WHO WE ARE

OPERATING CONTEXT

ELEVATION OF ESG/SUSTAINABILITY

A strong focus on ESG is a business imperative for creating a thriving society and driving economic growth for a greener sustainable future

Characterised by:

The urgency of sustainable development became more apparent with the notable advancements in sustainability standards, highlighted by the release of the first global Sustainability Disclosure Standards by the International Sustainability Standards Board (ISSB) in June 2023. The issuance of IFRS S1 and IFRS S2 marked a substantial leap in global sustainability-related disclosures, aiming to bolster trust in company reports regarding sustainability and providing a universal language for conveying the impact of climate-related risks and opportunities on a company’s prospects

Challenges

The world grapples with critical challenges encompassing environmental, social, and economic dimensions, such as poverty, hunger, health issues, education gaps, global climate change, gender inequality, water scarcity, biodiversity loss, and social injustice

OUTLOOK

ESG risks are now one of the largest threats facing businesses and they could have a significant impact on businesses long-term performance and profitability, including their ability to raise new capital/funding

HOW THIS AFFECTS OUR STRATEGY/RESPONSE

Constantly affirming that as Difference Makers, chartered accountants have a lead role to play in addressing these critical problems. The principal purpose of the Institute is to promote the common interests of members and associates and the public interest by enhancing their relevance, values, competence and influence both in South Africa and abroad and to contribute to economic and social development in South Africa
Playing a vital role by engaging SAICA’s members on the draft Sustainability Disclosure Standards. Members received insights from local stakeholders within the corporate reporting ecosystem, contributing to the collective understanding of these new standards. SAICA’s active involvement further demonstrates the collaborative efforts within South Africa to navigate and respond to the evolving landscape of sustainability reporting
Aligned with SAICA 2024−2028 strategy, a focused commitment to ESG and sustainability is underway. This strategic emphasis is part of the revised Economic and Social Relevance pillar, actively contributing to sustainability initiatives in line with the national agenda. A primary objective is to offer SAICA members a platform for active participation in SDGs and ESG endeavours
Established a consolidated sustainability programme to combine all sustainability-related initiatives. This assists with the quantification of the environmental impact, ensures effective engagement with members around sustainability, and provides appropriate learning and development opportunities to members, associates, learners, students and trainees. Representatives engage with stakeholders to influence standard-setting development and advocate for effective sustainability practices and reporting, as well as develop success measurement criteria for current initiatives and measuring progress
Established a sustainability technical committee to support SAICA in addressing the current and emerging sustainability aspects as these relate to members and the Institute, and to advocate on behalf of members for the new direction of corporate reporting globally and in South Africa. Additional advocacy work has begun and will continue to take place in this new aspect of corporate reporting and compliance for members
Participating in and supporting FinBiz2030 − a collaboration between One Young World Chartered Accountants worldwide and SAICA − and the concept of sustainability: South Africa collaborates with a number of organisations to promote the UN SDGs. These include Sustainable SA and FinBiz2030