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Neftaly Email: sayprobiz@gmail.com Call/WhatsApp: + 27 84 313 7407

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  • Neftaly assurance standards for decarbonization pathway disclosures

    Neftaly assurance standards for decarbonization pathway disclosures

    Purpose:
    To provide a rigorous framework for the independent assurance of corporate decarbonization pathway disclosures, ensuring that organizations’ climate-related commitments, strategies, and progress are credible, transparent, and aligned with global best practices.

    1. Scope of Assurance

    • Applies to disclosures relating to:
      • Emissions reduction targets (Scope 1, 2, and relevant Scope 3 emissions)
      • Decarbonization strategies and implementation plans
      • Progress reporting against interim milestones
      • Alignment with climate scenarios, such as the Paris Agreement 1.5°C or well-below 2°C pathways
    • Can be applied to standalone sustainability reports, integrated reports, or regulatory filings.

    2. Assurance Objectives

    • Accuracy: Verify that reported emissions, reduction targets, and progress are calculated and presented correctly.
    • Completeness: Confirm that all material aspects of the decarbonization pathway are disclosed, including key assumptions and methodologies.
    • Consistency: Ensure alignment with previously reported data and recognized reporting frameworks (e.g., GHG Protocol, TCFD, SBTi).
    • Reliability: Assess the reliability of underlying data, models, and assumptions used to project pathway outcomes.
    • Transparency: Verify that assumptions, uncertainties, and limitations are clearly disclosed.

    3. Assurance Criteria

    • Adherence to recognized climate reporting and science-based frameworks, including:
      • Greenhouse Gas Protocol for emissions accounting
      • Science Based Targets initiative (SBTi) criteria
      • TCFD Recommendations for governance, strategy, risk, and metrics
      • ISO 14064 and other relevant environmental management standards
    • Internal policies and procedures related to decarbonization pathway development, monitoring, and reporting.

    4. Assurance Methodology

    • Planning and Risk Assessment: Identify material risks of misstatement or misalignment with recognized standards.
    • Data Review and Testing: Evaluate emissions data, reduction initiatives, and calculations using sampling, analytical review, and verification procedures.
    • Scenario Analysis Verification: Confirm that scenario modeling and decarbonization projections are based on robust assumptions and credible climate models.
    • Stakeholder Engagement: Assess the credibility of reported targets and progress by engaging with management, technical teams, and, where appropriate, external experts.
    • Reporting: Provide a clear assurance statement, distinguishing between reasonable and limited assurance levels, with recommendations for improvement.

    5. Assurance Levels

    • Reasonable Assurance: High level of confidence that disclosures are free from material misstatement.
    • Limited Assurance: Moderate level of confidence; suitable for preliminary reporting or early-stage pathway disclosures.

    6. Key Principles

    • Independence: Assurance providers must remain independent of management and not influence reported outcomes.
    • Professional Skepticism: Apply critical evaluation, particularly regarding assumptions for long-term decarbonization projections.
    • Materiality: Focus assurance efforts on aspects that could influence stakeholder decisions.
    • Continuous Improvement: Encourage organizations to enhance data quality, transparency, and alignment with evolving climate standards.

    7. Deliverables

    • Formal assurance report outlining:
      • Scope, methodology, and criteria used
      • Findings and observations
      • Areas for improvement or enhanced disclosure
      • Assurance opinion (reasonable or limited)

    These standards are designed to give investors, regulators, and other stakeholders confidence that decarbonization pathways are credible, scientifically grounded, and transparently reported.

  • Neftaly audit expectations for corporate climate scenario planning

    Neftaly audit expectations for corporate climate scenario planning

    Purpose:
    This guidance sets out the audit expectations for companies undertaking climate scenario planning, ensuring that disclosures and strategic responses to climate-related risks and opportunities are accurate, reliable, and aligned with regulatory and stakeholder expectations.

