SFST attends UN expertsâ session

Secretary for Financial Services & the Treasury Christopher Hui attended the 41st session of the Intergovernmental Working Group of Experts on International Standards of Accounting & Reporting (ISAR) organised by the UN Conference on Trade & Development in Geneva yesterday.

At the meeting, Mr Hui elaborated on Hong Kong's efforts in building a comprehensive ecosystem for sustainability disclosure through the right policy steer with commitment, the pull factors with incentives and getting the right people with expertise.

In the session titled "Sustainability reporting frameworks & standards: from interoperability to full harmonisation", Mr Hui said that as a premier finance hub channelling international capital to sustainable purposes, Hong Kong fully acknowledges the importance of sustainability disclosure.

He added that the city aims to be among the first jurisdictions to align the local sustainability disclosure requirements with the International Financial Reporting Standards - Sustainability Disclosure Standards (ISSB Standards).

"The Hong Kong Special Administrative Region Government has been working with financial regulators and stakeholders to develop a roadmap on the full adoption of the ISSB Standards in Hong Kong."

Mr Hui noted that a roadmap will be launched this year to provide a transparent and well-defined pathway on sustainability reporting for businesses in Hong Kong, as well as sufficient time for making preparations.

"The roadmap will also comprise three other key areas, namely sustainability assurance, data and technology, and capacity building."

Mr Hui highlighted that just last week, the Hong Kong SAR Government issued the Policy Statement on Responsible Application of Artificial Intelligence in Financial Market to facilitate responsible artificial intelligence adoption in the financial services industry at large, among firms of all sizes.

On the sidelines of the ISAR session, Mr Hui met Vice-Chair of the International Sustainability Standards Board Sue Lloyd to discuss ways to develop sustainability reporting standards for cross-sectoral observance, including listed companies and regulated financial institutions.

He also met Deputy Director-General of the World Trade Organization Jean-Marie Paugam to discuss issues about enhancement of quality assessment of government tenders by promoting environmental, social and governance in tender exercises, and the fight against climate change by means of facilitating green and sustainable finance.

Moreover, the treasury chief met Director of the Geneva Financial Center Edouard Cuendet and paid a courtesy call on Minister-Counsellor of the Permanent Mission of the People's Republic of China to the UN Office at Geneva and other international organizations in Switzerland Liang Hong.

A day earlier in Zurich, Mr Hui met Deputy Chief Executive Officer, Head of Private Banking & Asset Management of the Swiss Bankers Association August Benz to discuss topics of mutual concern, including ways to tap into the immense opportunities from family office business and maintaining stable financial centres amid uncertain times.