Karachi, The Securities and Exchange Commission of Pakistan (SECP), in partnership with UN Women Pakistan, hosted its third Environmental, Social, and Governance (ESG) Symposium, focusing on sustainable investment and addressing climate change. The event, held in Karachi, brought together leaders from the capital market, academia, and various institutions committed to sustainable investment and responsible business practices.
According to Press Information Department, the chief guest, Dr. Shamshad Akhtar, commended SECP’s role in promoting sustainable business practices in Pakistan’s corporate sector and acknowledged UN Women Pakistan’s efforts in promoting gender-inclusive interventions. She discussed the Pakistani government’s commitment to addressing climate change, including developing a green taxonomy, strengthening disclosure guidelines, and establishing funds and collaborations for disaster risk financing. Akhtar highlighted the need for accountability and transparency in climate investments and praised SECP’s initiatives like the ESG Guidelines and ESG Sustain portal.
Ms. Musarat Jabeen, Executive Director at SECP, spoke about the evolving role of regulators in promoting sustainable development, emphasizing the integration of ESG considerations into the regulatory regime and the importance of capacity building. She introduced SECP’s draft ESG action plan, asking participants to provide feedback for a sustainable ecosystem.
Ms. Sharmeela Rasool, Country Representative of UN Women Pakistan, encouraged the adoption of the ESG framework by investors, regulators, and the private sector. The symposium featured a presentation on SECP’s draft ESG Disclosure Guidelines by Mr. Asif Iqbal, Director at SECP, and the unveiling of “ESG Sustain,” a web-based portal for ESG regulatory requirements by Mr. Barkaat from UN Women Pakistan.
A high-level plenary discussion moderated by Ms. Mashmooma Zahra included panelists from various institutions, discussing the role of institutions in combating climate change and promoting ESG investments in Pakistan. The panel underscored the need for data availability, gender-inclusive measures, and private sector incentives for ESG investments.
Mr. Farrukh Rahman from ICAP presented on sustainability reporting, discussing the implications and adoption criteria of the IFRS S1 and IFRS S2. A fireside chat moderated by Mr. Mohammad Shoaib, Director CFA, included panelists providing feedback on SECP’s ESG Action Plan, suggesting the creation of a working group for collaboration and diverse perspectives on sustainability.
In his concluding remarks, Mr. Akif Saeed, Chairman of SECP, stressed the importance of data and disclosures for developing sustainable capital markets and reiterated SECP’s commitment to fostering a regulatory environment that considers environmental impact and promotes good governance. He emphasized the symposium’s focus on the journey from concept to action, highlighting the partnership with UN WOMEN Pakistan in achieving tangible results like the ESG Action Plan, ESG Disclosure Guidelines, and the ‘ESG Sustain’ platform.