Malaysia’s ACSR to consult on ISSB Standards for enhanced sustainability reporting

Malaysia's ACSR to consult on ISSB Standards for enhanced sustainability reporting

The Advisory Committee on Sustainability Reporting (ACSR), led by the Securities Commission Malaysia (SC) and supported by the Ministry of Finance, is set to hold an online public consultation next month. This event will focus on the integration of the sustainability disclosure standards by the International Sustainability Standards Board (ISSB) within Malaysia.

Representatives from notable Malaysian financial institutions such as Bank Negara Malaysia, Bursa Malaysia Berhad, and the Companies Commission of Malaysia, along with members from the Audit Oversight Board and the Financial Reporting Foundation, form the ACSR.

The ISSB, responding to global demands from influential groups like the G20 and the Financial Stability Standards Boards, has developed two pioneering standards: IFRS S1 and IFRS S2. These standards, centred around sustainability-related financial information and climate-related disclosures, have already garnered significant backing. Notably, at the 28th UN Climate Change Conference (COP28), investors managing assets worth over USD120 trillion expressed their support for these standards.

Scheduled for a six-week duration, the upcoming consultation invites public input on various aspects of sustainability disclosure in Malaysia, including implementation strategies, timing, and assurance processes.

Datuk Kamarudin Hashim, SC Managing Director and ACSR Chairman, said, “While the immediate consideration is for the ISSB Standards to be applicable to listed issuers, we are cognisant that there is also demand for sustainability-related action and information on non-listed issuers.

“As such, we strongly encourage all stakeholders, including preparers, investors, sustainability assurance providers, rating agencies and others to share their views, as this will help shape the national sustainability reporting framework.”

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