Latest news with #FinancialSector
Scoop
26-05-2025
- Business
- Scoop
Why New Zealand Businesses Must Keep Abreast Of Evolving Environmental And Social Responsibility Regulations
Opinion – OneAdvanced Businesses in NZ now face increasing scrutiny from regulators, customers, investors and the wider community to demonstrate accountability and transparency regarding their ESG impact. Failure to comply can result in substantial reputational damage, … Environmental, Social and Governance (ESG) considerations have rapidly evolved from optional corporate strategies into mandatory components of responsible business practice, particularly in New Zealand. In this region, we have witnessed significant shifts in the regulatory landscape, driven by rising societal expectations and international commitments. Businesses in New Zealand now face increasing scrutiny from regulators, customers, investors and the wider community to demonstrate accountability and transparency regarding their ESG impact. Failure to comply can result in substantial reputational damage, loss of business opportunities and hefty penalties. Unfortunately, the ESG regulatory environment is in a state of flux internationally. In Europe, businesses are grappling with proposed simplification reforms of the European Union's sustainability regulations. Meanwhile, federal support for ESG initiatives has significantly diminished in the United States since the Trump administration was re-elected. Navigating the ESG regulatory landscape in New Zealand In New Zealand, ESG-related regulations have intensified significantly with the introduction of the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021, which mandates climate-related disclosures (CRD) for significant financial institutions. New Zealand is among the first nations globally to implement mandatory climate reporting, further solidifying its commitment to transparency and accountability. The first climate statements were filed in the first quarter of 2024. Importance of proactive ESG management To mitigate potential compliance breaches and operational disruptions, New Zealand businesses must proactively manage ESG risks, particularly in supply chain operations. Modern supply chains, often complex and spanning multiple jurisdictions, pose substantial ESG risks, making proactive management and thorough due diligence critical. Robust Source-to-Contract (S2C) solutions play a pivotal role in ESG compliance. They enable companies to systematically incorporate sustainability criteria into supplier evaluation, contract negotiations and ongoing supplier management. These solutions facilitate comprehensive visibility into supply chains, allowing companies to assess and mitigate risks more effectively, enhance transparency and maintain regulatory compliance. Organisations can enforce ESG standards for procurement through a strategic Source-to-Contract approach, embedding sustainable and ethical considerations into contractual obligations. This proactive stance ensures regulatory compliance, strengthens stakeholder trust and enhances corporate reputation, aligning operational practices with broader organisational values and public expectations. Strategic benefits of ESG compliance Businesses proactively addressing ESG regulations enjoy tangible strategic advantages beyond mere regulatory compliance. These include enhanced brand loyalty, stronger market positioning and improved risk management. Customers and investors increasingly demand proof of responsible ESG practices, rewarding companies that demonstrate robust compliance and penalising those that are behind. Additionally, proactive ESG management provides valuable opportunities for innovation and efficiency improvements. Implementing ESG-compliant practices frequently results in resource optimisation, cost reductions and improved operational efficiencies. Such practices drive competitive differentiation, helping businesses establish clear market leadership. Staying ahead of the curve Given the rapid pace of ESG regulatory developments, New Zealand businesses must remain agile and proactive in their compliance approach. Staying informed about legislative changes and evolving best practices is crucial. Companies should regularly engage with regulators, industry groups and ESG solutions providers to ensure their practices are current and comprehensive. For New Zealand businesses, recognising and effectively managing the four primary drivers of ESG-related legal risks, domestic regulations, international rules, litigation motivated by ESG issues, and external stakeholder pressures, is crucial. Companies strategically managing these elements will be better equipped to handle the fast-evolving ESG landscape and gain competitive advantages over organisations adopting fragmented or reactive approaches to ongoing regulatory changes. Businesses also need to anticipate future regulatory trends. Emerging issues such as biodiversity conservation, human rights due diligence and circular economy principles will likely feature prominently in future regulatory frameworks. Businesses should consider pre-emptively aligning their practices with these potential regulations to avoid reactive compliance efforts and gain first-mover advantages. Conclusion As regulatory frameworks around ESG continue to evolve, New Zealand businesses face both a responsibility and an opportunity to engage proactively. Understanding and anticipating regulatory shifts, implementing robust ESG practices and leveraging strategic sourcing solutions are crucial. By embracing these steps, New Zealand businesses can safeguard compliance, reinforce their market positions, enhance resilience and deliver enduring value to all stakeholders. The accelerated pace and complexity of ESG regulations across Australia and New Zealand present both a formidable challenge and a valuable opportunity. Businesses that proactively integrate ESG considerations into their core strategies and operational frameworks will meet compliance demands and significantly enhance their resilience, competitive edge and reputation in the market.
