WongPartnership launches new sustainability practice
SINGAPORE law firm WongPartnership on Monday announced a new practice dedicated to sustainability and responsible business, joining other local and global law firms in giving environmental, social and governance (ESG) issues greater prominence in their business.
The Big Four firm's new Sustainability & Responsible Business practice will focus on matters related to sustainable finance, responsible investment, as well as responsible business and governance. It takes over from the firm's former Environmental & Green Economy practice first launched in 2010.
The sustainable finance focus for the new practice involves structuring, documenting and advising on various types of sustainable and green financing solutions, such as green and sustainability-linked bonds; responsible investment includes advising on the formation of impact-focused investment funds; while responsible business and governance involves offering clients coordinated solutions for managing ESG risk.
The practice will be jointly headed by partners Quak Fi Ling and Tiong Teck Wee. Ms Quak is also joint head of the firm's private equity practice, while Mr Tiong is a partner in the commercial and corporate disputes practice.
The "global paradigm shift" on ESG issues has never been more apparent, Ms Quak said, noting that organisations are now more cognisant of the business case for sustainability.
"Traditionally, sustainability and financial success have been regarded as opposing goals. But today, there is a body of evidence that points to the contrary," she said.
While organisations are working to incorporate ESG considerations into day-to-day decision-making, they face various challenges, such as in securing green and sustainability-linked financing, supply chain risks, designing and implementing carbon-offset programmes, and managing stakeholder activism, the lawyers said.
In a press statement announcing the new practice, the firm highlighted its involvement in ESG-centred matters, including UOB's first dual tranche sustainability bond offering that raised US$1.5 billion. It was also involved in a joint investment in Singapore clean energy solutions provider Sunseap Group, by a global investment firm and Asia-focused private equity firm ABC World Asia.
Elaborating on the genesis of this new practice, WongPartnership's managing partner Ng Wai King said the conversation around ESG has "grown louder and more varied". At the same time, there are now more tools available to deal with these issues, such as the use of carbon credits and carbon trading, he said, in an email interview with The Business Times before the announcement.
Mr Ng highlighted three more areas that will grow in prominence for lawyers, including stricter disclosure requirements for corporates; heightened risk of litigation and claims related to environmental damage, use of child labour, and human rights violations; as well as conformity towards more harmonised standards.
"As ESG issues continue to gain importance in Singapore, there is room for us to establish a consistent set of standards and frameworks for ourselves across different industries, to ensure that businesses and organisations operate by and are assessed based on a common set of ESG and sustainability criteria," he said.