    1. Scope of Audit

    Auditors are expected to assess the following aspects of corporate climate scenario planning:

    1. Governance and Oversight
      • Review the board’s role and oversight in climate scenario planning.
      • Verify that climate-related responsibilities are clearly assigned and monitored within management.
      • Assess integration of climate considerations into enterprise risk management (ERM) frameworks.
    2. Scenario Selection and Methodology
      • Evaluate whether the selected climate scenarios are relevant, credible, and aligned with recognized standards (e.g., IPCC pathways, TCFD recommendations).
      • Ensure that the assumptions underlying each scenario (e.g., transition risks, physical risks, policy changes, technological shifts) are documented, reasonable, and supported by evidence.
      • Confirm consistency of scenario methodologies across reporting periods.
    3. Financial Impact Assessment
      • Examine how climate scenarios are integrated into financial modeling, including projections of revenues, costs, capital expenditures, and asset valuations.
      • Assess the appropriateness of discount rates, probability weightings, and sensitivity analyses applied to scenario outcomes.
      • Identify any potential misstatements or omissions in scenario-driven financial forecasts.
    4. Strategic Response and Resilience
      • Verify that scenario outcomes inform corporate strategy, including investment decisions, risk mitigation plans, and resource allocation.
      • Evaluate whether contingency planning and adaptation strategies are evidence-based and linked to scenario insights.
      • Confirm that reported actions are achievable, measurable, and monitored over time.
    5. Disclosure and Reporting
      • Ensure climate scenario disclosures in corporate reports are accurate, complete, and understandable to stakeholders.
      • Verify consistency between scenario assumptions, governance statements, and reported strategic responses.
      • Assess compliance with regulatory frameworks, such as TCFD, ISSB climate disclosure standards, and local reporting requirements.

    2. Audit Procedures

    Auditors should apply a combination of procedures tailored to scenario planning, including:

    • Document Review: Policies, board minutes, ERM frameworks, scenario analysis models, and internal reporting.
    • Interviews: Key management, risk officers, sustainability teams, and board members overseeing climate planning.
    • Data Validation: Verification of inputs and outputs of climate models, including historical data, assumptions, and scenario projections.
    • Comparative Analysis: Benchmarking against sector peers and industry standards for scenario planning robustness.
    • Stress Testing: Assessment of sensitivity analyses and potential financial and operational impacts under extreme scenarios.

    3. Key Audit Considerations

    • Materiality: Focus on climate risks that could materially affect financial position, cash flows, or strategic outcomes.
    • Uncertainty: Recognize inherent uncertainty in climate projections and assess whether disclosures adequately communicate these uncertainties.
    • Forward-Looking Estimates: Scrutinize assumptions, methodologies, and potential biases in forward-looking scenario-based estimates.
    • Governance and Accountability: Confirm that scenario planning is embedded in decision-making at the appropriate organizational levels.
    • Transparency: Ensure disclosures are clear, comprehensible, and consistent with external climate guidance frameworks.

    4. Reporting

    Audit findings should:

    • Highlight gaps or weaknesses in scenario selection, methodology, or disclosure.
    • Provide recommendations for enhancing reliability, transparency, and stakeholder confidence.
    • Include an assessment of whether the company’s scenario planning adequately informs strategic decision-making and risk mitigation.

    Conclusion:
    Neftaly expects that auditors provide a rigorous, evidence-based assessment of corporate climate scenario planning. Audits should ensure that scenario analyses are credible, decision-useful, and transparently disclosed, supporting both regulatory compliance and stakeholder trust.

  • Neftaly assurance on financial disclosures for ecosystem restoration investments

    Neftaly assurance on financial disclosures for ecosystem restoration investments

    Overview
    Neftaly provides independent assurance on financial disclosures related to ecosystem restoration investments, ensuring that organizations present accurate, reliable, and transparent information to stakeholders. This assurance supports investor confidence, regulatory compliance, and the credibility of sustainability claims associated with restoration projects.

    Scope of Assurance
    Neftaly’s assurance covers:

    • Investment Reporting: Verification of financial statements and disclosures related to ecosystem restoration projects, including capital deployment, operational costs, and revenue generation.
    • Impact Financial Linkage: Assessment of the linkage between reported ecological outcomes and associated financial transactions or funding allocations.
    • Regulatory Compliance: Evaluation of adherence to local and international financial reporting standards relevant to sustainable and environmental investments.
    • Risk Management: Review of risk disclosures related to project feasibility, ecological uncertainty, and long-term financial sustainability.

