Let’s look into the state of sustainability reporting in the Philippines and its importance, especially for B2B enterprises.
The world is witnessing a growing demand for companies to share information about their sustainability efforts openly. Investors and consumers increasingly favor eco-friendly businesses that actively prioritize sustainability.
Let’s look into the state of sustainability reporting in the Philippines and its importance, especially for business-to-business (B2B) enterprises.
Sustainability reporting may be a buzzword for various industries, but that certainly has not always been the case. In fact, in 2017, only 22% of all publicly listed companies (PLC) in the Philippines published sustainability reports—far below the global average.
To address this low compliance, the Securities and Exchange Commission intervened in 2019, introducing sustainability reporting guidelines for PLCs which led to a substantial increase in compliance to 90.4%.
Looking ahead, the SEC announced in 2023 that sustainability reporting will be mandatory for all PLCs in the country. Companies must now attach sustainability reports to their annual reports, effectively keeping the importance of sustainability reporting at par with financial reporting.
Sustainability reporting requires carefully navigating the ins and outs of sharing a company’s dedication to environmental, social, and governance practices. Here are some points to keep in mind before you start drafting your report:
Once you have those pinned down, it’s time to plan how you’ll tackle writing your report. A great sustainability report has key parts—let’s look at each one:
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