The recent release in Hong Kong of a groundbreaking discussion paper on sustainability reporting has provided a glimpse of the way forward for responsible businesses in Asia, particularly in China and India.
The Association of Chartered Certified Accountants released Improving Climate Change Reporting last month in Hong Kong after gathering heads of business and government from Hong Kong and elsewhere to hear environmental champion Al Gore deliver a stirring speech on sound business practices to reduce the damage to the Earth's atmosphere.
The association's chief executive, Allen Blewitt, said there were a number of aspects of sustainability reporting where Asia-Pacific had ground to make up.
'If you put aside the environment, on the social side, working hours and human rights - in those areas the region has got some catching up to do,' he said. 'But the biggest challenge is definitely to improve the standard of environmental reporting. I think the social aspects will follow but the environmental reporting is the most immediate impact.'
Mr Blewitt focused on China and India as countries that needed to embrace sustainable reporting. 'India is a completely different challenge to China, but using Hong Kong as a hub we would hope to extend sustainable reporting influence into China,' he said.
'In Hong Kong you've mostly got services-based companies. They all have an interest in manufacturing on the other side of the border, and to me the interesting thing will be when they try and translate their commitment to the companies in which they have a shareholding.
