WC-CMD-ACMF Joint Sustainable Finance Working Group Industry Advisory Panel
The ASEAN Capital Markets Forum (ACMF) and the ASEAN Working Committee on Capital Market Development (WC-CMD) have established an Industry Advisory Panel (IAP) as their core industry interaction point to actively engage the private sector on ACMF and WC-CMD’s sustainable finance agenda and initiatives. The IAP will assist the ACMF and WC-CMD to better understand the views, ideas and needs of the private sector, and it will also serve as an avenue for ACMF and WC-CMD to share their perspectives with the industry.
The IAP currently comprises 15 member organisations from the three main segments of the financial ecosystem – capital markets, banking and insurance, as well as other finance professionals and financial services providers including from the legal, accounting and credit rating fields. The members also represent a mix of both regional and global interests. The Sustainable Finance Institute Asia (SFIA) has been appointed as convener of the IAP.
As the key industry interaction point on sustainable finance for ACMF and WC-CMD, the IAP will be an advocate for the ASEAN sustainable finance agenda, contribute ideas and resources, support ACMF and WC-CMD’s sustainable finance initiatives, and dialogue with ACMF and WC-CMD on sustainable finance issues.
The IAP operates under the auspices of the WC-CMD-ACMF Joint Sustainable Finance Working Group (JSFWG), which coordinates the sustainable finance agenda for ACMF and WC-CMD, including the implementation of the recommendations in the ACMF Roadmap for ASEAN Sustainable Capital Markets (Roadmap) and the WC-CMD Report on Promoting Sustainable Finance in ASEAN (Report).
In addition, the JSFWG also aims to foster deeper collaboration between the ASEAN capital markets agencies and stakeholders on sustainable finance, so as to ensure that the views and needs of industry stakeholders are appropriately taken into consideration in regulatory policy-making and market development efforts for sustainable finance.
Both the Roadmap and the Report promote enhanced and more structured engagement and co-ordination between the capital market regulators and market players on sustainable finance in order to take the agenda forward in ASEAN. The establishment of the IAP supports this goal. The IAP will also connect their industry peers to the JSFWG and involve them in IAP activities, thus enlarging the sphere of engagement. The JSFWG and the IAP will engage regularly, thus ensuring two-way communication between the regulators and policymakers, and the industry.
The JSFWG and the IAP have identified four areas that are immediately key to enhancing the sustainable finance landscape. These are – (i) a Sustainable Finance Taxonomy for ASEAN; (ii) Disclosures; (iii) Strengthening Demand and Supply for Sustainable Finance; and (iv) Transition Standards. The IAP has established four Working Groups to specifically address these topics. These Working Groups will be inviting other industry members to participate in or contribute to their efforts.
Members of the IAP and their involvement in the Working Groups are listed in the table below. The ACMF and WC-CMD look forward to working with the IAP and other stakeholders in advancing the sustainable finance agenda in ASEAN.
Working Group on the ASEAN Sustainable Finance Taxonomy
| Organisation | Representative(s) |
| Chair: Nomura Asset Management Group | Mr Toshiyuki Imamura, Managing Director, Responsible Investment Department Mr Gordon Youl, Managing Director, Head of DCM Transaction Management & Head of ESG Task Force |
| Aberdeen Standard Investments | Mr David Smith, Senior Investment Director |
| RAM Sustainability Sdn Bhd | Mr Promod Dass, CEO Ms Gladys Chua, Head, Sustainability Services |
Working Group on Disclosures
| Organisation | Representative(s) |
| Chair: ING Bank | Mr Helge Muenkel, Managing Director, Head of Asia Pacific, Sustainable Finance & Global Capital Markets Ms Rowena Palmiery-Bayoneta, Director, Diversified Corporates |
| Allianz SE, Singapore Branch | Ms Claudia Salem, CEO, Property & Casualty (APAC) |
| Indonesia Corporate Secretary Association (ICSA) | Dr Ir Hardijanto Saroso, Chairman, Supervisory Board |
| PwC Malaysia | Dato’ Mohammad Faiz Azmi, Executive Chairman Mr Andrew WK Chan, Leader of Sustainability and Climate Change |
Working Group on Strengthening Demand and Supply for Sustainable Finance
| Organisation | Representative(s) |
| Chair: Maybank Investment Bank Berhad | Mr Fad’l Mohamed, CEO Mr Wong Kwok Kuan, Regional Head of Debt Markets, Maybank Kim Eng |
| BNP Paribas Asset Management | Ms Angelia Chin Sharpe, CEO & Country Head Malaysia Mr Christian Bucaro, Chief Executive Officer, BNP Paribas Asset Management Singapore |
| Rajah & Tann Singapore LLP | Mr Raymond Tong, Partner Mr Ahmad Fikri Assegaf, Partner and Co-founder, Assegaf Hamzah & Partners |
| Standard Chartered Bank Philippines | Ms Lynette Ortiz, CEO Ms Roshel Mahabeer, Head, Sustainable Finance ASEAN and South Asia |
Working Group on Transition Standards
| Organisation | Representative(s) |
| Chair: The Hongkong & Shanghai Banking Corporation Limited (HSBC) | Mr Gautam Mukharya, Chief Risk Officer, HSBC Singapore Mr Stewart James, Managing Director, Government Affairs, HSBC Philippines Ms Mimi Concha, Head of Global Banking, HSBC Philippines |
| Baker McKenzie | Mr Gavin Raftery, Partner, Baker McKenzie, Tokyo Mr Adam Farlow, Partner, Baker McKenzie, London |
| International Capital Market Association (ICMA) | Mr Mushtaq Kapasi, Managing Director & Chief Representative for APAC Ms Simone Utermarck, Director, Sustainable Finance |
| Bank of Ayudhya Public Company Limited (Krungsri) | Ms Jamjun Siriganjanavong, Senior Director, Head of Debt Capital Market Department, Investment Banking Group Mr Chakrit Hansirisawasdi, Director |
Convener of the IAP
| Organisation | Representative |
| SFIA | Mr Donough Foley |