SECP, ICAP hold session on sustainability disclosures, reporting

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) in partnership with Institute of Chartered Accountants of Pakistan (ICAP) Tuesday held an awareness and capacity-building session on sustainability disclosures and reporting in perspective of evolving international framework for corporate sustainability reporting.

The session was a full day event attracting huge interest from diverse stakeholders comprising representation from companies, multilateral institutions, professional bodies, capital market institutions and business forums.

Musarat Jabeen, SECP Executive Director in her opening remarks stated that SECP had remained strong proponent of robust disclosure-based regime and therefore, a cohesive sustainability reporting framework by International Sustainable Standards Board (ISSB) shall facilitate inclusive economic growth.

Further, this session is an opportunity for synergizing with key stakeholders around a cohesive strategy and tangible action plan shared by SECP.

Farrukh Rehman, ICAP Council Member and Chairman Accounting Standards Board in his speech emphasized on need for continued efforts for capacity building on ISSB standards. He also noted the challenges in collection and analysis of data for sustainability reporting, and importance of independent assurance of corporate sustainability reports. The capacity building session was led by technical presentation from ICAP providing detailed overview of the emerging global baseline for sustainability disclosures and way forward towards adopting and implementing these standards in Pakistan. Private sector representatives also presented their sustainability related disclosure practices and provided feedback for improving reporting mechanism.

IFRS Foundation also participated in the event and provided an overview of the sustainability disclosure standards and various initiatives and plans of IFRS Foundation on the stakeholders’ capacity building. One of the key areas of interest in the session was fireside chat by high level panel providing their feedback on draft action plan of SECP.

The plenary session moderated by Asad Feroze (ICAP) included panellist namely Farrukh Rehman (ICAP), Farrukh Khan (Pakistan Stock Exchange), Andrew C Mccartney (Asian Development Bank), Ephyro Luis B. Amatong (Internal Finance Corporation), Memosh Khawaja (Pakistan Institute of Corporate Governance), Nazish Shekha (Pakistan Business Council), Shahzad Ashraf (UN Women, Pakistan) and Muhammad Kamran (UNDP). The panellist discussed the critical role and initiatives of their institutions in promoting sustainable business practices, transition challenges, tangible timelines and key areas of collaboration emerging from the SECP’s draft action plan, giving strategic direction to the ESG roadmap for regulated sectors.

The chief guest for the session, Amjad Saqib, Founder and Chairman Akhuwat Foundation appreciated SECP and ICAP for holding the awareness and capacity building session on sustainability considerations. He also emphasized the vision of Akhuwat, significance of sustainable development goals and his aspirations for model village of Mustafabad that will be reflective of Islamic principles of inclusive socioeconomic and sustainable development.

Akif Saeed, Chairman SECP in his concluding remarks appreciated the keen interest of diverse stakeholders in the session.

Copyright Business Recorder, 2023