The COVID-19 pandemic has amplified the demand for businesses to address complex supply chains and become more transparent, given the growing focus on their response to the crisis, according to AmBank Research’s chief economist, Anthony Dass.

He said there is a growing environmental, political and social pressures for a more sustainable and responsible path towards development, as organisations are expected not only to apply socially responsible practices but also to become responsible business leaders.

“In short, it is all about bringing renewed attention to the importance of corporate transparency on sustainability issues,” Dass said in a report.

He said the emphasis is on board composition and quality, environmental risks and opportunities, corporate strategy and capital allocation, compensation that promotes long-term growth, and human capital management.

The head economist argued that it is time to re-examine business models as they should focus on “sustainability” which then looks at resilience, reforms and reimagination.

He pointed out that there is a need for companies to understand their response now and how they should respond in the future, and that there is a need for consistency and completeness besides accountability, which will help provide sustainability against shocks.

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