ANALISIS PRAKTIK PENGUNGKAPAN ENVIRONMENTAL SOCIAL GOVERNANCE DALAM LAPORAN KEBERLANJUTAN PERUSAHAAN PROPERTI ASEAN YANG TERDAFTAR DI SUSTAINALYTICS ESG RISK RATING PADA TAHUN 2023

Abstract

Population growth creates a demand for housing, driving increased investment in the property and real estate sectors, especially in Southeast Asia. Investors are increasingly concerned about environmental issues and choose companies committed to sustainability, using environmental, social, and governance (ESG) indicators to assess company performance and business practices. The Task Force on Climate-Related Financial Disclosures (TCFD) helps companies prepare reports on climate-related risks and impacts to facilitate stakeholder understanding. This study analyzed sustainability reports of six property companies from Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam, listed in the 2023 Sustainalytics ESG Risk Rating, based on the TCFD framework covering governance, strategy, risk management, metrics, and targets. Research found all companies disclose ESG practices, with most using TCFD as a criterion, including City Developments Limited, PT Bumi Serpong Damai Tbk, Pruksa Holding Company, AREIT, and S P Setia Berhad, while Vinhomes has not yet adopted TCFD. Comprehensive TCFD disclosures show effective climate risk management but do not ensure a low Sustainalytics ESG Risk Rating. Recommendations include consistent ESG disclosure, clarity, and structured reporting aligned with frameworks. Future research should explore cross-industry analyses or alternative ESG frameworks.