Ayala joins global alliance for sustainability standards and integrated reporting

MANILA — Ayala Corporation is now a member of the IFRS Sustainability Alliance, a global membership program for sustainability standards and integrated reporting, which seeks to develop high-quality, understandable, enforceable, and globally accepted sustainability disclosure standards.

 

“For several years now, it has been our practice at Ayala to combine our financial and sustainability disclosures in one integrated report to allow our shareholders to have a better grasp of sustainability-related opportunities as well as risks within our ecosystem,” said Albert de Larrazabal, Ayala Corporation Chief Finance Officer.

 

“Our reports provide a comprehensive view of the way we integrate our values into our business. They also demonstrate how we live up to our purpose of creating meaningful impact on the economy, the environment, and the communities we serve,” he added. “Our membership at the IFRS Sustainability Alliance further strengthens our commitment to uphold the highest standard of transparency through our disclosures.”

 

Ayala is one of only two Philippine companies that are part of the alliance.

 

Last June 26, the International Sustainability Standards Board (ISSB) of the IFRS Alliance issued its inaugural standards IFRS S1 and IFRS S2. Ayala’s Group Risk Management and Sustainability Head Ma. Victoria A. Tan participated in the ASEAN launch event of the IFRS standards, where they tackled how the IFRS sustainability standards can help harmonize reporting standards and frameworks.

 

IFRS S1 provides a set of disclosure requirements designed to enable companies to communicate to investors about the sustainability-related risks and opportunities they face over the short, medium, and long term. Meanwhile, IFRS S2 sets out specific climate-related disclosures and is designed to be used with IFRS 1.

 

Both standards will help to improve trust and confidence in company disclosures about sustainability to inform investment decisions. They fully incorporate the recommendations of the Task Force on Climate-related Financial Disclosures, which have also been adopted by Ayala Corporation on its annual reports since 2019.

 

“The ISSB Standards have been designed to help companies tell their sustainability story in a robust, comparable and verifiable manner. We have consulted closely with the market to ensure the Standards are proportionate and will result in disclosures that are relevant for investment decision-making,” said Emmanuel Faber, ISSB Chair.

 

“We know that better information leads to better economic decisions. This is just the starting point as we consult on our future priorities, beyond climate,” he added.  

 

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