Key priorities set for ACMF Action Plan

The 33rd ASEAN Capital Markets Forum (ACMF) Chairs’ Meeting was held virtually in Hanoi recently.

The meeting endorsed key priorities for its Action Plan 2021–2025 to realise the ACMF Vision 2025 of being an inter-connected, inclusive and resilient ASEAN capital market.

It included driving higher levels of transparency and disclosure, continuing with regulatory harmonisation, intensifying capacity building, amplifying communication and awareness, and strengthening co-operation and co-ordination.

The meeting acknowledged ACMF working groups’ progress on the implementation of the six short-to-medium term focus areas identified in the Roadmap for ASEAN Sustainable Capital Markets (Roadmap).

It also accepted the provision of technical assistance from the Asian Development Bank (ADB) to engage the Climate Bonds Initiative (CBI) to support ACMF’s implementation of the Roadmap focussing on sustainable finance initiatives.

Themed ‘sustainable finance’, the ACMF will explore an ASEAN sustainability-linked bond standards to facilitate bond issuance for sustainability-related goals.

It will complement the suite of bond standards that ACMF has already introduced for green, social and sustainability bonds. The ACMF will conduct a study on the development of a common green, sustainable, and transitional taxonomy for ASEAN to further foster development of the region’s sustainable finance ecosystem. ACMF will also continue to monitor international developments on the convergence of sustainability disclosure standards, to further inform ACMF’s initiative on corporate sustainability disclosures under the Roadmap.

The recipients of the 6th ASEAN Corporate Governance Scorecard (ACGS) Awards was announced through the publication of an awards booklet on ACMF’s website.

The printed Certificates of Award will be distributed to the awardees by the Domestic Ranking Bodies for companies within their countries. The three categories of awards are Top 20 ASEAN public listed companies (PLCs), ASEAN Asset Class (ie ASEAN PLCs that scored 97.5 points and above or 75 per cent of the maximum attainable score of 130), and Top 3 PLCs in each participating country.

ACMF will continue to collaborate with the ASEAN Working Committee on Capital Market Development (WC-CMD) to drive the sustainable finance agenda in capital markets in the region.

Together with WC-CMD, the ACMF aims to put forth an ASEAN voice at the 26th United Nations Climate Change Conference (COP26) in late 2021. ACMF also expressed appreciation to ADB for its technical assistance support covering activities from 2019 to 2021.

The meeting also saw the handing over of the ACMF Chairmanship from the ACMF Chair of 2020, State Securities Commission of Vietnam, to the Autoriti Monetari Brunei Darussalam for 2021, with the Securities and Exchange Commission of Cambodia as Vice-Chair.