International
ISSB
The International Sustainability Standards Board Determines Its Approach to Nature-Related Disclosures
The International Sustainability Standards Board (ISSB) outlined its approach towards the introduction of nature-related disclosure requirements on April 22. As per the announcement, the ISSB’s existing standards already require companies to provide material information about sustainability-related risks and opportunities, including nature-related risks and opportunities. Accordingly, the Board of the ISSB has decided to publish an IFRS Practice Statement to complement IFRS S1 and S2 Standards without changing the nature-related requirements in said Standards. The ISSB aims to publish an exposure draft of the Practice Statement in October 2026.
Asia Pacific
ASEAN
Joint Statement of the Thirteenth Association of Southeast Asian Nations Finance Ministers’ and Central Bank Governors’ Meeting
The Finance Ministers and Central Bank Governors of the Association of Southeast Asian Nations (ASEAN)’s 13 Member States issued a Joint Statement following their 13th meeting on April 10. The Joint Statement acknowledged the progress achieved to date in advancing sustainable finance across ASEAN Member States and outlined future measures to build a sustainable finance ecosystem in the region. These measures include a Code of Conduct for External Review Providers in sustainable financing instruments, the development of Version 1 of the mitigation co-benefit and Adaption for Resilience (mARs) Guide to supplement the ASEAN Taxonomy, the enhancement of supervisory capacity with respect to sustainability, and the promotion of sound corporate governance principles and practices across the region.
Singapore
The Singapore Stock Exchange Proposes New Disclosures for Dividend, Remuneration, and Investor Relations Policies
The Singapore Stock Exchange (SGX) RegCo opened a public consultation on April 22 on additional disclosures in relation to dividend, remuneration, and investor relations policies. The proposed disclosures are intended to set a higher standard for corporate disclosures and improve issuers’ focus on shareholder value creation. Under SGX RegCo’s proposals, issuers would be required to disclose key performance indicators used to determine the remuneration of the board and key management and how these indicators align with long-term shareholder value creation. In addition, issuers would have to describe their dividend policy, maintain an investor engagement website, and maintain and publish an investor relations policy. The consultation will remain open until May 22.
Malaysia
The Securities Commission Malaysia and Bursa Malaysia Introduce the MY Value Up Programme
The Securities Commission (SC) Malaysia and Bursa Malaysia announced on April 20 the introduction of the MY Value Up Programme. The Programme is a collaborative initiative intended to support Malaysian publicly listed companies (PLCs) in improving their long-term value creation and transforming into globally attractive investment propositions. The MY Value Up Programme encourages PLCs to adopt a more conscious and proactive approach to communicating their mid- to long-term strategies and to engage with domestic and regional investors. To support the programme’s effective implementation, a Guidebook will be developed within the first half of the year to set clear expectations.
Indonesia
The Otoritas Jasa Keuangan Publishes Its Sustainable Capital Market 2026-2030 Roadmap
The Otoritas Jasa Keuangan (OJK) published its Sustainable Capital Market 2026-2030 Roadmap for low-carbon economic development on April 14. The Roadmap envisages the implementation of 4 pillars to strengthen the sustainable investment market in Indonesia. Under pillar 1, the OJK will develop sustainable capital market policies and regulations to improve confidence in sustainable investment vehicles. Under pillars 2 and 3, policies to stimulate sustainable finance and product diversification will be formulated, establishing proper incentives for market players to invest sustainably. Under pillar 4, the OJK aims to nurture collaboration of domestic and international stakeholders to promote further growth.
Europe
EU
The European Insurance and Occupational Pensions Authority and Joint Research Centre Deepen Cooperation on Natural Catastrophe Risk Research
The European Insurance and Occupational Pensions Authority (EIOPA) and the Joint Research Centre (JRC) of the European Commission announced on April 20 the signing of a Memorandum of Understanding (MoU) to strengthen cooperation on research into natural catastrophe risks. The MoU is intended to facilitate the exchange of data, expertise, and best practices between the two bodies, enabling them to analyze the impact of natural disasters on the insurance sector and broader economy. They will also work to enhance risk assessment methodologies and the collection of disaster loss data.
EIOPA and the European Stability Mechanism Publish a Discussion Paper on Natural Catastrophe Risk Management
EIOPA and the European Stability Mechanism (ESM) published a Discussion Paper on natural catastrophe risk management on April 9. The paper explores the potential benefits of a European risk-sharing mechanism, composed of a natural catastrophe insurance pool and a loan-based backstop, to mitigate the increasing losses associated with extreme weather events across Europe. According to the paper, if such a mechanism were introduced, Europe’s “protection gap” would be significantly reduced through a public-private initiative to enhance the private sector’s loss-absorbing capacity.
The European Financial Reporting Advisory Group Submits Its Sustainability Reporting Work Programme for 2026 to the European Commission
The European Financial Reporting Advisory Group (EFRAG) submitted its Sustainability Reporting Work Programme 2026 to the European Commission on April 24. The Work Programme outlines EFRAG’s strategic priorities and planned activities for 2026. These include (i) the development of sustainability reporting standards for non-EU groups, with a public consultation on an Exposure Draft envisaged for July 2026; (ii) further support for voluntary reporting by SMEs; (iii) implementation support for wider stakeholders; and (iv) additional work to improve the global interoperability of European Sustainability Reporting Standards (ESRS) and to accelerate digitalization.
The European Commission Adopts Final Delegated Acts under the EU ESG Ratings Regulation
The European Commission adopted a series of final Delegated Acts (DAs) under the EU ESG Ratings Regulation on April 21 and April 24.
Commission Delegated Regulation with regard to regulatory technical standards (RTS) specifying the elements of ESG ratings products to be disclosed to the public and to users of ESG ratings, rated items, and issuers was adopted on April 21. This Delegated Regulation was adopted alongside Commission Delegated Regulation regarding measures and safeguards to be implemented by ESG rating providers to separate their ESG rating activities from their other activities. Both DAs are based on regulatory technical standards developed by the European Securities and Markets Authority (ESMA).
Commission Delegated Regulation regarding fees charged by ESMA to ESG ratings providers was adopted on April 24. The Delegated Regulation reiterates the principle of full-cost recovery whereby ESG ratings providers under ESMA supervision are required to cover the supervisory costs incurred by ESMA. The supervisory fees of each ESMA-supervised ESG rating provider are meant to be proportionate to their market share and calculated by reference to their applicable turnover from ESG rating activities. Finally, Commission Delegated Regulation with regard to rules of procedure on fines and periodic penalty payments imposed on ESG ratings providers by ESMA was also adopted.
The European Securities and Markets Authority Opens Public Consultation on Draft Guidelines on the Endorsement Regime under the EU ESG Rating Regulation
The European Securities and Markets Authority (ESMA) opened a public consultation on April 29 regarding draft Guidelines on the endorsement regime under the EU ESG rating regulation. As outlined by ESMA, ESG rating providers will have one month from the date of application of the ESG rating regulation, July 2, 2026, to notify ESMA of their intention to apply for authorization, registration, or recognition. The draft Guidelines are intended to complement the legal requirements applicable to non-EU rating providers seeking endorsement and to elaborate upon the information requirements, and ongoing requirements, that non-EU ESG rating providers must satisfy in order to be endorsed by ESMA. The consultation will remain open until May 29.
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Authored By
Hugo Gallagher, Regulatory Affairs & Public Policy, ISS STOXX
Karina Karakulova, Regulatory Affairs & Public Policy, ISS STOXX
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