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1Fix the driver behind crashes, sound loss and screen glitches2Repair Windows errors before they cause bigger problems3Scan for outdated or missing drivers - takes under a minutePakistan’s Securities and Exchange Commission (SECP) issued revised ESG Disclosure Guidelines for listed companies on December 11, 2025, aligning climate-related reporting with the Pakistan Green Taxonomy (PGT). SECP says disclosures remain voluntary until June 2029, after which mandatory reporting will begin in three phases. Its announcement does not specify the phase dates or which companies fall into each phase.
What are SECP’s revised ESG disclosure guidelines?
The guidelines establish a standardized approach for listed companies to report climate-related risks and opportunities alongside activity-level information aligned with the PGT. The framework is intended to help companies identify relevant taxonomy activities, assess their alignment with environmental objectives, and disclose the resulting information. SECP’s December 11, 2025 announcement describes the revised guidelines as issued and updated with reference to the taxonomy; the final guideline document record is the place to consult for operative detail.
This is a reporting framework, not a certification that a company or its products are “green.” Companies need to identify relevant economic activities and assess those activities against applicable taxonomy criteria. A company’s principal business sector alone may not settle whether a particular project or activity is relevant.
When must listed companies report?
SECP states that reporting remains voluntary until June 2029, after which mandatory implementation will proceed in three phases. The December 11 announcement does not set out the individual phase dates or identify which listed companies belong in each phase. Companies should check the current operative guideline and subsequent SECP notices before assigning themselves a reporting deadline.
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The September 26, 2025 consultation launch was for a proposed draft, not the final issuance. SECP announced the revised guidelines on December 11, 2025. The September 2025 consultation draft is useful for understanding the consultation history, but proposed wording should not be treated as a final requirement unless it appears in the operative documents.
What does alignment with the Pakistan Green Taxonomy add?
Taxonomy alignment brings reporting down to the level of economic activities, rather than relying only on broad corporate ESG statements. The PGT identifies priority sectors and activities that contribute to environmental objectives. For a company, the relevant question is whether a particular activity meets the taxonomy’s criteria—not simply whether the company operates in a sector commonly associated with environmental benefits.
The consultation draft described a screening architecture with three elements: substantial contribution to an environmental objective, avoiding significant harm to other environmental objectives, and meeting minimum social safeguards. It also described technical criteria and quantifiable or verifiable measures for assessing mitigation and adaptation. These descriptions explain the draft’s approach; activity-specific criteria and thresholds should be confirmed in the complete PGT and final SECP guideline before a company concludes that an activity is aligned.
- Identify the activity and objective: determine whether the company’s activity appears in the relevant PGT sector and which environmental objective it relates to.
- Gather activity-level evidence: identify the data needed to assess the activity against the applicable technical criteria.
- Assess safeguards: evaluate the relevant environmental harm and social safeguard tests in the applicable documents.
- Report the result: use the guideline’s reporting requirements and disclose the information that can be substantiated.
What should companies prepare for?
SECP specifically recognizes data collection and assessment against screening criteria as technical implementation work. Companies can use the voluntary period to map relevant activities, identify data owners, and determine where evidence is incomplete. The appropriate scope and evidence depend on the activity and the applicable taxonomy criteria; the press release does not supply company-specific determinations.
SECP says it will continue capacity-building initiatives, awareness sessions, and stakeholder engagement. Companies may also consider independent training or advisory support where needed, but private providers should not be represented as endorsed by SECP.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How do the guidelines relate to sustainability disclosure standards?
SECP maintains a separate record on adoption of sustainability disclosure standards, created in December 2024 and updated in January 2025. The available announcement about the later PGT-aligned guidelines does not explain in detail how the two regulatory developments interact. Companies should review both current records and any subsequent SECP clarification rather than assume that one replaced the other.
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