PwC flags ESG reporting risk for SA’s ‘resilient’ banks
ESG reporting by banks must move beyond climate-related disclosures by also including performance measurement indicators
PwC has cautioned SA’s banks that the credibility of their environmental, social and governance (ESG) reporting will come under increasing scrutiny as the world pushes businesses to combat climate change more proactively.
While the global professional services firm praised SA’s banks for their resilience in the first half of 2021 it warned that the economy continued to face challenges that have been amplified by Covid-19. In its six-monthly analysis of SA lenders, PwC said the combined headline earnings of SA’s banks rose 177% in the first half of 2021 to R40.6bn when compared to the corresponding period the previous year. The sector's combined return on equity also rose to 15.4% in the first half of 2021, from 5.4% in the first six months of 2021...