BDO awards top honours for ESG excellence
The accountancy firm’s sixth annual awards ceremony recognises Hong Kong companies with outstanding environmental, social and governance achievements
After an extended streak of high monthly global mean temperatures, 2024 is on track to being the hottest year on record, according to data released by the World Meteorological Organization in November. The news underscores the ongoing need for climate change mitigation and adaptation while making clear that how businesses respond to these pressing challenges is just as important as government’s response.
The key role that the private sector plays in dealing with the climate crisis was rewarded at the sixth annual BDO ESG Awards presentation ceremony held in Hong Kong this month.
BDO, the world’s fifth-largest accountancy and advisory network, has been organising the awards presentation, which recognises Hong Kong-listed companies that have excelled in integrating environmental, social and governance (ESG) considerations into their business models, since 2018.
This year, the awards received more than 110 applications from companies across diverse industries and with varying market capitalisation. “We are pleased to see that an increasing number of listed companies are recognising the importance of ESG and pursuing long-term ESG development,” said Andrew Lam, managing director, BDO Hong Kong. “The Awards have now gained considerable market recognition, and as an advocate of sustainable development, BDO is delighted to see an increasing number of Hong Kong-listed companies paying attention to ESG.”
By recognising and rewarding the increasing number of Hong Kong companies which have made ESG an integral part of their business practice, BDO promotes corporate and public awareness of the importance of social responsibility and the need to transition to a greener, more sustainable world.
“In light of growing awareness of environmental sustainability and social responsibility, more investors and organisations are incorporating ESG criteria into their investment decisions and tend to support companies that meet ESG standards,” said Johnson Kong, managing director of BDO Hong Kong, adding that ESG policies enhance a company’s competitiveness and attract more investors.
With the standard of ESG reports of listed companies continuing to improve, BDO brought in an independent professional organisation to determine a preliminary shortlist of the participating companies for this year’s awards, after which a judging panel made up of business leaders evaluated and selected the award winners.
With sustained, rapid global warming still a top concern, “Carbon Neutrality” was once again the theme of this year’s awards.
At the awards presentation, the role of the business sector in climate transition was recognised in a variety of categories, including the Best in ESG awards, the Best in Reporting awards, the ESG Report of the Year awards, the Outstanding ESG Performance of H-share Companies awards, and the Theme award. HKT Trust and Hong Kong Telecom, Kerry Properties, and Yuexiu Property were among the recipients of the ESG Report of the Year Awards.
The Theme award spotlighted companies that have adopted industry best practices, awarding those that have significantly reduced absolute and intensity-based carbon emissions. The award also honoured companies which launched the best carbon-reduction initiatives in 2024, highlighting their efforts to achieve net-zero carbon dioxide emissions. Winners of the Theme award were Lenovo Group, Yuexiu Property and telecommunications company, ZTE Corporation.
BDO has long been an advocate for sustainable development and assists companies with ESG reporting and risk management. In a truly pioneering act, it has encouraged greater corporate social responsibility and emphasised the importance of integrating sustainability and climate change into business models.
BDO’s efforts to motivate companies to fulfil their ESG commitments will receive a boost next year with rising expectations on ESG reporting from investors and other stakeholders, and amendments to the Hong Kong Exchanges and Clearing (HKEX) Listing Rules to further enhance the quality, consistency and comparability of climate-related disclosures in Hong Kong’s financial industry. In alignment with IFRS Foundation’s S2 Climate-related Disclosures, which sets out the requirements for identifying and measuring information about climate-related financial disclosures, HKEX’s Environmental, Social and Governance Reporting Code will require listed companies to make climate-related disclosures starting January 1, 2025.
To realise the ambitious goal of carbon neutrality, BDO believes companies from all sectors must understand their responsibility and importance in promoting long-term net-zero carbon emissions in their business operations. With a clear and effective carbon-neutrality blueprint, BDO says companies can meet their carbon reduction commitments and create sustainable long-term value for this generation of stakeholders and the next.
“This year’s winners come from various industries, and all of the nominated companies have demonstrated outstanding performance in various areas of competition,” said Ricky Cheng, BDO’s director and head of Risk Advisory in Hong Kong. “BDO is proud of the winning companies dedicated to sustainable development, and thrilled to support all those who are making strides towards a more environmentally friendly and responsible business landscape through this award.”