    Assurance Methodology
    Neftaly employs a rigorous methodology aligned with global assurance standards, including:

    1. Document Review: Examination of project financial records, contracts, grant agreements, and prior audits.
    2. Data Verification: Validation of financial data, including costs, revenues, and investment flows tied to restoration outcomes.
    3. Internal Controls Assessment: Evaluation of systems and controls over financial reporting and tracking of restoration funds.
    4. Materiality Assessment: Identification of key disclosures with the highest impact on stakeholder decision-making.
    5. Reporting & Recommendations: Issuance of an assurance statement highlighting reliability, areas for improvement, and recommendations for enhanced transparency.

    Key Principles
    Neftaly assurance emphasizes:

    • Transparency: Clear linkage between financial flows and ecological outcomes.
    • Integrity: Objective evaluation free from conflicts of interest.
    • Reliability: Evidence-based verification of reported financial and operational data.
    • Stakeholder Confidence: Enabling investors, regulators, and the public to trust ecosystem restoration reporting.

    Outcome of Assurance Engagement
    Organizations receiving Neftaly assurance benefit from:

    • Verified and credible financial disclosures for ecosystem restoration projects.
    • Enhanced investor confidence and potential access to green financing.
    • Identification of gaps in reporting and internal controls for future improvement.
    • Alignment with ESG and sustainability reporting frameworks, such as GRI, IFRS S1/S2, or UN PRI guidelines.

    Conclusion
    Neftaly assurance provides a robust framework for organizations to demonstrate the financial integrity and transparency of their ecosystem restoration investments. By assuring the accuracy and reliability of disclosures, Neftaly supports both environmental accountability and financial credibility in the growing sustainable investment landscape.

  • Neftaly standards for verifying digital green bonds impact claims

    Neftaly standards for verifying digital green bonds impact claims

    Objective:
    To provide a robust framework for independent verification of environmental and social impact claims associated with digital green bonds, ensuring credibility, transparency, and alignment with global sustainability standards.

    1. Scope and Applicability

    • Applies to all digital green bonds issued or managed by entities under Neftaly oversight.
    • Covers the full lifecycle of the bond, including issuance, reporting, and post-issuance impact verification.
    • Includes both environmental (e.g., carbon reduction, renewable energy) and social impact claims (e.g., community development, equitable access).

    2. Verification Principles

    Neftaly verification of digital green bonds should be guided by the following principles:

    1. Transparency: Full disclosure of project selection criteria, expected impacts, methodologies, and assumptions.
    2. Materiality: Focus on impacts that are significant relative to the bond’s objectives and value.
    3. Accuracy: Verification must be based on reliable, auditable data and sound measurement methods.
    4. Independence: Verification must be conducted by an independent, qualified third party with no conflicts of interest.
    5. Consistency: Methodologies should align with recognized standards, including ICMA Green Bond Principles, EU Green Bond Standard, and relevant sustainability frameworks.
    6. Traceability: Digital bond transactions and impact data should be recorded on immutable ledgers or verifiable digital systems to ensure auditability.

    3. Verification Methodology

    1. Pre-Issuance Verification:
      • Assess whether bond proceeds are allocated to eligible green or sustainable projects.
      • Review project documentation, feasibility studies, and environmental/social impact assessments.
      • Validate alignment with recognized standards for green bonds.
    2. Post-Issuance Verification:
      • Evaluate reported impacts against pre-defined targets.
      • Assess the accuracy and completeness of data, including carbon reductions, energy savings, or social outcomes.
      • Confirm the bond’s digital reporting platform reflects real-time or periodically validated impact data.
    3. Digital Verification Tools:
      • Utilize blockchain, smart contracts, or other digital verification platforms to track proceeds and impact reporting.
      • Ensure digital ledgers maintain data integrity, confidentiality, and accessibility for audits.

    4. Reporting Requirements

    • Issuers must provide a publicly available impact report at least annually, including:
      • Use of proceeds.
      • Quantitative and qualitative impact indicators.
      • Methodologies and assumptions used.
      • Verification statements from independent third parties.
    • Reports must be digitally verifiable to ensure traceability and authenticity.

    5. Auditor and Verifier Standards

    • Verifiers must:
      • Hold recognized certifications in sustainability assurance (e.g., ISAE 3000, ISO 14064).
      • Demonstrate experience in digital financial instruments and sustainability reporting.
      • Maintain independence from the bond issuer and any associated project developers.
    • Neftaly may maintain an approved list of qualified verifiers for digital green bonds.

