Company boards still failing to address long-term climate risks, says PNB group CEO
Rizal Rickman Ramli says many corporations only respond when threats such as floods become immediate.
PNB president and group CEO Rizal Rickman Ramli has highlighted that corporate boards are still failing to adequately address long-term climate and nature risks, despite initial efforts several years ago. While boards have begun to focus on immediate operational concerns, they have not meaningfully addressed longer-term climate risks, according to Ramli.
He noted that while many companies have listed material risks and outlined possible responses, they have not allocated sufficient funds to address these risks. PNB is using its shareholder voting guidelines to encourage investee companies to adopt net-zero commitments and credible strategies, requiring companies to have a net-zero commitment and a credible strategy as of January 1.
Additionally, PNB is working to factor carbon costs into investment assessments and introduce carbon budgets for different asset classes, aligning with its 2030 target.
Brief written by urgent.news from Free Malaysia Today's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
