Accountants eyeing opportunities in new sustainability requirements

The Malta Institute of Accountants set the ball rolling about corporate sustainability reporting with the Biennial Conference held on September 22.  The event attracted accountancy and auditing professionals, as well as specialists in other key business areas, to learn about a new framework proposed by the European Commission that will standardise non-financial reporting for a section of the private sector. The theme of the conference, ‘A New Mindset – Reduce. Reuse. Report’, set the tone for a discussion about the need for change in the way businesses assess their impacts and the role of professionals to guide companies on matters relating to the environment, social issues and governance (ESG). “Sustainability has practical implications for our personal lives and business success,” MIA president Fabio Axisa said in his introduction to the event. “We might, at times, feel detached from ESG issues and think that an island like Malta will not be affected by changes in this direction, the stark reality cannot be any more different.” Axisa said there is increasing awareness about ESG matters in the investor community as well as the wider public, adding that effective reporting is...