SGV Financial Accounting Advisory Services (FAAS) and Climate Change and Sustainability Services (CCaSS) Partner, and Philippine Sustainability Reporting Committee (PSRC) Chairman, Benjamin “Benjie” N. Villacorte (BNV) was a panelist at The Future of Sustainability Reporting forum hosted by the Securities and Exchange Commission (SEC) in partnership with the Global Reporting Initiative (GRI). The forum, which was exclusive to executives of publicly listed companies, was held on 14 March 2023 at the SEC Headquarters in Makati. It aimed to bring into focus how the roles of the government and regulators, banking institutions, standard setters, and sustainability leaders interweave to shape the future of sustainability and its reporting.
Benjie (second from right) during the SEC-GRI forum
Benjie shared insights on the significance of sustainability reporting and the role of the PSRC in improving and ensuring the quality of sustainability disclosures, carbon credits, the concept of just and reasonable transition, and how practitioners could better engage top management on sustainability reporting.
Benjie emphasized that sustainability reporting is part of the future of corporate reporting and that with this type of reporting, the financial and sustainability components of the organization are well-considered and embedded within their policies and processes, and the true costs of pertinent risks and opportunities are measured. He shared that there is currently a disconnect between these aspects and a growing need for them to complement one another.
Benjie (first from the right) with the forum organizers, guests, and fellow panelists
Benjie was joined by SEC Commissioner Kelvin Lester Lee and Bangko Sentral ng Pilipinas (BSP) Financial Supervision Sector Assistant Governor Lyn Javier during the panel discussion. Philippine Stock Exchange (PSE) Chief Operating Officer Atty. Roel Refran moderated the session. The panel discussion provided relevant and timely insights into further defining and calibrating the strategic direction of businesses sensitive to stakeholder demand-based projections on sustainability.