The Philippines took a lead role in global discussions on sustainability and financial reporting after Securities and Exchange Commission (SEC) Commissioner Rogelio Quevedo chaired the 42nd Session of the Intergovernmental Group of Experts on International Standards of Accounting and Reporting (ISAR).

Held from 11 to 14 November, the United Nations intergovernmental body ISAR assists member states in improving the quality and international comparability of financial statements and non-financial disclosures, encompassing environmental performance, corporate governance, and corporate social responsibility.

The session focused on developments in efforts to harmonize sustainability reporting requirements and examined challenges in implementing these standards.

Delegates also discussed how biodiversity and human capital consideration can be better integrated into these disclosures.

Quevedo moderated all panel sessions and presented the Philippines’ sustainability reporting roadmap focusing on climate risks, protection of biodiversity, human rights, and labor practices.

The Philippine delegation included representatives from the country’s UN Mission in Geneva and the Governance Commission for government-owned and controlled corporations.