    6. Compliance and Enforcement

    • Non-compliance with verification standards may result in:
      • Public notice of non-compliance.
      • Restriction or suspension of digital green bond issuance privileges.
      • Mandatory remediation plans for inaccurate or misleading impact claims.
    • Neftaly will periodically review and update standards to reflect emerging best practices, technology developments, and international regulations.

    7. Alignment with International Standards

    • Verification standards should align with:
      • ICMA Green Bond Principles (GBP)
      • EU Green Bond Standard (EU GBS)
      • ISO 14064 for greenhouse gas accounting
      • Sustainability Accounting Standards Board (SASB) metrics where relevant
      • Task Force on Climate-Related Financial Disclosures (TCFD) recommendations

    8. Innovation and Continuous Improvement

    • Encourage the use of digital tools, AI, and blockchain to improve real-time monitoring, reporting accuracy, and transparency.
    • Support the development of automated impact verification systems that reduce human error and enhance credibility.
  • Neftaly assurance of fairness in financial data used for credit scoring AI

    Neftaly assurance of fairness in financial data used for credit scoring AI

    Objective:
    To provide independent assurance that financial data used in AI-based credit scoring systems is processed, analyzed, and applied in a manner that is fair, unbiased, and aligned with ethical and regulatory standards.

    1. Scope of Assurance

    • Evaluation of datasets used for AI credit scoring models, including transactional, demographic, and behavioral financial data.
    • Review of AI model design, training, and validation processes to ensure fairness.
    • Assessment of output decisions, including risk scores and creditworthiness recommendations, for potential bias against protected or vulnerable groups.

    2. Key Assurance Principles

    • Data Integrity: Verification that all financial data is accurate, complete, and representative of the applicant population.
    • Non-Discrimination: Assurance that AI outputs do not result in unfair treatment based on race, gender, age, socio-economic status, or other protected characteristics.
    • Transparency: Evaluation of model interpretability and documentation of decision logic to facilitate understanding and challenge of AI-driven outcomes.
    • Accountability: Review of governance structures overseeing AI credit scoring, including data stewardship, model oversight, and ethical review boards.

    3. Methodology

    • Data Audits: Statistical analysis for dataset bias, missing data patterns, and representativeness.
    • Model Testing: Stress-testing AI models for fairness, including subgroup analysis and scenario testing.
    • Decision Review: Sampling and benchmarking of credit decisions against fairness standards and regulatory requirements.
    • Governance Assessment: Examination of internal policies, monitoring frameworks, and reporting mechanisms for fairness in AI deployment.

    4. Reporting

    • Independent assurance report highlighting:
      • Findings of potential bias or unfair outcomes.
      • Recommendations for mitigating identified risks.
      • Confirmation of adherence to fairness principles and regulatory expectations.

    5. Outcome

    Neftaly assurance provides stakeholders—including financial institutions, regulators, and customers—with confidence that AI-driven credit scoring is fair, ethical, and compliant with evolving standards on responsible AI in financial services.

  • Neftaly audit expectations for disclosures related to environmental displacement funding

    Neftaly audit expectations for disclosures related to environmental displacement funding

    Purpose:
    To establish clear audit expectations for entities disclosing financial and operational information related to environmental displacement funding (EDF), ensuring transparency, accountability, and alignment with sustainability and social responsibility standards.

    1. Scope of Audit

    Auditors are expected to evaluate disclosures on environmental displacement funding comprehensively, covering:

    • Funding allocation and usage.
    • Sources of funding (government, multilateral, private sector, or philanthropic).
    • Beneficiaries and affected communities.
    • Performance indicators and measurable outcomes.
    • Governance and risk management practices related to displacement interventions.

    2. Key Audit Focus Areas

    A. Completeness and Accuracy

    • Verification that all EDF-related funding, commitments, and disbursements are fully recorded.
    • Cross-check financial statements against supporting documentation, such as grants agreements, contracts, and receipts.
    • Assessment of any contingent or future obligations linked to displacement response funding.

    B. Transparency and Disclosure Quality

    • Ensure disclosures clearly identify funding sources, amounts, purpose, and intended beneficiaries.
    • Evaluate clarity of reporting on environmental displacement impacts and mitigation measures.
    • Check that any limitations or uncertainties are adequately disclosed.

