With Donald Trump in the White House, some Asian companies may believe they do not have to worry about forced labour in their operations or supply chains impacting their access to the US market. That is flat out wrong.
As global sustainability reporting standards converge, board directors face new challenges and opportunities in navigating mandatory ESG disclosures, ensuring transparency, and driving long-term value for their companies.
The first global sustainability reporting standards, to include new requirements for Scope 3 emission, is expected to be published in June 2023. Energy companies would be wise to have robust decarbonisation plans, as opportunities for greenwashing will be limited once full emissions are reported.