Alaya Consulting is a specialist consultancy focusing on ESG reporting, pre-assurance and sustainability training.
Associate consultant
Ruby Fang joined Alaya Consulting as an associate consultant in hopes to promote corporate social responsibility and sustainable development. Her main role includes day-to-day client communication, data management and preparation of reports. She graduated from the Hong Kong University of Science and Technology with a major in Environmental Sciences and a minor in Social Sciences. Ruby has also completed the Global Reporting Initiative (GRI) accreditation training.
Associate consultant
I joined Alaya Consulting with an interest in environmental protection and sustainable development, hoping to provide better solutions for different companies, promoting sustainable development and achieving carbon neutrality. I was mainly responsible for data collection, environmental disclosure, carbon audits and assisting in the preparation of reports. I am fluent in Cantonese, Mandarin and English. I graduated with a master’s degree in environmental engineering and management from the Hong Kong University of Science and Technology, and a bachelor’s degree in atmospheric science from Nanjing University. I am also a yoga enthusiast.
Associate consultant
Xiaotong is responsible for handling data collection, writing ESG reports, and day-to-day client communications. She also assists with ESG disclosures and client support. She obtained her Master of Chemical Engineering in Shenzhen University, with a longterm focus on environmental pollutant assessment.
She also graduated in Bachelor of Engineering Science from Chang’an University, majoring in water pollution management.
Intern
Alisa Lam is an intern working at Alaya consulting during her gap year. She plans on studying Politics, International Relations and Global Sustainable Development at Warwick University in 2022. She has a keen interest in understanding what makes the best sustainability report, promoting corporate social responsibility and learning how to tailor sustainable strategies for different companies. She understands that implementing environmental and social policies is crucial in building a successful and resilient enterprise in today’s world. She is responsible for writing and revising reports as well as doing research for Alaya.
Management Trainee
Gabriel joined Alaya Consulting as a management trainee, responsible for conducting ESG advisory and reporting along with assisting the business development and marketing team.
He graduated from The University of Hong Kong with a bachelor’s degree of science majored in Environmental Science. Gabriel understands that working towards improving environmental and social issues is fundamental to building a sustainable and successful business. He would like to make a positive impact by joining the ESG advisory industry.
Associate consultant
Better ESG management shapes a more resilient and sustainable future.
Responsible for handling social data collection and analysis; Assist in preparing the sustainability report and daily communications with clients; Advise clients on ESG- related issues to optimize ESG disclosure and improve ESG performance.
Graduated from Uppsala University in Sweden with a master's degree in business and economics. Master thesis themed in green finance.
Associate Consultant
Eason joined Alaya Consulting as an associate consultant, responsible for preparing ESG reports. He is passionate about sustainability and eager in helping enterprises to improve their ESG performance. He graduated from The Chinese University of Hong Kong with a bachelor’s degree in science, major in Earth System Science and minor in Biology. Eason’s hobbies are playing table tennis and playing the guitar.
Consultant
Alva Yeung is keen in helping companies create sustainability strategies to help mitigate environment and social impact. Coming from an international relations background, she is familiar with the UN Sustainable Development Goals, UN Global Compact and other international initiatives. She is also responsible for social data analysis, facilitating stakeholder communication, ESG report writing and day-to-day client communication. Alva has completed the Global Reporting Initiative (GRI) accreditation training.
Alva obtained her Master of International Relations and Public Affairs in University of Hong Kong and Bachelor Degree in City University of Hong Kong, major in Asian and International Studies.
Business Development and Marketing Manager
Sunny joined Alaya in 2020 with a goal to bolster ESG and sustainability in Hong Kong.
He works with Alaya to develop and promote its initiatives such as HERA and ESG Newswire.
He also works with existing and new partners to collaborate and host events promoting ESG strategy and disclosure.
Sunny has great plans to design and develop Alaya’s own ESG rating system in the coming future.
Born in India, bred in Hong Kong, and a bachelor’s degree from NYU, Sunny comes from a rich and diverse range of experiences.
He majored in Finance and Marketing and minored in Social Entrepreneurship.
He co-founded his own social enterprise, Grounded Upcycling, in New York that upcycles spent coffee grounds into soap and face masks.
In his free time, Sunny likes to go hiking, read, or play Squash!
Founder
Tony is the founder of Alaya Consulting Limited. With more than 16 years of experience in advising C-suite executives, both in-house and from the client side, he is particularly experienced in the development of corporate sustainability strategies, training, communication and ESG reporting approaches.
