More practical sustainability reporting, Asean-style
The statement, issued in collaboration with Asean-BAC Malaysia's partners Asean Sustainability Reporting Advocacy Collaborative (Asrac), aims to reduce duplication and make reporting more practical for businesses of all sizes throughout the region.
It also calls for the adoption of the International Sustainability Standards Board standards as a global baseline, implemented through a building-blocks approach that enables jurisdictions to add other requirements beyond climate related financial disclosures.
The statement also advocates for transition relief for businesses to minimise the reporting burden required by other regulators such as European Sustainability Reporting Standards and emphasises the importance of proportionality.
This ensures that reporting frameworks remain practical and scalable for businesses of all sizes especially small and medium-sized enterprises.
The statement also outlines practical implementation pathways including engagement with finance ministries, capital market regulators, and international standard-setters; support for a unified platform for environmental, social and governance (ESG) data, and capacity-building through regional partners.
Asrac chair and Asean-BAC Malaysia executive director Jukhee Hong said the statement reflects the collective position of the private sector on how standard setters and regulators can help address the challenges faced in meeting the climate reporting requirements
"By confronting the 3Cs challenges in, compliance, cost, and capacity; and advocating for scalable, proportionate disclosure requirements, we are urging a shift from reporting complexity to clarity.
"This is Asean-led collaboration in action, pragmatic, inclusive, and aligned with the needs of all businesses, especially SMEs," he said in a statement.
Asean-BAC Malaysia chairman Tan Sri Nazir Razak said Malaysia now has a unique opportunity to advocate how the future of sustainability reporting in our region should be shaped.
"Asrac is precisely the kind of forward-looking advocacy initiative that Asean-BAC is proud to lead.
"It reflects the collective voice of the private sector and professional bodies on how reporting standards should evolve," he added.
ACCA director of Asia Pacific Pulkit Abrol said today's finance leaders are stewards of people, planet and prosperity.
He added that the statement offers a timely call for alignment around ISSB standards, grounded in proportionality and global relevance.
"As a knowledge partner to Asean-BAC, we are pleased to contribute to a path that safeguards regional competitiveness while ensuring Asean's voice is heard in shaping the future of global disclosure frameworks," he noted.
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