    C. Compliance with Regulatory and Standards Frameworks

    • Assess adherence to applicable reporting frameworks (e.g., IFRS, IPSAS, GRI, or other ESG-related standards).
    • Confirm compliance with relevant government, donor, or multilateral funding requirements.
    • Review alignment with Neftaly’s ESG and social responsibility principles.

    D. Governance and Oversight

    • Evaluate the governance structures overseeing EDF, including board oversight, internal controls, and risk management.
    • Review policies and procedures for fund allocation, monitoring, and reporting.
    • Examine whether audit trails support accountability and traceability of funds.

    E. Impact and Performance Reporting

    • Assess whether entities provide evidence of how funds contribute to mitigating environmental displacement.
    • Verify metrics and indicators used to track outcomes, such as number of beneficiaries assisted or infrastructure rebuilt.
    • Consider inclusion of qualitative insights alongside quantitative data to demonstrate impact.

    3. Audit Procedures

    Auditors should adopt a risk-based approach, including but not limited to:

    • Sampling of funded projects and associated transactions.
    • Review of contracts, agreements, and compliance reports from fund recipients.
    • Interviews with program managers, financial officers, and beneficiaries, where feasible.
    • Assessment of monitoring and evaluation systems for reliability and integrity.

    4. Reporting Expectations

    Audit reports should:

    • Clearly state the scope, objectives, and limitations of the audit.
    • Highlight areas of non-compliance or risk regarding EDF disclosures.
    • Provide recommendations for improving completeness, transparency, and impact reporting.
    • Include assurance on the alignment of disclosed information with actual fund usage and outcomes.

    5. Ethical and Professional Considerations

    Auditors must:

    • Maintain independence and objectivity in evaluating EDF disclosures.
    • Avoid conflicts of interest with fund recipients or program administrators.
    • Ensure confidentiality of sensitive information while promoting transparency for stakeholders.

    6. Conclusion

    Neftaly expects audits of environmental displacement funding disclosures to provide high assurance that funding is appropriately allocated, reported transparently, and contributes effectively to mitigating the impacts of environmental displacement. Auditors play a critical role in safeguarding trust and accountability in this highly sensitive area of social and environmental responsibility.

  • Neftaly governance structures required for AI-led accounting in high-risk sectors

    Neftaly governance structures required for AI-led accounting in high-risk sectors

    Objective:
    To ensure that AI-led accounting systems in high-risk sectors—such as financial services, energy, healthcare, and public procurement—operate with integrity, transparency, and accountability, while minimizing systemic, operational, and ethical risks.

    1. Board-Level Oversight

    • AI Governance Committee: Establish a dedicated committee at the board or executive level to oversee AI integration in accounting. Responsibilities include:
      • Approving AI adoption strategies.
      • Monitoring alignment with regulatory requirements.
      • Reviewing AI risk reports and audit outcomes.
    • Expert Representation: Include members with expertise in AI, cybersecurity, accounting standards, and sector-specific risk management.
    • Risk Appetite Definition: Define the organization’s tolerance for AI-related operational and ethical risks in accounting processes.

    2. Operational Governance

    • AI Risk Management Framework:
      • Conduct sector-specific AI risk assessments (e.g., data privacy, model bias, financial misstatement risk).
      • Implement continuous monitoring mechanisms to detect anomalies in AI accounting outputs.
    • Segregation of Duties: Ensure that AI system developers, accountants, and auditors operate independently to avoid conflicts of interest.
    • Change Management: Introduce rigorous change controls for updates to AI models or accounting algorithms.

    3. Data Governance and Quality Assurance

    • Data Lineage & Integrity: Maintain full documentation of data sources, transformations, and usage within AI accounting systems.
    • Data Access Controls: Restrict access based on roles, ensuring that sensitive financial data is protected from unauthorized modification.
    • Audit Trails: Ensure all AI-driven accounting actions are logged and auditable in compliance with sector-specific standards.

    4. Model Validation and Performance Oversight

    • Independent Model Review: Require periodic independent validation of AI accounting models, including stress testing under extreme scenarios.
    • Performance Metrics: Track accuracy, bias, and consistency of AI outputs against traditional accounting methods.
    • Model Documentation: Maintain comprehensive model documentation covering assumptions, limitations, and intended use cases.

