Climate First or Last? Key Insights for Boards on Materiality Assessments

On 8 Sept 2025, Climate Governance Malaysia was pleased to attend the launch of the “Climate First…or Last?” report by Prof. Mak Yuen Teen and Tina Thomas, hosted at the Asia School of Business.

The study examined how companies listed on Bursa Malaysia, SGX, and ASX conduct their materiality assessments – a critical process for identifying sustainability as well as climate-related risks and opportunities. While Bursa companies stood out for clearer disclosure through materiality matrices, the report highlights that across markets, environmental and social factors are often under-prioritised compared to governance and economic issues.

For boards, this raises an urgent call: to engage more deeply in materiality assessments, avoid blind spots on climate and environmental risks, and ensure that the process informs strategy, risk management, and reporting.

As the report reminds us, the question is not whether climate is first or last in reporting — but whether it is meaningfully integrated into boardroom decisions.

Read the full report below.

Climate First or Last_Report.pdf

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