Report on Industry Advisory Panel Announcement, WC-CMD, 15 June 2021

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

Chair: Nomura Asset Management GroupMr Toshiyuki Imamura, Managing Director, Responsible Investment Department   Mr Gordon Youl, Managing Director, Head of DCM Transaction Management & Head of ESG Task Force
Aberdeen Standard InvestmentsMr David Smith, Senior Investment Director
RAM Sustainability Sdn BhdMr Promod Dass, CEO   Ms Gladys Chua, Head, Sustainability Services

Working Group on Disclosures

Chair: ING BankMr Helge Muenkel, Managing Director, Head of Asia Pacific, Sustainable Finance & Global Capital Markets   Ms Rowena Palmiery-Bayoneta, Director, Diversified Corporates
Allianz SE, Singapore BranchMs Claudia Salem, CEO, Property & Casualty (APAC)
Indonesia Corporate Secretary Association (ICSA)Dr Ir Hardijanto Saroso, Chairman, Supervisory Board
PwC MalaysiaDato’ 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

Chair: Maybank Investment Bank BerhadMr Fad’l Mohamed, CEO   Mr Wong Kwok Kuan, Regional Head of Debt Markets, Maybank Kim Eng
BNP Paribas Asset ManagementMs Angelia Chin Sharpe, CEO & Country Head Malaysia   Mr Christian Bucaro, Chief Executive Officer, BNP Paribas Asset Management Singapore
Rajah & Tann Singapore LLPMr Raymond Tong, Partner   Mr Ahmad Fikri Assegaf, Partner and Co-founder, Assegaf Hamzah & Partners
Standard Chartered Bank PhilippinesMs Lynette Ortiz, CEO   Ms Roshel Mahabeer, Head, Sustainable Finance ASEAN and South Asia

Working Group on Transition Standards

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 McKenzieMr 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

SFIAMr Donough Foley