKEX’s major listing policy and ESG initiatives in recent years. Ms. Lee is currently a member of the Sustainability Committee and the Sustainability Advisory Panel of the Financial Reporting Standards Committee of the HKICPA. Prior to joining HKEX, Ms Lee was a senior associate practicing corporate and securities law in Hong Kong.
Hendrik Rosenthal
Director – Group Sustainability
Hendrik Rosenthal
Director – Group Sustainability
Hendrik is responsible for the Group’s sustainability-related strategy, reporting and communications. He supports the senior management in sustainability and climate change-related risk management and advises on sustainability matters of the Group’s power business in the Asia-Pacific region.
With more than 20 years of experience in sustainability and environmental management, Hendrik previously led research and consulting projects in Canada, Hong Kong and Singapore.
My Sustainability Goals for 2023:
I look forward to accelerating CLP’s decarbonisation by increasing the availability of zero-carbon electricity, electrifying transport, and enabling our customers to increase energy efficiency.
Ee Sin Tan
Partner
Ee Sin Tan
Partner
Ee Sin has more than 15 years of experience and currently leads both the Climate Change and Sustainability Services and Financial Accounting Advisory Services teams in Hong Kong.
He assists clients with navigating the risks and opportunities arising from sustainability issues. He supports clients with formulation of sustainability strategies and data management processes to meet regulatory requirements and address expectations of different stakeholders and help companies to align business models to sustainability development goals. He also provides advisory services to clients on building an efficient and effective finance function that addresses needs of stakeholders and evolving financial and compliance requirements including integrated reporting.
Ee Sin is a practising CPA of the Hong Kong Institute of Certified Public Accountant (HKICPA) and member of Institute of Singapore Chartered Accountants (ISCA). He also serves as a member of HKICPA’s Sustainability Committee.
Supported by
Global Institute for Tomorrow
GIFT is an independent pan-Asian think tank dedicated to advancing a deeper understanding of today’s most critical drivers of change – from the emergence of a post-Western world to the reshaping of global capitalism and the dynamic relationship between business, society, and the state. Our practical insights, internationally acclaimed leadership learning curriculum, and outcome-driven facilitation help our clients navigate the seismic shifts shaping our future, particularly in key areas of sustainable development, social and environmental impact, sustainability, and policymaking.
Our sustainability goals for 2023:
Committed to solving growing existential threats and societal challenges, we aim to:
Move ESG beyond reporting, and reframe narratives to enable real and sustained transformation in ESG by working with clients to distil ESG in every aspect of business, from products and services to employees and the supply chain.
Support companies in rethinking their core business models to embrace the true ethos of “sustainability”, elevating sustainability conversations beyond environmental management & short-term business goals and towards long-term societal sustainability.
Scale up the accessibility of sustainability education and facilitate disruptive learning that empowers individuals and organisations with insights to redesign society through our new EdTech platform, GIFT.ed.
Our initiative in accelerating sustainable development in Hong Kong:
GIFT’s annual Hong Kong Young Leaders Programme (HKYLP) is a public consultation platform that convenes young professionals from the Business, Government and Civil society sectors to address Hong Kong’s pertinent complex societal challenges. Through the programme, participants meet with stakeholders and experts to gain cross-sector insights to develop innovative policy solutions for the betterment of Hong Kong. Since its inaugural programme in 2015, we have developed many policy recommendations and best practices for sustainable development, such as our 2022 programme on the Northern Metropolis Development Strategy, where participants were able to develop policy recommendations to enable the Northern Metropolis to become a liveable and resilient city while meeting Hong Kong’s long term policy objectives such as its 2050 decarbonisation goals.
