Last year the topic of sustainability continued to gain momentum
on headlines and in boardrooms: the United Nations set 17
Sustainable Development Goals, and the number of countries who have
ratified the Paris Agreement on climate change grew to 125. Not
surprisingly, in this context, governments and other entities have
been introducing sustainability reporting legislation.
In some countries, sustainability reporting legislation has come
from governments (including France, Indonesia, and South Africa)
and in others by stock exchanges (e.g. in Brazil, Malaysia, and
Singapore). Requirements may cover a broad range of social,
environmental, and governance areas (as in Denmark, France, and
South Africa), or have a specific target such as GHG emissions (the
UK), conflict minerals (the US), or social responsibility
As of 1 January 2017, the European Directive on non-financial
and diversity information is applicable in Luxembourg. As a result,
a number of companies now fall under its requirements, and will
have to submit information about:
environmental matters (efficient use of resources such as
energy and raw materials, waste, greenhouse gas emissions,
social and employee aspects (consumer protection, gender
equality, working conditions, health and safety, commitment to
human rights, anti-corruption, and bribery issues (ESG
criteria, business ethics, etc.)
Not a fad
For businesses of all sizes in Luxembourg, even those beyond the
scope of the Directive, it is more than time to jump on the
sustainability reporting bandwagon! Not because it's required,
necessarily, but because at some point it will become more of an
opportunity than a constraint. Greater focus and accountability
over non-financial issues can create value if integrated in
business strategies, or result in operational risks if not
addressed correctly. Indeed,
customer opinion is more important than ever in a world of
upvoting, liking, and sharing—and in a world where, to a
brand, ethics and sustainability are as important as product and
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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The SuperReturn International series consists of 15 annual international private equity & venture capital events held in Europe, Asia, Africa, Middle East and the US. This happens to be the European event for the year. Spread across five days, starting from 27 February, the largest private equity event worldwide will take place in Berlin this year.
Some of the main subjects being discussed at this year’s conference are; The Geopolitical and Economical happenings of the last 12 months, Innovation Disruption & Tech Expertise and many more. As previously eluded to, there will be over 400 presenters, all bringing their own perspective and stance on specific topics to the table. Companies such as Google, Visa, Bloomberg and many more will all be represented throughout the five days.
KPMG Associate Partner, Nic Müller, will be speaking on 28 February at 3pm: “Why invest in the mid-market today”.
Given the societal challenges and environmental issues we currently face, the circular economy concept has rapidly been gaining in importance. This is why the Luxembourg government is pressing ahead in setting up the framework for the third industrial revolution, in which a circular economy is a key pillar.
The International Accounting Standards Board’s (IASB) insurance contracts standard, IFRS 17, is expected to significantly affect data requirements and the systems and processes used for data collection, actuarial projections, and on calculating and accruing interest.
In discussion with insurers around the world, we found that most expect to face challenges accessing and handling data of the right quality and granularity under the new standard. And many see significant effort associated with capturing, storing and analyzing this information given historical data quality and the use of legacy systems.
In the third of our webcast series - Impacts of IFRS 17 on data, systems and processes - we will share practical examples of how the forthcoming standard may impact an insurer’s current systems architecture. In addition, we will explore the data that will be required and how the standard will influence new estimates, computations and processing. We will also share lessons that we have learned from helping insurers through Solvency ll and the importance of developing a data management policy early on.
Confidentiality of corporate documents and information is one of
the key attractions of incorporating a company in the BVI. A
company search of the BVI Registrar of Corporate Affairs will only
disclose certain information and documents.
The Panamanian Law 52 of October 27, 2016 (the "Law"), which relates to accounting records and the annual franchise tax of Panamanian entities (corporations and foundations), came into effect on 1 January 2017.
It is now possible to incorporate a company with €1 equity and with reduced costs and fees! Since 16 January 2017, the Law of 23 July 2016 (reforming of the Law of 10 August 1915) is applicable in Grand Duchy of Luxembourg.
When the ratings agency, Moody's, downgraded Bermuda in June 2016, it noted that the Bermudian economy had suffered a recession from 2009 to 2014, in the wake of the global financial crisis.
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