Regulatory Alerts2021-12-02
Added
Amendments to Public Reporting Directives on Environmental, Social, and Governance Disclosure
The Banking Supervision Department amended the Public Reporting Directives to require banking corporations to publish an annual Environmental, Social, and Governance (ESG) Report, replacing the previous biennial Corporate Responsibility Report. These entities must submit the report no later than four months after the end of the reporting year, with specific transitional deadlines of June 30, 2022, for the 2021 report and May 31, 2023, for the 2022 report. The amendments also mandate the disclosure of key ESG metrics and material environmental risks, including climate change, within the Board of Directors’ and Management Report, and require the ESG Report to be signed by the Chairperson of the Board and the Chief Executive Officer.
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