Amicorp Group, an established global provider of fund, financial and corporate administration services, recently announced the introduction of an ESG (environmental, social and governance) reporting and rating service.
The service is primarily aimed at assisting investors and businesses in the European Union with the analysis, reporting and development of their ESG performance metrics. This comes against the backdrop of intensifying regulatory scrutiny, particularly under the EU’s Sustainable Finance Disclosure Regulation (SFDR) and the Corporate Sustainability Reporting Directive (CSRD).
The company’s Luxembourg office, staffed by 19 employees, is of particular note in this new venture. This EU financial hub is expected to serve as a focal point for providing specialised services to asset and fund managers, institutional investors and other businesses that need to comply with ESG regulations. The role of Luxembourg is integral to the company’s strategy, given the region’s regulatory importance and the concomitant demands placed on large and listed businesses operating there.
The new service is equipped to provide an independent and auditable ESG report based on a comprehensive array of data points, including Scope 1, 2 and 3 emission levels. These reports are designed to be shared with regulatory bodies, as well as stakeholders and shareholders. The service also includes an ESG rating and a gap analysis, grounded in current industry benchmarks, to help businesses pinpoint areas that may need improvement.
While the SFDR and CSRD primarily drive the current wave of ESG reporting in the EU, Amicorp’s service is positioned to offer benefits beyond compliance. The broader objective is to aid businesses in strategically aligning their ESG goals with their operational and financial performance. This reflects a growing industry trend, where the emphasis on ESG commitments is not solely driven by regulatory requirements but also by aims to enhance corporate reputation and achieve operational efficiencies.
Furthermore, Amicorp has articulated that the service will extend beyond the EU to address similar regulatory requirements in other jurisdictions like India, Singapore, the United Arab Emirates, Hong Kong, Australia, New Zealand, the UK and the US.
In addition to its reporting and rating offerings, Amicorp’s new service line includes a consultancy service to assist businesses in developing a comprehensive ESG strategy. This includes initial diagnostic assessments, action plans for short and long-term ESG goals, drafting of ESG policies and stakeholder engagement. The consultancy also offers guidance on selecting appropriate ESG-related initiatives, which could potentially involve collaboration with the Amicorp Community Foundation.