SECP, ICAP hold capacity building session on Sustainability Disclosures

May 09, 2023 (MLN): The Securities and Exchange Commission of Pakistan (SECP) in partnership with the Institute of Chartered Accountants of Pakistan (ICAP) held an awareness and capacity building session on Sustainability disclosures and reporting in perspective of evolving international framework for corporate sustainability reporting, said a press release issued by the commission today.

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.

Ms. Musarat Jabeen, Executive Director (SECP) in her opening remarks stated that SECP has remained a strong proponent of a 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. Mr. Farrukh Rehman, Council Member (ICAP) and Chairman Accounting Standards Board in his speech emphasized the need for continued efforts for capacity building on ISSB standards.

He also noted the challenges in the collection and analysis of data for sustainability reporting and the importance of independent assurance of corporate sustainability reports.

The capacity building session was led by a technical presentation from ICAP providing a detailed overview of the emerging global baseline for sustainability disclosures and the way forward toward adopting and implementing these standards in Pakistan.

Private sector representatives also presented their sustainability-related disclosure practices and provided feedback for improving reporting mechanisms.

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 a fireside chat by a high-level panel providing their feedback on a draft action plan of SECP.

The panelist 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, Mr. 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, the significance of sustainable development goals, and his aspirations for a model village of Mustafabad that will be reflective of Islamic principles of inclusive socioeconomic and sustainable development.

Mr. Akif Saeed, Chairman SECP in his concluding remarks appreciated the keen interest of diverse stakeholders in the session. He also reaffirmed SECP’s resolve of working as a facilitator for a cohesive, inclusive, and tangible national ESG action plan.

The session was effective in accelerating discussion around sustainability considerations and engaging with all key stakeholders of the ESG ecosystem for sustainable economic development.

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