According to Dr. Shamshad Akhtar, Chairperson of the Pakistan Stock Exchange (PSX), Pakistan’s vulnerability to climate change has put sustainability at the forefront and underscored the necessity for firms to create, implement, and promote green financial reporting standards.
The Accounting Standards Board (ASB) of the Institute of Chartered Accountants of Pakistan (ICAP) hosted a seminar on sustainability reporting, and Akhtar gave the keynote address. He said that both the public and private sectors should embrace sustainability reporting because it is essential for survival in the global marketplace.
Pakistan has laws governing enterprises and sustainable development objectives, however a strategy for a sustainable reporting system needs to be developed.The chairwoman further emphasised the necessity of seeking advice from international organisations in order to implement environmental, social, and governance (ESG) and create industry-specific road maps and guidelines.
She went on to say that the creation of the International Sustainability Standards Board (ISSB) would contribute to the uniformity and comparability of sustainability reporting across sectors and legal frameworks.
