10 AERIAL

Climate first…or last?

20 May, 2025

A new study across Asia-Pacific reveals that many companies are listing long ESG risk inventories without clearly identifying which ones actually matter — strategically, financially or to stakeholders.

With sustainability reporting moving from a public relations exercise to a regulatory expectation, one big question looms: how do companies decide what really matters?

The answer lies in a key concept — often cited but poorly grasped: the ‘materiality assessment’.

Done well, these assessments help companies zero in on the sustainability-related risks and opportunities that truly influence business outcomes and impact people and the planet. Done poorly, they can hide real risks, mislead stakeholders and derail efforts to drive meaningful climate action.

In an upcoming report, Climate First… Or Last? Materiality Assessment of Sustainability-Related Risks and Opportunities, Baker Tilly (Singapore’s) Tina Thomas, head of ESG and sustainability, together with Mak Yuen Teen, professor (practice) of accounting at NUS Business Schoolexplore how 300 listed companies across the ASX, Bursa Malaysia and SGX approach this critical task.

The findings? Big differences in methodology, presentation — and what gets attention versus what’s ignored.

Read the full article
Meet the expert
Tina Thomas
Head of ESG and sustainability
Baker Tilly (Singapore)

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