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Latin America is one of the regions hardest hit by climate change in the world. Brazil, Mexico, Venezuela, Chile, and Argentina are the countries most likely to experience extreme annual droughts. To combat this, countries have implemented national sustainable finance policies. That is, they have started to take social and environmental factors into account in long-term investment decisions.
Social concern for sustainable economic development has led investors to require more ESG information to determine where their interests will be best protected. The regulations, for their part, have not been left behind and have adapted to this new panorama. It is in this context that the Chilean Financial Market Commission (CMF) published the General Standard 461, which incorporates sustainability and corporate governance issues in the organizations' Annual Report.
In the international debate on future economic progress, the concept of sustainable development has become a central element. Our lifestyles and ways of doing business have changed rapidly. In these developments, and in the definition of new development models, the environmental component has become increasingly important.
Amid pressures to focus on preventive medicine, one pharmaceutical company broadened its stakeholder base to include patients, their families, and the planet, empowering workgroups to drive its new purpose-driven strategy.
A new challenge or new demand for organizations? The preparation of these reports (that consider environmental, social, and corporate governance aspects) will certainly require dedication and a cross-cutting effort, but also greater responsibility from the CFO.
