On 14/10/2023, Reuters uploaded news, in which they stated: EU lawmakers will be called on to back a proposed weakening of mandatory sustainability disclosures for about 50,000 companies next week, in the latest move by centre-right parties to water down the 27-member bloc’s green agenda.
More than 40 lawmakers, mainly representing the European Parliament’s largest party the EPP, have tabled a motion to be voted on by the full parliament on Oct. 18.
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Source: Reuters
CGS supported the client in developing a separate Sustainability Development Report. The scope of work includes:
(i) Assessing the integrated strategy and identifying risks, policies, and risk management procedures that impact the sustainable development of both the Group and important projects.
(ii) Supporting and recommending ways to present and explain significant risks and analyzing the role of stakeholders in sustainable development of the Group.
(iii) Organizing communication and training for management and relevant personnel on sustainable development indicators, risks that need to be controlled, as well as how to collect information and evaluate the achievement of goals.
The Sustainability Development Report highlights the integration of sustainability development in the strategy through EGS and SDGs analyses. The Sustainability Development Report has consistently been in the top 10 Annual Reports and Sustainability Development Reports in the period from 2016 to 2019.
CGS supports the establishment of the enterprise’s Internal Audit department in accordance with current legal regulations and best practices in Vietnam. Consulting scope includes:
(i) Evaluate the overall risk management and internal control system as a basis for establishing internal audit at the Corporation
(ii) Survey the specific situation to recommend building an internal audit model and organizational structure at the Corporation according to current regulations and in accordance with the actual situation
(iii) Drafting Regulations and Operating Procedures and forms for reviewing and evaluating risk management for the purpose of ensuring independence, including risk assessment, internal audit planning and evaluating the effectiveness of risk management and Internal Control
(iv) Organize implementation communication workshops
(v) Monitor quality and evaluate Internal Audit focuses based on risk management, including risks related to Environment – Society – Governance (ESG)
CGS supported the development of sustainable development content for a separate Sustainable Development Report. Scope of implementation includes:
(i) Evaluate integrated strategies and identify risks, policies and risk management processes that affect the sustainable development of both the corporation and important projects;
(ii) Support and recommend ways to present and explain key risks as well as analyze the roles of stakeholders in the Group’s sustainable development;
(iii) Organize communication and training for management levels and professional focal points on sustainable development targets, risks that need to be controlled as well as how to collect information and evaluate achievement. achieve the goals. Sustainable Development Report Highlighted the integration of sustainable development in the strategy through analyzes of EGS and SDGs. The Sustainable Development Report has been continuously ranked in the top 10 Annual Reports and Sustainable Development Reports in the period 2016-2019.
CGS supported businesses in establishing an Internal Audit department at the Group level that complies with current legal regulations and good practices in Vietnam. The scope of work includes:
(I) Evaluating the overall Risk Management (RM) and Internal Control (IC) system as a basis for establishing the Internal Audit department (“IA”) at the Group level;
(ii) Surveying the specific situation to recommend the construction of an IA model and organizational structure at the Group level based on the RM orientation according to current regulations and practical situation;
(iii) Drafting regulations, procedures, and templates for reviewing and evaluating RM for the purpose of ensuring independence, including assessing risk plans for IA and evaluating the effectiveness of RM and IC; and
(iv) Organizing communication workshops to implement the IA.
CGS supported client to improve their corporate governance practices and framework. The scope of work includes:
(i) Supporting the identification and assessment of financial risks, tax risks, and operational risks at the process and functional levels across the entire supply chain;
(ii) Recommending improvements to the existing processes to ensure operational efficiency and minimize risks, including strengthening controls, rationalizing delegation of authority and responsibility;
(iii) Organizing practical training and transferring knowledge to project teams and functional departments.
