The Securities and Exchange Commission of Pakistan (SECP) has partnered with a multilateral organization to introduce ‘ESG Sustain,’ an online dashboard aiming to be the primary national repository for sustainability-related laws, regulations, capacity-building initiatives, reports, and data across regulated sectors.
The announcement was made by the SECP Chairman at the 2nd Pakistan Climate Conference, where he emphasized the importance of inclusivity and Pakistan’s vulnerability to climate change.
Acknowledging Pakistan’s climate vulnerability, the Chairman highlighted the devastating impacts of climate change, such as catastrophic floods, resulting in substantial economic losses. He stressed the need for long-term value for stakeholders, emphasizing inclusivity by mandating female representation on boards and promoting gender diversity policies.
Furthermore, the SECP is actively engaged in shaping the evolving Environmental, Social, and Governance (ESG) framework globally. The Chairman discussed recent developments, including the issuance of guidelines for public sector and listed companies to formulate Codes of Conduct for directors, senior managers, and employees. The SECP has also released Sustainability Standards, with a focus on general and climate-related disclosures.
To foster ESG awareness, the SECP initiated advocacy sessions in collaboration with a multilateral organization, receiving positive responses from stakeholders. The recently introduced Sustainability Standards aim to provide consistent, comparable, and reliable disclosures. Capacity-building efforts, in collaboration with ICAP, have been initiated to educate capital market participants.
The Chairman revealed the SECP’s arrangement for the ‘ESG Sustain’ dashboard, which will serve as a centralized platform for sustainability-related information, benefiting both local and foreign investors. He informed participants about ongoing public consultations on ESG guidelines for voluntary adoption by listed companies, focusing on Environmental and Social reporting metrics.
In conclusion, the Chairman emphasized the collaborative efforts to create a cohesive ESG action plan, seeking feedback from stakeholders to finalize this initiative. The SECP envisions a sustainable future by fostering accountability, informed decision-making, active support for sustainable initiatives, and attracting investments through consolidated efforts.
