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Category: Policy & Regulation

  • ASEAN Takes Concrete Steps Toward Sustainability at ICAEW Summit

    ASEAN Takes Concrete Steps Toward Sustainability at ICAEW Summit

    ASEAN’s journey toward a sustainable, net-zero future took a decisive step forward at the inaugural ICAEW ASEAN Sustainability Summit 2025, held at the Securities Commission Malaysia. Bringing together policymakers, regulators, and finance leaders, the one-day hybrid summit — themed “ASEAN Rising: The Net Zero Playbook” — gathered more than 600 in-person delegates and 500 virtual participants from around the world to transform sustainability commitments into actionable strategies that balance growth, inclusivity, and accountability.

    Alan Vallance, Chief Executive of ICAEW, opened the Summit by emphasizing the pivotal role of the accountancy profession in driving ethical and transparent sustainability transformation. “Achieving a just and inclusive transition to net zero will require collaboration across borders, sectors, and generations,” he said. Vallance noted that accountants and finance professionals are uniquely positioned as “trusted stewards of both financial and non-financial information,” whose insights can influence ethical decisions and long-term value creation for people, business, and the planet. He highlighted ICAEW’s ongoing collaborations with the Securities Commission Malaysia and the ASEAN Capital Markets Forum in implementing the IFRS Sustainability Disclosure Standards (S1 and S2) — a milestone in developing a unified regional framework for sustainability reporting and assurance.

    ICAEW leaders and team members on stage at the ICAEW ASEAN Sustainability Summit 2025.

    In his keynote address, Datuk Johan Mahmood Merican, Secretary General of Treasury at Malaysia’s Ministry of Finance, represented by Dato’ Faiz Azmi, Executive Chairman of the Securities Commission Malaysia, reaffirmed the country’s strong commitment to sustainability as the foundation of the Madani Economy Framework. “For Malaysia, sustainability is not a separate policy pillar but the foundation of our economic strategy,” he stated. Through initiatives such as fiscal reforms, carbon pricing, and green budgeting, Malaysia aims to align innovation, investment, and inclusivity toward long-term resilience. The nation remains steadfast in achieving net-zero carbon emissions by 2050, supported by the National Energy Transition Roadmap, a forthcoming Climate Change Bill, and the planned carbon tax for emission-intensive industries.

    The Summit also underscored ASEAN’s dual opportunity — sustainability as both an environmental necessity and an economic growth engine. Speakers highlighted that harmonising sustainability standards, mobilising regional capital, and strengthening collaboration will position ASEAN as a competitive and credible player in the global value chain.

    Delegates fill the auditorium at the ICAEW ASEAN Sustainability Summit 2025.

    Elaine Hong, ICAEW Director for Southeast Asia, described the event as a milestone in connecting ASEAN’s sustainability priorities with global standards. “Southeast Asia is at the crossroads of sustainability transformation,” she said. “Our transition to net zero cannot happen in silos — it demands alignment, trust, and shared purpose.” Hong further highlighted ICAEW’s Sustainability Accelerator Programme and Sustainability and Climate Change Community, which aim to build regional capacity in carbon accounting, sustainability assurance, and scenario planning — helping professionals across ASEAN develop the expertise to lead the transition effectively.

    The Summit featured five thematic sessions with experts from PETRONAS, HSBC Malaysia, KPMG, PwC, Deloitte, City Developments Limited Singapore, Olam Agri, the Malaysian Institute of Accountants, and the University of Oxford. Topics ranged from Ethics and Sustainability to Green Financing, Climate Scenario Analysis, and The Evolving Role of Finance in Value Creation. The Student–Practitioner Debate and the COFAR (Coastal Flooding Adaptation and Resilience) Challenge, co-hosted by ICAEW and the Securities Commission, showcased the role of youth and innovation in advancing climate resilience.

    Alan Vallance and Dato Mohammad Faiz Azmi speak during the Ethics and Sustainability panel.

    As the event concluded, participants and speakers — including Jean Bouquot, President of the International Federation of Accountants (IFAC) — jointly called for ethics, data quality, and transparency to remain at the heart of ASEAN’s sustainability frameworks. The consensus was clear: strong governance, consistent disclosure, and capacity building are vital to unlocking sustainable finance and long-term regional resilience.

    Summarising the summit’s spirit, Vallance reaffirmed ICAEW’s commitment to ASEAN’s sustainability journey. “ICAEW stands ready as a trusted partner in shaping ethical, transparent, and impactful responses to sustainability challenges,” he said. “Together with governments, regulators, and business, we can advance a collective net-zero agenda for ASEAN and beyond.”

  • “From Prohibitions to Progress: Malaysia’s Path to Winning the Fight Against Smoking”

    “From Prohibitions to Progress: Malaysia’s Path to Winning the Fight Against Smoking”

    Malaysia has long aimed to become a smoke-free nation, yet roughly one in five adults—around four million people—continue to smoke despite decades of health regulations and taxation measures. Smoking remains a significant public health concern, while the shift to vaping presents both challenges and opportunities for harm reduction. However, Malaysia’s regulatory framework remains fragmented, and the potential of alternative nicotine products is largely untapped. Lessons from Europe underscore the limitations of prohibition-based approaches: countries like Ireland, the Netherlands, and Denmark have seen minimal declines in smoking rates despite strict laws and high taxes. In contrast, Sweden adopted a tobacco harm reduction (THR) strategy, promoting non-combusted nicotine products, which has brought them close to achieving a smoke-free status, demonstrating that regulated alternatives can produce tangible results. Scientific evidence supports this approach; studies by the UK’s Royal College of Physicians show that vaping is at least 95% less harmful than smoking, as the primary health risks arise from the thousands of toxic chemicals released by burning tobacco, not nicotine itself. In Malaysia, smoking-related illnesses claim over 27,000 lives annually and burden the healthcare system with billions of ringgit in costs. Yet national policy, including the Control of Smoking Products for Public Health Act 2024, fails to differentiate between combustible cigarettes and less harmful alternatives such as e-cigarettes. Advocates argue that a risk-proportionate regulatory framework—one that combines access to safer alternatives with robust measures to prevent youth uptake—could accelerate progress toward a smoke-free Malaysia. Countries like the UK and New Zealand offer examples of integrating vaping into cessation programs while balancing safety and accessibility. By adopting a harm reduction approach, Malaysia can help smokers transition away from the most dangerous forms of nicotine consumption, improving public health outcomes while maintaining compassion for those struggling with addiction. Sweden’s experience shows that eliminating the harm from smoking, rather than nicotine entirely, is both feasible and effective—offering Malaysia a proven roadmap to reduce smoking prevalence, save lives, and achieve a healthier future.