CGS advises on assessment, develops roadmaps and implementation recommendations to improve corporate governance according to best practices based on the ACGS framework. Consulting scope includes:
(i) Detailed assessment of the current status of corporate governance and information disclosure according to ACGS
(ii) Identify limitations and make recommendations to improve assessment scores according to the ACGS framework
(iii) Develop an implementation roadmap to perfect corporate governance and information disclosure according to regulations and good practices, aiming to achieve high awards for corporate governance in the region
(iv) Consulting on implementing recommendations in the approved implementation roadmap
CGS supports the overall assessment of an enterprise’s risk management system to strengthen the system and improve overall business efficiency. Consulting scope includes:
(i) Collect information (internal legal documents, practical implementation through interviews)
(ii) Review and compare practices with good international practices
(iii) Propose a roadmap and plan to perfect the risk management system
(iv) Internal corporate communication about assessment results and plans to improve the risk management system for all employees
(v) Training basic knowledge and in-depth knowledge associated with practice in risk management in enterprises for employees participating in risk management at all levels as well as senior managers of the unit
(vi) Support to improve professional capacity for staff specialized in risk management at headquarters
CGS provided support for improving the risk management system in the company. The scope of consulting services includes:
(i) Improving the Regulation of the Risk Control Committee – Compliance Audit;
(ii) Advising on the development of the entity-level Risk Management Framework and Policy;
(iii) Advising on the establishment of the entity-level and department-level risk registers;
(iv) Promoting the establishment, development, and operation of effective controls to mitigate significant risks.
CGS provided support for improving the corporate governance model for the Group. The scope of consulting services includes:
(i) Reviewing and strengthening the Corporate Governance model, with the role and function of risk management from the Board of Directors to the Executive Board and all levels of management.
(ii) Guiding the development of the Group-level Risk Management Framework and Policy;
(iii) Guiding the establishment of the Group-level Risk Management function and monitoring the implementation of the Risk Management Framework throughout the company;
(iv) Guiding the reinforcement of controls and allocation of responsibilities in key processes in line with the Risk Management direction.
CGS supports the development of sustainable development content for a separate Sustainable Development Report to serve the activities of accessing and attracting capital from foreign investors. Consulting scope includes:
(i) Support the development of a sustainable development strategic orientation framework and evaluate key areas, compare the sustainable development strategy with the Group’s business strategy as well as the SDGs, analyze ESG aspects according to the required list demand of potential investors
(ii) Support the development of detailed content of the separate Sustainable Development Report according to international practices and standards through information extraction interviews and guidance on data collection from professional departments
(iii) Build capacity for the core group and establish reporting methods through training sessions on the sustainable development reporting process according to the GRI standards
CGS Support perfecting the risk management system in enterprises. Consulting scope includes:
(i) Consolidating the operating regulations of the Risk Control – Compliance Inspection Committee
(ii) Consulting on building risk management framework and policies at the Company level
(iii) Consulting on establishment of risk portfolios at the Company and Functional Department levels
(iv) Promoting the establishment, development and operation of effective controls to minimize material risks
CGS advises and evaluates corporate governance practices according to regulations and best practices. Consulting scope includes:
(i) Analyze practice, assess the gap with regulations and practices, and prepare a status report
(ii) Prepare a list of recommendations to improve corporate governance practices according to regulations and practices (Corporate Governance Questionnaire for VLCA and the Code of Corporate Governance in Vietnam of the Securities Commission 2019)
(iii) Support in reviewing the content of information disclosure on corporate governance in the Annual Report
(iv) Recommend measures and roadmap to improve corporate governance in accordance with the actual operations of the enterprise
(v) Consulting and recommending information disclosure on corporate governance
CGS Vietnam supports ESG assessment and prepares its own sustainable development report to serve its goals. Consulting scope includes:
(i) Support the development of a strategic orientation framework for sustainable development, evaluate risk management policies and processes, and review identified ESG-related risks that affect the development strategy sustainability of the whole corporation and progress in implementing important projects
(ii) Support in developing detailed content and recommendations on how to present a separate Sustainable Development Report, including analyzing the role of stakeholders in the Group’s sustainable development and evaluating key areas
(iii) Organize communication about separate sustainable development reports and risks that need to be controlled
(iv) Organize training for the core group on the process of preparing sustainable development reports according to international standards, how to collect information and evaluate the achievement of goals