For our upcoming 2023 HKYLP programme, we will be examining how promoting well-being may be key to reversing brain drain in Hong Kong. Driven by events in recent years, Hong Kong people have become increasingly dissatisfied by their inability to find fulfilment, security and empowerment in Hong Kong, all of which are key indicators for well-being. As such, key groups, particularly youth, have decided to relocate to competitor cities in search of better career prospects and outlooks for their children’s future – leading to the aforementioned brain drain. The HKYLP engages participants to define well-being in Hong Kong’s context and develop a Well-being Strategy that engages actors across public, private, and civil society sectors to create a conducive environment for youth to thrive in Hong Kong. Importantly, the cohort will be invited to engage with the concept of ‘well-being’ beyond ‘mental health’. Instead, the cohort will analyse well-being on a ‘what matters most’ approach, primarily understood as the notion of one’s life satisfaction, happiness, and the ability for one to ‘function well’.
With thanks to
CLP Holdings Limited
The CLP Group is one of the largest investor-owned power businesses in Asia Pacific with investments across Hong Kong, Mainland China, Australia, India, Taiwan Region and Thailand. As part of its latest Climate Vision 2050, CLP is committed to achieving net-zero greenhouse gas emissions across the value chain by mid-century.
Our sustainability goals for 2023:
- The CLP Group is committed to achieving net-zero greenhouse gas emissions across the value chain by mid-century.
- CLP is also accelerating plans to phase out its coal-fired generation assets before 2040.
- In the interim, the Group has set science-based targets for 2030 and strengthened its 2040 targets to align with the goal of limiting global warming to well-below 2°C above pre-industrial levels.
- The decarbonisation targets of Climate Vision 2050 have been strengthened regularly since its launch in 2007. CLP will continue to review the targets at least every five years.
UN SDG goals that we align with:
- SDG 7 Affordable and Clean Energy
- SDG 8 Decent Work and Economic Growth
- SDG 9 Industry, Innovation and Infrastructure
- SDG 13 Climate Action
Legal Name: CLP Holdings Limited
General Enquiry Email Address: groupsustainability@clp.com.hk
General Enquiry Phone Number: 2678 8111
General Business Address: 8 Laguna Verde Avenue, Hung Hom, Kowloon, Hong Kong, Hong Kong
EY
Booth N20
As a leading global professional services organization, EY brings together capabilities and wisdom to help our clients thrive along their sustainable development journeys.
EY has been a keen advocate of sustainable development. Starting from 2020, the global EY organization has met its goals of becoming carbon neutral and carbon negative. It has pledged to reduce our carbon emissions by 40% and meet the net zero goal by 2025.
Solutions Showcase:
- Carbon Management/Carbon Offset
- Professional Services (inc Legal & Recruitment)
- Sustainability Services
General Enquiry Email Address: bmc.hk@hk.ey.com
General Enquiry Phone Number: 28469888
Legal Name: Ernst & Young Group Limited
Swire Pacific
Swire Pacific is a Hong Kong-listed international conglomerate with a diversified portfolio of market leading businesses. The company has a long history in Greater China, where the name Swire or Taikoo (太古) has been established for over 150 years. Swire has a longstanding commitment to sustainable development. The company invests in sustainable development because it supports the creation of long-term shareholder value. Its sustainability strategy, SwireTHRIVE, covers five priority areas: Climate, Waste, Water, People and Communities.
Read more: https://www.swirepacific.com/en/sd/sd_overview.php
Our sustainability commitments under SwireTHRIVE:
- 50% reduction in scope 1 and 2 emissions by 2030 (1), and Net Zero Carbon by 2050;
- 65% waste diverted from landfill by 2030 (2), and Zero Waste to Landfill by 2050;
- 30% reduction in water withdrawal by 2030 (3), and Water Neutrality by 2050;
- 30% women in senior leadership roles by 2024; 30% women in the board by 2024;
- Zero harm;
- Supporting Education, Marine Conservation and the Arts in Hong Kong (https://www.swire.com/trusttomorrow/)
UN SDG goals that we align with:
- SDG 6 Clean Water and Sanitation
- SDG 7 Affordable and Clean Energy
- SDG 8 Decent Work and Economic Growth
- SDG 10 Reduced Inequalities
- SDG 12 Responsible Consumption and Production
- SDG 13 Climate Action
- SDG 14 Life below Water.
Legal Name: John Swire & Sons (H.K.) Ltd.
General Enquiry Email Address: sd@swirepacific.com
General Enquiry Phone Number: 28408888