Tony works with client companies to help them improve disclosure levels and ESG ratings. Recent clients include AAC Technologies, CIMC, Panda Green Energy, Chiho Environmental Group, Integrated Waste Management, Baguio, MicroPort, Tianjin Port and others. Recent projects include organising the Hong Kong ESG Reporting Awards, contributing to the development of industry best practices.
Tony is a Chartered Company Secretary, a GRI Nominated Trainer, a carbon audit professional accredited by the Association of Energy Engineers, a Practitioner of Institute of Environmental Management Association and a certified sustainability assurance practitioner. He has also successfully completed the practitioner training of Integrated Reporting.
Prior to setting up Alaya, Tony assumed senior roles in various leading communications agencies and a Fortune top 10 financial services group. Before embarking on his career in communications, Tony spent a number of years in banking and financial journalism. He received a master’s degree in Corporate Governance from Hong Kong Polytechnic University and a bachelor’s degree in International Business from The Chinese University of Hong Kong.
Approximately 80% of participants showed agreement towards the implementation of mandatory climate-related disclosures
HKEX issued a Consultation Paper on April 14, 2023, proposing amendments to its ESG reporting framework. The proposed changes would require issuers to include climate-related disclosures based on the ISSB Climate Standard in their ESG reports, shifting from the current “comply or explain” approach.
The consultation period concluded on July 14, 2023, and a total of 115 submissions were received from various stakeholders. Among the respondents, 79% expressed support for the proposal, while 21% opposed it.
HKEX will implement a phased approach that mandates issuers to report on the New Climate Requirements in the following manner:
Source: HKEX’s Enhancement of Climate-related Disclosures under the ESG Framework
Proposed Interim Period Removed
The new climate disclosure requirements largely align with the ISSB S2 standards. HKEX has decided to eliminate the interim period and instead offer implementation reliefs, where applicable, to address concerns related to reporting challenges faced by certain issuers due to limited resources or technical expertise. The table below provides a summary of the New Climate Requirements along with the availability of implementation reliefs.
Source: HKEX’s Enhancement of Climate-related Disclosures under the ESG Framework
Materiality –
“Materiality”, under the ESG Code, is not confined to financial materiality. This means that an issuer’s board may determine that an ESG issue is material on grounds other than its impact on the company’s financial performance or financial position. HKEX stated in the conclusion that it will not change the scope of the “materiality” reporting principle under the ESG Code. Issuers are, therefore, also allowed to prepare disclosures for the purposes of the New Climate Requirements under the double materiality approach to provide additional disclosures to meet the need of its stakeholders.
For the purpose of the New Climate Requirements, an issuer must disclose information about climate-related risks and opportunities that could reasonably be expected to affect its cash flows, its access to finance or cost of capital over the short, medium or long term.
Financial Effects
For both current and anticipated financial effects, issuers are required to disclose both quantitative and qualitative information, and quantitative information may be expressed in a single amount or a range. To address concerns over the practical challenges of quantifying climate-related financial effects, issuers need not provide quantitative information about the current financial effects of a climate-related risk or opportunity where certain conditions are met stipulated in the Financial Effects Relief
Impact on financial reporting: Where the effect of climate-related risks or opportunities is material, such an effect should also be accounted for in financial statements prepared in accordance with the relevant accounting standards. Issuers should also consider disclosing such climate-related financial effects in their annual reports in addition to the ESG report.
HKEX allows non-disclosure of quantitative anticipated financial effects if an issuer does not have the skills, capabilities or resources to provide that quantitative information
GHG Emissions
Scope 1 and 2: All listed issuers are required to disclose scope 1 and 2 GHG emissions on a mandatory basis, using the location-based method.
Impact on financial reporting: Disclosure of scope 1 and scope 2 greenhouse gas emissions for the consolidated accounting group and other investees separately is encouraged but not mandatory. For Scope 1 and 2 GHG emissions, if the emissions for unconsolidated investees are included in the issuer’s GHG emission inventory, IFRS S2 requires disclosure of Scope 1 and 2 GHG emissions to be disaggregated separately for (a) the consolidated accounting group, and (b) other investees excluded from (a) (e.g. associates, joint ventures and unconsolidated investees for issuers applying IFRS Accounting Standards) Issuers are encouraged to follow such requirement under IFRS S2. (See p.83 of Implementation Guide).
Scope 3: Issuers are required to disclose scope 3 GHG emissions, including in-scope categories of significant upstream or downstream categories and basis of selection. Under the implementation reliefs, HKEX allows issuers to measure GHG emissions using information for reporting periods that are different from its own reporting period, subject to certain conditions.