ICCP chair urges climate risk in corporate governance

During the United Nations Climate Change Conference (COP29) in Baku, Azerbaijan, Valentino Bagatsing, Chairman and CEO of the Investment & Capital Corporation of the Philippines (ICCP), highlighted the necessity of embedding climate risk into corporate governance frameworks to ensure business resilience and sustainability.

Speaking at a virtual panel discussion hosted by the Malaysian Pavilion, Bagatsing underscored the transformative role of sustainability in corporate strategy. The session, organized in collaboration with the Institute of Corporate Directors Malaysia (ICDM) and Climate Governance Malaysia (CGM), brought together leaders to address climate resilience and its implications for corporate boards.

“Climate risk affects all facets of business and daily life. Integrating sustainability into operations is critical for a future-ready enterprise,” Bagatsing said. He advocated for incorporating climate considerations into key performance indicators, cost analyses, and long-term strategic planning.

Bagatsing cited ICCP Group affiliates, such as Science Park of the Philippines and Pueblo de Oro Development Corporation, as pioneers in incorporating climate adaptation into industrial and real estate projects.

The panel included global sustainability leaders like Esther An, Chief Sustainability Officer of City Developments, and Dr. Kalanithi Nesaretnam, Independent Non-Executive Director for Malaysian public companies. Moderated by Michele Kythe Lim, President and CEO of ICDM, the session equipped corporate leaders with actionable strategies to align governance with climate imperatives.

CGM's advocacy for climate governance as a pillar of long-term business success was a focal point of the discussion, reinforcing that sustainability is not merely regulatory compliance but a strategic advantage. The dialogue emphasized the role of corporate boards in fostering a resilient global business ecosystem, addressing both environmental and operational risks in the face of escalating climate challenges.