As part of its efforts to help create a more sustainable future, PLDT Inc. (PLDT) has joined 3 leading global organizations that uphold stringent standards in monitoring the sustainability practices of companies.
“PLDT is advancing its environmental, social and governance (ESG) commitments by supporting these sustainability alliances,” PLDT Chairman and CEO Manuel V. Pangilinan says.
First telco globally, sole PH affiliate for SASB
PLDT is the first telco in the world and only company in the Philippines to be a member of the prominent Sustainable Accounting Board (SASB) Alliance. With over 70 industry-specific, globally applicable standards that identify the minimal set of financially material sustainability topics and their associated metrics, SASB enables businesses to identify, manage and communicate financially material sustainability information to their investors.
The sustainability standard-setter supports members such as PLDT that aim to build capacity among their staff, identify best practices and explore the use of material sustainability information. “By joining the SASB Alliance, PLDT supports standardized sustainability disclosures that meet the expectations of investors,” says Pangilinan.
Only PH telco under TCFD
PLDT is the first Philippine telco and is among the initial local supporters of the International Task Force on Climate-related Financial Disclosures (TCFD). Set up by the Financial Stability Board (FSB), the Task Force develops recommendations for more effective climate-related disclosures that promote informed investment, credit, and insurance underwriting decisions.
“With TCFD, stakeholders are empowered to better understand the concentrations of carbon-related assets in the financial sector and the financial system's exposures to climate-related risks,” shares Chaye Cabal-Revilla, PLDT SVP & Group Controller, concurrent PLDT Group Chief Sustainability Officer and Smart Communications, Inc. (Smart) Chief Financial Officer.
Officially recognized as a TCFD supporter, PLDT supports various recommendations outlined by the Task Force. These include governance on climate-related risks and opportunities, analysis of its potential impacts in the business, strategy and financial planning, disclosing how to identify and manage climate-related risks and setting of metrics and targets to assess threats and opportunities.
As the Philippines Securities and Exchange Commission (SEC) requires all publicly listed companies to report on TCFD disclosures, PLDT’s role as the country’s first telco supporter of the organization underscores its commitment to sustainability. “Insights from the disclosures will be critical to future-proofing our business,” says Pangilinan.
Global-level UN GCN Participant
Along with its wireless services subsidiary Smart, PLDT is registered as a Participant of the United Nations Global Compact Network (UNGCN). A notch higher than Signatories limited to local engagement, Participants are committed on a global level to integrate the renowned organization’s Ten Principles on human rights, labor, environment and anti-corruption.
“PLDT is committed to making the UNGCN principles part of company strategy, culture and day-to-day operations, and to engage in collaborative projects in order to attain the United Nations Sustainable Development Goals (UNSGDs),” declares Pangilinan.
Beyond sustainability compliance
PLDT has been reporting ESG practices since 2015, way before the SEC requirement that all PH-listed companies publish its Sustainability Reports for year-end 2019 in 2020.
More than just compliance, the company aims to make Sustainability part of PLDT Group’s DNA and culture. “We are committed to boosting efforts to conduct business in ways that protect future generations,” Cabal-Revilla says.
For more information, visit www.pldt.com or send an email to sustainability@pldt.com.ph.