    5. Regulatory Compliance and Ethical Standards

    • Regulatory Alignment: Ensure AI-led accounting systems comply with local and international accounting standards, financial regulations, and sector-specific laws.
    • Ethical AI Framework: Integrate ethical principles such as fairness, transparency, accountability, and explainability into AI governance.
    • Incident Reporting: Establish mandatory reporting procedures for AI-induced errors, misstatements, or potential financial misconduct.

    6. Audit and Assurance Integration

    • AI Audit Readiness: Prepare AI systems for internal and external audits, including access to source data, model documentation, and algorithmic decision logs.
    • Continuous Assurance: Implement real-time monitoring dashboards and alerts for high-risk accounting anomalies.
    • Third-Party Validation: Engage independent auditors with expertise in AI and sector-specific accounting to provide assurance over model performance and output reliability.

    7. Training and Capacity Building

    • Skill Development: Regularly train accounting, audit, and compliance teams on AI functionality, risks, and interpretability.
    • Scenario Planning: Conduct exercises simulating AI failures or misstatements to ensure rapid response and risk mitigation.

    8. Continuous Improvement and Governance Review

    • Periodic Review: Conduct scheduled reviews of AI governance structures to adapt to evolving risks, technology, and regulatory changes.
    • Feedback Loops: Incorporate insights from audits, incident reports, and performance monitoring to refine AI accounting controls and policies.

    Outcome:
    A robust governance framework that balances innovation with accountability, ensuring AI-led accounting in high-risk sectors enhances efficiency and accuracy without compromising ethical, regulatory, or operational standards.

  • Neftaly regulation of climate-aligned risk disclosures for banks and insurers

    Neftaly regulation of climate-aligned risk disclosures for banks and insurers

    🏦 Regulatory Framework for Climate Risk Disclosures

    1. Guidance Notices for Climate-Related Disclosures

    The PA has developed Guidance Notices to assist banks and insurers in aligning their climate-related disclosures with international standards, particularly the Task Force on Climate-related Financial Disclosures (TCFD). These notices emphasize the importance of governance, strategy, risk management, and metrics and targets in assessing and reporting climate-related risks. The PA’s feedback indicates a commitment to integrating these guidelines into the regulatory framework, with the aim of enhancing the financial sector’s resilience to climate risks. South African Reserve Bank+1sustainablefinanceinitiative.org.za+3insight.co.za+3Ceres: Sustainability is the bottom line+3

    2. Climate Risk Practices Observation Report

    The PA’s Climate Risk Practices Observation Report provides insights into the current state of climate risk management among South African financial institutions. The report highlights that while many institutions are adopting TCFD-aligned disclosures, there is a need for further development in areas such as scenario analysis and the integration of climate risks into strategic decision-making processes. This underscores the importance of continuous improvement in climate risk management practices. insight.co.za+1hub.climate-governance.org

    🌍 Global Context and Alignment

    South Africa’s regulatory approach aligns with global initiatives aimed at enhancing climate risk disclosures in the financial sector. International bodies, such as the European Central Bank and the Bank of England, have issued guidance emphasizing the need for financial institutions to assess and disclose climate-related risks comprehensively. These global standards influence the PA’s regulatory framework, ensuring that South African institutions remain competitive and resilient in the face of climate-related challenges. Financial Times+1

    🔍 Implications for Banks and Insurers

    • Enhanced Risk Management: Institutions are encouraged to integrate climate-related risks into their risk management frameworks, ensuring a proactive approach to potential climate impacts.OSFI
    • Increased Transparency: Adopting standardized disclosure practices improves transparency, enabling stakeholders to assess institutions’ climate risk exposures effectively.
    • Strategic Alignment: Aligning with international standards positions South African financial institutions favorably in the global market, attracting investment and fostering trust.

    📈 Moving Forward

    As the regulatory landscape evolves, banks and insurers in South Africa are expected to enhance their climate risk management and disclosure practices. The PA’s ongoing engagement with the financial sector aims to support institutions in developing robust strategies to address climate-related financial risks, thereby contributing to a more resilient and sustainable financial system.sustainablefinanceinitiative.org.za

  • Neftaly oversight of financial disclosures for just transition financing

    Neftaly oversight of financial disclosures for just transition financing

  • Neftaly regulation of accounting for ESG-linked compensation packages

    Neftaly regulation of accounting for ESG-linked compensation packages