Board Focus Series: Understanding the “G” in ESG
30 June 2022 @ 3:30 pm - 5:00 pm
Thanks to the collaboration between Chamber member companies Brunswick Group, Control Risks and Shearman & Sterling, we held the third in a series of webinars on ESG yesterday this time featuring on governance (G) risks and responsibilities.
Keynote speaker Mr. Garreth Wong, Partner, Shearman & Sterling set the scene with an address highlighting why governance is the most important factor in ESG. Without good ethics and integrity there is no governance. Without good governance there is no sustained management of environmental and social risks and responsibilities. Governance is beyond compliance. It is strategic for every company. Garreth was then joined by fellow panellists Ms. Pru Bennett, Partner, Sydney, Brunswick Group and Mr. Steve Wilford, Partner & Head of Global Risk Analysis, Asia Pacific, Control Risks in a conversation expertly moderated by Ms. Pamela Qiu, Partner and Head of Southeast Asia, Control Risks and Board director of SICC. The panel conversation was as wide ranging and as thoughtful as you would expect from these expert practitioners. Key points made were don’t use ESG as a publicity stunt. There is far too much green washing going on with funds which just change their names but nothing else. Another point was the war in Ukraine has increased the dependency on fossil fuels in the short term but will reinvigorate the focus on decarbonization and the diversification of energy sources. The conversation ended with a call to action for all Boards:-
- Be informed about business issues which will impact valuations
- Provide constructive criticism for CEOs
- Remember governance is not a tick box exercise and
- Good governance is a key value proposition for your company: intent must drive action and consistently clear and honest communication
The Chamber thanks the panellists and moderator for their time and for sharing their expertise, insights, and knowledge. Our thanks, too, to the audience for their participation.
If you missed the webinar, click here to watch the recording.