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Sustainability Counts Understanding sustainability reporting requirements across Asia Pacific and insights on the journey to date Thailand www.pwc.com/asiapacific Photocount Australia x2China x2 HKMalaysia New Zealand x2Japan x2 India x3Indonesia x2 PhilippinesSingapore South KoreaThailand x3 Vietnam x2 Photocount update 1.32pmBy Dora Rotsos Aus Australia x2 China x2HK x1 Malaysia x1New Zealand x2 Japan x2India x1 Indonesia x2Philippines x2 Singapore x2South Korea x1 Thailand x2Vietnam x2 Taiwan x1 May 2022 PwC | Sustainability Counts Contents 01 Introduction 02 A changing world The need for new sustainability reporting regulations and standards 03 How sustainability reporting standards, frameworks and enablers are changing 04 An overview of sustainability reporting requirements across Asia Pacific 05 The state of sustainability reporting Key insights 06 Other useful information - Appendix Sustainability reporting requirements in other key jurisdictions An overview of sustainability reporting requirements specific for financial institutions across Asia Pacific Japan 2 07 Our approach to sustainability reporting excellence 4 5 8 13 22 32 40 PwC | Sustainability Counts Key insights from the state of sustainability reporting in Asia Pacific Almost all companies across jurisdictions disclose material topics, with 62 disclosing 10-20 material topics and 80 further disclosing the selection process on materiality. More than 70 of companies across nearly all jurisdictions disclose climate risk as a sustainability issue. However, most do not disclose how climate risk integrates into the organisational risk management. SDGs and GRI, followed by TCFD are most commonly used. As TCFD to be mandated in certain jurisdictions in the future, we expect that there will be an uptake in the TCFD-aligned reporting. Board of directors’ training and linkage of ESG performance to remuneration appear to be moderate to low. However, Australia has more instances in terms of linking ESG performance to remuneration. Most jurisdictions do not have high rates of assurance over sustainability reports, apart from Taiwan which has mandated specific assurance requirements. There are mixed results over board responsibility on ESG and ESG governance structure disclosures. Australia, Hong Kong, Malaysia and Singapore have higher numbers of companies disclosing board of directors’ responsibility and an ESG governance structure. 3 Report highlights Why sustainability reporting matters With increasing expectations on sustainability, it makes good business sense to focus on high quality sustainability reporting rooted in consistent, comparable and trusted sustainability information. Quality sustainability reporting can build trust through transparency and managing risks and opportunities. This can in turn enhance corporate value and resilience. However, critical elements need to be in place to achieve this including globally aligned sustainability reporting standards, and independently assured disclosures. Evolution of global sustainability reporting standards and stepping up of sustainability reporting requirements across Asia Pacific The complex ecosystem of sustainability reporting standards, frameworks and enablers are fast becoming clearer. The creation of the International Sustainability Standards Board ISSB represents a step towards globally aligned sustainability standards that will drive consistency and comparability on sustainability reporting. Concurrently, there are notable increasing sustainability reporting requirements, including in climate reporting requirements,by regulators across respective jurisdictions in Asia Pacific. Reporters need to stay abreast of their local requirements, in addition to the global standards. Achieving sustainability reporting excellence Starting your sustainability reporting journey early and building a roadmap for sustainability reporting excellence, can put your organisation ahead of regulations and key stakeholder expectations. To drive sustainability reporting excellence in your organisation, it is important to appreciate the key areas for sustainability reporting excellence, why each are is relevant and what it would entail across maturities. PwC | Sustainability Counts 4 Introduction PwC Malaysia As the business world continues to address wide-ranging environmental, social and governance ESG issues, there has been strong focus on the development of globally consistent, comparable and trusted sustainability reporting standards. At the same time, many jurisdictions are requiring or recommending greater sustainability reporting, particularly from listed entities. There also appears to be rising expectations on external assurance of these reports. How are global sustainability reporting standards developing What are the local requirements and recommendations for sustainability reporting in Asia Pacific How has sustainability reporting evolved in Asia Pacific jurisdictions In this publication we explore these questions. We have partnered with the National University of Singapore NUS Centre for Governance and Sustainability CGS to provide insights from across the largest 650 listed companies in Asia Pacific by accessing key sustainability reporting elements, based on latest sustainability reports available in mid-2021. These findings offer guidance in areas that may require additional focus as companies continue to develop consistent, comparable and trusted ESG information in the upcoming reporting season. 01 PwC | Sustainability Counts Changing norms and expectations on reporting Investors and broader stakeholders are increasingly demanding more strategic and holistic information about long-term value creation and companies’ wider impact on society. They have highlighted the need for sustainability ESG or non-financial information to be reported in a way that is globally consistent, comparable and trusted. Companies’ purpose in society is changing and so are the demands on their reporting. Long-term enterprise value is being assessed not only in financial terms, but also with regards to a company’s sustainability. PwC supports the development of a single set of global sustainability reporting standards to address the need for corporate reporting that goes beyond financial reporting. 5 A changing world The need for new sustainability reporting regulations and standards Australia 02 PwC | Sustainability Counts Why sustainability reporting matters With shifting norms and expectations, it makes sense to focus on sustainability reporting. The value of sustainability reporting 1. Build trust Clear and meaningful reporting improves confidence in the information presented. Articulating the company’s ESG strategy, direction of travel and progress on that journey enhances its reputation and reinforces its licence to operate. The higher the quality of data, processes and controls that support reporting, the higher the confidence level. 2. Better transparency Stakeholders are not shy about demanding information that is meaningful to them. The uses of ESG information are increasingly broad and complex as companies look beyond themselves and their shareholders toward their wider impact on society. Aside from the company’s determination of what is useful to report voluntarily, many of them will be responding to disclosure requirements that have been, or will be, mandated through current and future regulation. 