The advance of IFRS S1 and S2 standards has awakened Latin American businesses the pressure to quickly adopt ESG and sustainability principles to remain relevant to their local and international market. But at what stage of the ESG journey is the regional business community? 

The findings come in the network’s ESG Latin America Landscape 2024 survey which shares challenges 200 businesses face, along with the change they intend to instill, towards adopting International Financial Reporting Standards (IFRS) S1 and S2.

  1. Only 46% have a formal sustainability policy or strategy in place
  2. 50% of businesses have employed a dedicated Head of Sustainability. 
  3. 30% of businesses identified the generation of KPIs and their corresponding monitoring as one of the main challenges

The results of this survey highlight key opportunities for companies in Latin America to take a leadership role on issues such as supply chain management and non-financial disclosure. Those companies that manage to get a head start in adopting the new IFRS S1 and S2 standards will have a significant competitive advantage, not only in terms of compliance, but also in their ability to attract investment and enhance their reputation.
 

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