Ep. 37 Interview Series: Channa Wijesinghe on the Role of ESG in Balancing Profit with Purpose

Business Breaks - All Things Business

Speaker Bio:

Channa Wisjesinghe is an expert in ESG (environmental, social, and governance) issues. With a deep understanding of the challenges and opportunities presented by ESG, Channa brings valuable insights to the discussion. Channa emphasizes the importance of accountability, transparency, and long-term thinking when it comes to executive pay and sustainable business practices.

As a thought leader in the field, Channa provides valuable perspectives on integrating ESG considerations into corporate decision-making. Channa's expertise in ESG and commitment to ethical business practices make them a valuable guest on Business Breaks.

Passionate about sustainability, Channa is an active member of the IESBA's Sustainability Project, working on independence standards. Additionally, he contributes his expertise to various Finance related taskforces bodies.

From leading technical standard development projects, his prior roles have included managing audits and corporate finance engagements for renowned firms like Deloitte and Ernst & Young, Channa's experience is unparalleled. Join us for an enlightening conversation on Ethics in ESG as we explore the impact of his global initiatives.
Connect with Channa:

• LinkedIn
• APESB website

Episode Topics:

Integration of ESG into Financial Disclosures:
- Challenge for finance professionals
- Sustainability reporting is more complex than traditional financial reporting
- Common global framework needed for reporting
Existing Frameworks and Information Gaps:
- Six popular frameworks in use, each with different outcomes, objectives, and audiences
- Created information gaps and allowed for cherry-picking and selective reporting
- Need for a global reporting standard to leverage existing frameworks and address gaps
Assurance Standards and ISS 5000:
- International Organization of Standardization (ISO) and International Auditing Standards Boards developed assurance standards
- ISS 5000, a new sustainability assurance standard, being issued by the IOU
- Incorporates existing material but has additional criteria based on ESG standards
- Allows for both limited assurance and reasonable assurance
- Aims for reasonable assurance in the future
- Helps avoid qualifications and allows for different levels of assurance
Trade-Offs and Ethical Considerations in Business:
- How companies weigh potential reputational damage against benefits of unethical behavior
- Example of an Australian mining company exploiting land and displacing indigenous communities without compensation
- Questioning the adequacy of punishments and regulations to deter unethical behavior
- Ethical considerations should be integrated into standard business practices
- Difficulty of boycotting companies in business-to-business transactions compared to business-to-consumer scenarios.

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