Foreword 3

Abbreviations and acronyms 6

Executive summary 7

1 The state’s role as owner in advancing sustainability 9

1.1. SOE landscape 10

1.2. Integrating sustainability into the ownership framework 13

References 31

Notes 33

2 The role of boards in steering sustainability in SOEs 35

2.1. Role of SOE boards in setting and overseeing sustainability policies 36

2.2. Board composition and competencies 41

2.3. Integrating sustainability considerations at the company level 43

References 45

3 Sustainability reporting and disclosure 47

3.1. Sustainability reporting and disclosure frameworks 48

3.2. Sustainability in aggregate reporting 61

References 62

Notes 64

4 Responsible business conduct and stakeholder relations 65

4.1. Government commitment to RBC instruments 66

4.2. Integration of risk-based due diligence in SOE strategy and operations 68

4.3. Stakeholder engagement, access to remedy and whistleblower protections 71

References 75

Notes 77