December 13, 2019 /3BL Media/ - The Philippines Securities and Exchange Commission (SEC) has been acknowledged for their efforts to raise the sustainability reporting capacity of businesses, for which GRI has provided wide-ranging support.
The UN Conference on Trade and Development (UNCTAD) included the SEC of one of five national winners at the International Standards of Accounting and Reporting Honors 2019, held in Geneva. The SEC’s award is for publishing guidance for all listed companies on how to disclose sustainability performance and report contributions towards the Sustainable Development Goals.
As part of the ‘Sustainable Trade and Investment through Reporting’ (STIR) program, funded by Australia’s Department of Foreign Affairs & Trade (DFAT), GRI provided expert advice and input into the development of the SEC guidance.
GRI also hosted a roundtable consultation to engage businesses in the draft regulation and facilitated five workshops across different sectors that reached 265 listed companies. As an acknowledgement of this support, the SEC awarded GRI a special recognition during an event in November to commemorate their 83rd anniversary.
Ongoing GRI collaboration with the SEC includes being the co-presenter for the annual SEC-PSE (Philippines Stock Exchange) Corporate Governance Forum. As a result of GRI's involvement, the focus of the forum in 2018 and 2019 has been on sustainable business.
Asthildur Hjaltadottir, GRI Chief Regional Implementation Officer, said:
“GRI has over a number of years worked closely with the SEC to engage companies in the Philippines and help them understand the importance and value that comes from disclosing their sustainability impacts. It’s really pleasing therefore to see the SEC recognized by the UN for this important sustainability reporting resource, which now applies to all listed companies in the country.”
GRI will continue support for the Philippines, as part of our increased efforts to advance sustainability reporting throughout the region, following the opening in September of the GRI ASEAN Hub.
The Global Reporting Initiative (GRI) is the independent international organization that helps businesses and other organizations understand and communicate their sustainability impacts.
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KEYWORDS: Philippines, ASEAN, #sustainabilityreporting, GRIstandards, capital markets, GRI