Pru Life UK and Quisumbing Torres, a law firm of Baker McKenzie, have hosted a sustainability session for employees in Taguig City. The session focused on Environmental, Social, and Governance (ESG) trends in Asia, discussing challenges and opportunities businesses face in adopting sustainable practices. The session highlighted the evolving ESG practices in Asian countries, which have led to regulatory updates to improve 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. This underscores 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 towards greater transparency but also underscores an evolving understanding of how ESG factors can impact long-term business resilience and stakeholder trust.
Atty. Allen emphasized regional collaboration while also addressing the challenge of “colourwashing” 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.
Fundamental duties that directors must embody in addressing the gap in ESG disclosure frameworks were discussed. Directors should be able to navigate the complex landscape of integrating ESG into a corporate strategy for long-term value and resilience.
Atty. Charles Veloso shared that in the Philippines, ESG trends reflect a dynamic shift towards a more comprehensive sustainability practice across sectors.
Some of the key insights he shared: 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 economic 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 also partnered with Quisumbing Torres to conduct independent studies to improve 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 mHealth into current healthcare reforms.
A paper on “Improving Access of Overseas Filipino Workers to Life Insurance” was also commissioned in 2022. The paper discusses regulations on cross-border selling of insurance products and offers recommendations for better access to financial products and services for OFWs abroad.
Pru Life UK has Sustainability-focused health and wealth protection products for Filipino families contributing to increased access to financial solutions for historically underserved populations like women, elderly, and low-income families.
“Sustainability is a key priority for us at Pru Life UK. We are committed to providing simple and accessible health and financial protection, driving up financial education and literacy, and embedding ESG into our business and value chain to help deliver economic growth and build real-world impact and long-term resilience. We also ensure that our teams are equipped with relevant ESG updates so we can apply them to the work that we do,” shares Maricel E. Estavillo, Pru Life UK’s Vice President for Government Relations & Sustainability.