3. Managing risks and creating opportunities If done well, the way sustainability information is reported can be a competitive advantage to a company. To reduce risk and create opportunities, reporting should provide a holistic view of the company and comprehensively consider ESG strategy as part of the basis for making the right decisions. 4. Increased value Examples from the market show that reporting transparent, relevant and reliable ESG information improves trust with stakeholders, reduces the cost of capital, promotes more meaningful employee engagement and can expand access to capital markets or other third-party lending a demonstrable link between high-quality ESG reporting and enhancing value. High-quality ESG reporting that goes beyond compliance can bring meaningful change that creates and enhances corporate value. There has been a drive towards globally aligned sustainability reporting standards to enhance consistency and build trust. At the same time there has also been a proliferation of sustainability reporting requirements across jurisdictions, including across Asia Pacific, driven by stakeholder needs and expectations. Companies need to reshape their corporate reporting beyond their financials. The trend towards mandatory sustainability reporting supports our belief that the standards and expectations for sustainability reporting should be as high as for financial reporting. The uptake of mandatory regulation across the world is a positive move toward globally aligned sustainability standards to drive consistency and comparability. 6 02 | A changing world The need for new sustainability reporting regulations and standards Philippines PwC | Sustainability Counts Our point of views 7 Companies need to reshape corporate reporting to meet stakeholder demands and comply with rapidly evolving requirements We need globally aligned standards to drive consistency and trust Standards and expectations for non-financial reporting should be as high as they are for financial reporting ESG information needs to be independently assured to be trusted In this report, we analyse the “twin thrusts” of sustainability reporting in Asia Pacific 1. Developments in the global sustainability reporting ecosystem Section 3 2. Developments in sustainability reporting requirements in Asia Pacific jurisdictions Section 4 We also analyse sustainability reporting of the largest listed companies in selected areas across Asia Pacific jurisdictions and highlight the most relevant takeaways Section 5. Trusted and timely information What stakeholders valuein sustainability reporting How a company plans and delivers on its purpose and sustainability strategy Independently assured Supported by common disclosures 02 | A changing world The need for new sustainability reporting regulations and standards PwC | Sustainability Counts 8 How sustainability reporting standards, frameworks and enablers are changing PwC China 03 The following section highlights the notable players of the sustainability reporting ecosystem including their respective background/mission. Information is updated till April 2022, around the time of this report. PwC | Sustainability Counts 9 Organisation Background/mission Type see key WBCSD WorldBusiness Council forSustainable Development Launched in 1995 to inject a business voice into the global conversation on sustainability. A CEO-led organisation that aims to make member companies more successful and sustainable by focusing on the maximum positive impact for shareholders, the environment and society. Enabler GRI Global Reporting Initiative The GRI was founded in 1997. The aim was to create the first accountability mechanism to ensure companies adhere to responsible environmental conduct principles, which was then broadened to include social, economic and governance issues. In 2000, the first version of GRI was launched to provide the first global framework for sustainability reporting. In 2016, GRI transitioned from providing guidelines to setting the first global standards for sustainability reporting with a multi-stakeholder audience - the GRI Standards. Standards CDP Carbon Disclosure Project CDP is a global disclosure system for companies and cities, states and regions, launched in 2000. It is designed to help entities make their environmental impact transparent to stakeholders. These entities voluntarily supply information to the CDP in exchange for a score - this data then tracks global progress towards building a sustainable economy for people and the planet. CDP data and scores feed into financial markets through rating agencies and rankings. Single issue GHG Protocol Greenhouse Gas Protocol The GHG Protocol was created in 2001 to address the need for an international standard for corporate greenhouse gas GHG accounting and reporting in the late 1990s. The GHG Protocol establishes comprehensive global standardised frameworks to measure and manage GHG emissions from private and public sector operations, value chains and mitigating actions. Single issue CDSB Climate Disclosure Standards Board The CDSB Framework was launched in 2007 and sets out a voluntary approach for reporting environmental and climate change information in mainstream reports for the benefit of investors. It allows investors to assess the relationship between specific environmental matters and the organisations strategy performance and prospects. The framework was updated in April 2018 to align with the recommendations of the Task Force on Climate-related Financial Disclosures TCFD see below and other key mainstream reporting requirements. Single issue IIRC International Integrated Reporting Council The IIRC was founded in 2010 with investors as the primary audience but more recently shifting to more of a stakeholder view with a focus on strategic, future-oriented, reporting. The IIRC provides an industry agnostic framework based on seven guiding principles to drive connected reporting and eight content elements that govern the overall content of the integrated report. Framework SASB Sustainability Accounting Standards Board The SASB was founded in 2011 primarily to develop industry specific standards for use in corporate filings in the US to provide investors with comparable non-financial information about financially material environmental, social, and governance topics that facilitate communication between companies and investors about decision-useful information. Standards UN Guiding Principles Reporting Framework Launched in 2015, this framework provides a set of 31 questions for companies to report on human rights issues in three parts Governance of respect for human rights Defining the focus of reporting Management of salient human rights issues Frameworksingle issue UN Sustainable Development Goals SDGs These are a collection of 17 interlinked global goals designed to be a “blueprint to achieve a better and more sustainable future for all.” They were set by the UN General Assembly in 2015 and are intended to be achieved by 2030. These form targets/indicators and are often used in ESG reporting. Enabler 03 | How sustainability reporting standards, frameworks and enablers are changing PwC | Sustainability Counts 10 Organisation Background/mission Type see key Science Based Target Initiative SBTi Started in 2015, SBTi aims to drive ambitious climate action in the private sector by enabling companies to set science-based emissions reduction targets. The reduction targets are