KPMG receives ESG Corporate Governance Award

KPMG is proud to have been awarded an ESG Corporate Governance Annual Award 2022-2023 by the Pacific Basin Economic Council (PBEC), for our work of integrating corporate governance and ESG considerations into our values, strategies, and operations.

(From left to right) Andrew Weir, Hong Kong Regional Senior Partner at KPMG China and Chairman of the Pacific Basin Economic Council; Anson Bailey, Partner, Consumer Markets at KPMG China; Dr Lee George Lam, Vice Chairman of the Pacific Basin Economic Council; and Michael Walsh, CEO of the Pacific Basin Economic Council

The award selection was based on the following criteria:

  • Compliance with Current Regulations
  • Corporate Policy Targets in-line with Global Targets
  • Overall Improvement in Business Processes
  • Pollution Reduction Impact/Protection Efforts of Finite Resources
  • Increased Awareness Outreach

Judges used comparative analysis to assess each of these, including publicly available information such as access to Annual Reports, press releases, company website and social media channels as well as commentary in the news.

The Pacific Basin Economic Council noted that KPMG is committed to reaching net-zero carbon emissions by 2030. This requires halving present carbon emissions by 2030 – while continuing to look at how we address climate change, water pollution, deforestation, and biodiversity loss. The firm was also recognised for implementing sustainable practices within our global organisation and evaluating the supply chain to help ensure a healthy planet for generations to come.

As part of the award, KPMG was also noted for contributing its expertise to the following groups:

  • The Financial Stability Board’s (FSB) Taskforce on Climate-related Financial Disclosures (TCFD)
  • The Value Reporting Foundation’s Corporate Reporting Dialogue
  • The Taskforce on Nature-related Financial Disclosures (TNFD)
  • The Net Zero Financial Service Providers Alliance (NZFSPA) in support of the Glasgow Financial Alliance for Net Zero (GFANZ)

It was also highlighted that to support clients on their decarbonisation journey, KPMG created a global decarbonisation hub focusing on:

  • Emerging technology expertise that includes hydrogen, carbon capture utilisation and storage, mobility and renewable fuels
  • Decarbonisation services delivering a wide range of climate and decarbonisation support, including carbon offsets, circular economy, transition planning, energy efficiency, carbon removal and nature-based solutions
  • A climate policy and an incentives dashboard to support clients in understanding the emerging legal regulatory landscape across their geographic and industry footprints

The firm also made some notable changes to be a more sustainable and regenerative organisation:

  • KPMG’s renewable electricity usage across the global organisation increased to 74 percent in 2021, up from 56 percent in 2020
  • In FY22, KPMG agreed to set an Internal Carbon Price (ICP) to cover business travel and business operations globally
  • In terms of outreach efforts, the firm deployed internal resources by forming a council to cater to improving Inclusion and Diversity, as well as launched a multi-year program to accelerate global solutions by deploying mandatory ESG training to all partners and staff