ICAEW Joins Forces with SC Malaysia to Boost Sustainability Expertise and Drive Eco-Friendly Initiatives
In a significant move towards enhancing sustainability disclosures in the capital markets, the Institute of Chartered Accountants in England and Wales (ICAEW) has partnered with the Securities Commission Malaysia (SC). This collaboration is designed to improve expertise in climate-related financial disclosures and sustainable finance frameworks.
Objectives of the ICAEW and SC Collaboration
The primary aim of this strategic partnership is to strengthen capacity building in key areas, including:
- Climate-related financial disclosures
- Greenhouse gas emissions reporting
- Sustainable finance frameworks
Training Initiatives
As part of this initiative, ICAEW will provide specialized training to the SC. The first high-impact workshop will take place during the ASEAN Capital Markets Forum (ACMF) Chairs Meeting on February 14, 2025, in Penang, Malaysia.
The workshops will cover critical topics such as:
- IFRS S1 and S2 standards for climate and sustainability-related disclosures
- Challenges in measuring Scope 3 emissions
- Implications of global climate regulations, including the Carbon Border Adjustment Mechanism (CBAM) and the Corporate Sustainability Reporting Directive (CSRD)
Importance of the Initiative
This collaboration is particularly timely as Malaysia prepares to assume the ASEAN Chairmanship in 2025, under the theme “Inclusivity and Sustainability.” With the evolving landscape of global ESG standards, it is essential for regulators to be equipped with the necessary knowledge and skills.
Statements from Leadership
ICAEW Chief Executive Alan Vallance highlighted the importance of trust, ethics, and sustainability in capital markets, stating, “Sustainability is not just about compliance—it is a business imperative that drives resilience, innovation, and long-term success.”
SC Chairman Dato’ Mohammad Faiz Azmi echoed this sentiment, emphasizing the strategic timing of the partnership: “Malaysia’s ASEAN Chairmanship in 2025 presents an opportunity to drive sustainability and financial resilience. Our collaboration with ICAEW ensures we stay ahead of global standards while equipping regulators to support market participants.”
Conclusion
As ICAEW continues its mission to promote sustainability and professional excellence, this partnership with the SC stands out as a crucial effort to empower financial professionals, policymakers, and regulators in shaping a sustainable and resilient capital market in ASEAN. For more information on ICAEW’s initiatives, visit their official website.
