Pru Life UK keeps employees informed on ESG updates
Leading life insurer Pru Life UK, in collaboration with the Quisumbing Torres law firm—a member firm of Baker McKenzie—hosted a specialized sustainability session for employees on environmental, social and governance (ESG) trends in Asia.
Lawyer Richard Allen, a local principal from Baker McKenzie’s Dispute Resolution and International Arbitration Practice Groups, and lawyer Alain Charles Veloso, partner, head of Financial Institutions Industry Group, and assistant head of Quisumbing Torres’ Corporate and Commercial/M&A Practice Group, led the discussion on ESG trends in the Philippines and challenges and opportunities businesses face in adopting sustainable practices.
The dynamic evolution of ESG practices in Asian countries has led to regulatory updates aimed at enhancing ESG reporting guidelines and standards.
The discussion outlined derivative actions, the need to assess risks and opportunities related to ESG, and growing expectations for corporate accountability in addressing ESG risks. It was to underscore the imperative for more transparent reporting that ensures accurate assessments of the financial impact of ESG factors.
Such regulatory response not only reflects a shift toward greater transparency but also underscores an evolving understanding of how ESG factors can impact long-term business resilience and stakeholder trust.
Allen emphasized regional collaboration while also addressing the challenge of “colorwashing” claims, highlighting the need for companies to substantiate their ESG commitments genuinely, aligning actions with stated principles to build credibility and trust among investors, consumers and regulatory bodies.
Also discussed were fundamental duties that directors must embody in addressing the gap in ESG disclosure frameworks. Directors, for example, should be able to navigate the complex landscape of integrating ESG into corporate strategy for long-term value and resilience.
Trends in PH
According to Veloso, ESG trends in the Philippines reflect a dynamic shift toward a more comprehensive sustainability practice across sectors.
Some of the key insights he shared are as follows: publicly listed companies are increasingly required to disclose ESG information; regulatory bodies are vigilant about preventing greenwashing; ESG factors will soon be integrated into financial reporting, recognizing their impact on financial performance and risk management; and ESG reporting may extend beyond listed companies to include highly regulated entities.
He also reinforced the importance of strong corporate governance for effective sustainability implementation and monitoring.
Pru Life UK has also partnered with Quisumbing Torres for independent studies aimed at improving Filipinos’ access to life and health protection.
In 2019, the company commissioned a pioneering whitepaper titled “Mobile Digital Health in the Philippines” examining the readiness of the country’s regulatory framework to support mHealth and proposing solutions for integrating it into current healthcare reforms. MHealth stands for mobile health, or the use of mobile devices and wireless technology in health and medical care.
A paper titled “Improving Access of Overseas Filipino Workers to Life Insurance” was also commissioned in 2022. The paper talks about regulations on crossborder selling of insurance products and offering recommendations for better access to financial products and services for Filipino workers abroad. —Contributed
