The report notes that more work needs to be done in the areas such as elevation of CRO position, establishment of an effective risk appetite framework (RAF), improving the chief audit executive (CAE)’s access to directors beyond those on the audit committee, etc.
There are in fact quite a few encouraging signs. Since last year, we have seen an explosion of ‘net-zero commitments’ in the private sector—though such commitments (I am told) are still confined to one sixth of publicly listed companies globally. At the same time, the appetite of ultimate investors and asset managers for ‘green’ investment is growing fast.