The report calls on financial regulators to move “urgently and decisively” to measure, understand, and address the risks climate change poses to the US financial system.
The action plan outlines a series of targeted measures and an implementation timetable to improve corporate governance at banks and insurers.
APRA will prioritise the safety and soundness of regulated institutions, operational resilience and contingency planning for adverse events.
The classification reflects securities firms’ governance structures, risk management capabilities, continuous compliance status, and business development status.
From 2024, all financial firms and listed companies with paid-in capital over $340mn will be required to have at least one-third of their boards made up of independent directors.
The action plan seeks to promote green and sustainable financial markets, improve ESG disclosures, and establish a classification standard for the financial industry.
The top 1,000 listed entities by market cap can adopt the new format voluntarily for the financial year 2020-21. It will become mandatory from the financial year 2021-22.
The task force will establish a monitoring system for climate-related financial risks, lead efforts to boost investment in green industries, and promote ESG investing in Korea.
Disclosures requirements applicable to new issues are enhanced, director independence is strengthened, and transparency on loans linked to controlling shareholders is improved.
Taiwan’s FSC will direct OTC market operator Taipei Exchange to develop new guidelines for issuing social and sustainability bonds.
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