The Securities and Exchange Commission of Pakistan (SECP) has unveiled its phased roadmap for adopting the International Sustainability Standards Board (ISSB) reporting framework, positioning Pakistan at the forefront of sustainability reporting reforms among emerging markets. The announcement was made during a webinar hosted under the COMCEC Capital Market Regulators (CMR) Forum’s Sustainability Task Force, where regulators and industry experts from across the Organization of Islamic Cooperation (OIC) member states gathered to discuss advancing sustainable finance and reporting standards.
The CMR Forum, a collaborative initiative of OIC member countries, serves as a regional platform to harmonize approaches on capital market regulation, sustainable finance, and environmental, social, and governance (ESG) practices. The forum has been instrumental in creating dialogue among regulators, professional bodies, and policymakers seeking to align domestic financial frameworks with international sustainability standards.
The SECP, representing Pakistan, shared detailed insights into its regulatory journey and future commitments toward ISSB adoption. According to the Commission, the phased roadmap is designed to ensure that Pakistan’s capital markets transition smoothly toward global sustainability standards while addressing domestic readiness and capacity challenges. The plan emphasizes regulatory alignment, market preparedness, and broad stakeholder engagement to encourage companies and financial institutions to gradually adapt to the new standards.
Highlighting its proactive stance, the SECP noted that Pakistan is not only keeping pace with regional peers but, in several areas, moving ahead in terms of regulatory innovation and ESG integration. The Commission emphasized ongoing initiatives to raise awareness, provide training, and strengthen reporting frameworks for businesses operating in Pakistan. These steps, it stressed, will support companies in effectively disclosing sustainability-related risks and opportunities, aligning with global investor expectations.
The webinar featured contributions from international counterparts, including Türkiye’s Public Oversight, Accounting and Auditing Standards Authority, the Securities Commission Malaysia, and the Institute of Chartered Accountants of Pakistan (ICAP). Each institution shared practical insights into ISSB adoption, discussing regulatory frameworks, industry engagement, and best practices for implementation. These perspectives highlighted the importance of knowledge sharing and regional cooperation in overcoming the challenges associated with transitioning to globally recognized sustainability reporting.
Discussions during the session underscored three key themes for successful ISSB adoption: capacity building, phased implementation, and regional collaboration. Participants stressed that while ISSB standards bring significant opportunities to improve transparency and attract sustainable investment, their effective rollout requires careful planning and support for local institutions and businesses.
The SECP reaffirmed its commitment to fostering collaboration among OIC member states and advancing sustainable finance within Pakistan. By committing to a phased roadmap and encouraging knowledge exchange, the Commission aims to strengthen market resilience, enhance investor confidence, and align Pakistan’s reporting frameworks with international best practices.
As sustainability continues to gain prominence in global finance, Pakistan’s early commitment to ISSB adoption reflects its determination to embed ESG principles in corporate governance and capital market operations. The move is expected to open avenues for international investment, improve accountability, and position the country as a regional leader in sustainable financial practices.
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