Scoop
26-05-2025
- Business
- Scoop
Why New Zealand Businesses Must Keep Abreast Of Evolving Environmental And Social Responsibility Regulations
Opinion – OneAdvanced Businesses in NZ now face increasing scrutiny from regulators, customers, investors and the wider community to demonstrate accountability and transparency regarding their ESG impact. Failure to comply can result in substantial reputational damage, … Environmental, Social and Governance (ESG) considerations have rapidly evolved from optional corporate strategies into mandatory components of responsible business practice, particularly in New Zealand. In this region, we have witnessed significant shifts in the regulatory landscape, driven by rising societal expectations and international commitments. Businesses in New Zealand now face increasing scrutiny from regulators, customers, investors and the wider community to demonstrate accountability and transparency regarding their ESG impact. Failure to comply can result in substantial reputational damage, loss of business opportunities and hefty penalties. Unfortunately, the ESG regulatory environment is in a state of flux internationally. In Europe, businesses are grappling with proposed simplification reforms of the European Union's sustainability regulations. Meanwhile, federal support for ESG initiatives has significantly diminished in the United States since the Trump administration was re-elected. Navigating the ESG regulatory landscape in New Zealand In New Zealand, ESG-related regulations have intensified significantly with the introduction of the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021, which mandates climate-related disclosures (CRD) for significant financial institutions. New Zealand is among the first nations globally to implement mandatory climate reporting, further solidifying its commitment to transparency and accountability. The first climate statements were filed in the first quarter of 2024. Importance of proactive ESG management To mitigate potential compliance breaches and operational disruptions, New Zealand businesses must proactively manage ESG risks, particularly in supply chain operations. Modern supply chains, often complex and spanning multiple jurisdictions, pose substantial ESG risks, making proactive management and thorough due diligence critical. Robust Source-to-Contract (S2C) solutions play a pivotal role in ESG compliance. They enable companies to systematically incorporate sustainability criteria into supplier evaluation, contract negotiations and ongoing supplier management. These solutions facilitate comprehensive visibility into supply chains, allowing companies to assess and mitigate risks more effectively, enhance transparency and maintain regulatory compliance. Organisations can enforce ESG standards for procurement through a strategic Source-to-Contract approach, embedding sustainable and ethical considerations into contractual obligations. This proactive stance ensures regulatory compliance, strengthens stakeholder trust and enhances corporate reputation, aligning operational practices with broader organisational values and public expectations. Strategic benefits of ESG compliance Businesses proactively addressing ESG regulations enjoy tangible strategic advantages beyond mere regulatory compliance. These include enhanced brand loyalty, stronger market positioning and improved risk management. Customers and investors increasingly demand proof of responsible ESG practices, rewarding companies that demonstrate robust compliance and penalising those that are behind. Additionally, proactive ESG management provides valuable opportunities for innovation and efficiency improvements. Implementing ESG-compliant practices frequently results in resource optimisation, cost reductions and improved operational efficiencies. Such practices drive competitive differentiation, helping businesses establish clear market leadership. Staying ahead of the curve Given the rapid pace of ESG regulatory developments, New Zealand businesses must remain agile and proactive in their compliance approach. Staying informed about legislative changes and evolving best practices is crucial. Companies should regularly engage with regulators, industry groups and ESG solutions providers to ensure their practices are current and comprehensive. For New Zealand businesses, recognising and effectively managing the four primary drivers of ESG-related legal risks, domestic regulations, international rules, litigation motivated by ESG issues, and external stakeholder pressures, is crucial. Companies strategically managing these elements will be better equipped to handle the fast-evolving ESG landscape and gain competitive advantages over organisations adopting fragmented or reactive approaches to ongoing regulatory changes. Businesses also need to anticipate future regulatory trends. Emerging issues such as biodiversity conservation, human rights due diligence and circular economy principles will likely feature prominently in future regulatory frameworks. Businesses should consider pre-emptively aligning their practices with these potential regulations to avoid reactive compliance efforts and gain first-mover advantages. Conclusion As regulatory frameworks around ESG continue to evolve, New Zealand businesses face both a responsibility and an opportunity to engage proactively. Understanding and anticipating regulatory shifts, implementing robust ESG practices and leveraging strategic sourcing solutions are crucial. By embracing these steps, New Zealand businesses can safeguard compliance, reinforce their market positions, enhance resilience and deliver enduring value to all stakeholders. The accelerated pace and complexity of ESG regulations across Australia and New Zealand present both a formidable challenge and a valuable opportunity. Businesses that proactively integrate ESG considerations into their core strategies and operational frameworks will meet compliance demands and significantly enhance their resilience, competitive edge and reputation in the market.
Saba Yemen
12-05-2025
- Business
- Saba Yemen
Tamkeen" Electronic services system launched in Al-Wahda, Ma'een, & Al-Tahrir Districts
Sana'a - Saba: The Secretary-General of the Capital, Dr. Hamoud Abad, inaugurated on Monday the "Tamkeen" project for unified electronic services in the districts of Al-Wahda, Ma'een, and Al-Tahrir. During the launch, Abad emphasized that the "Tamkeen" e-services project, prepared by the Capital Secretariat, comes in implementation of the directives of the Revolution Leader and the Supreme Political Council, as well as in response to the guidance of the Government of Change and Development to transition toward automation in services provided to citizens across all districts and executive offices. He explained that the system has been launched in five districts—Al-Sabeen, Shu'ub, Al-Wahda, Ma'een, and Al-Tahrir—and will be extended to other districts once the necessary infrastructure and electronic preparations, currently underway with funding and supervision from the Capital Secretariat, are completed. Abad confirmed that the "Tamkeen" system allows citizens to submit service requests in any executive office or district, covering areas such as public works, health, tourism, and others, through a unified electronic portal. It also enables them to review procedures, service fees, and complete transactions quickly and easily. He noted that the e-system was designed and implemented by the expertise of the Capital Secretariat's cadres to simplify procedures for citizens, expedite their transactions, and improve service delivery across all executive offices and districts through a single-window system and workflow automation. For his part, Mazen Nu'man, Deputy Secretary-General for the Financial Sector and Resource Development, highlighted the importance of launching the e-system in all districts to enable citizens to access all services and complete their transactions easily and swiftly through the unified portal, reducing the burden and hassle of moving between offices and districts. Earlier, the Secretary-General of the Capital, along with Deputy Secretaries for the Financial Sector and Agricultural Affairs, Mohammed Saree, Technical Office Head Mutasim Abad, as well as district directors Sami Hameed (Al-Wahda), Ma'een Abdulmalik Al-Radi (Ma'een), and Naji Al-Sha'eani (Al-Tahrir), reviewed the preparations and infrastructure of the "Tamkeen" e-services system in these districts. Whatsapp Telegram Email Print more of (Local)
