CCLI, ClientEarth and Institute of Corporate Directors Unveil Landmark Legal Opinion To Redefine Directors’ Duties on Nature Risks in the Philippines
Manila, 31 March 2026 - The Commonwealth Climate and Law Initiative (CCLI) has released a flagship legal opinion on nature- and climate-related duties for Philippine directors. The report was produced in partnership with global environmental law charity ClientEarth and the Institute of Corporate Directors (ICD).
This landmark opinion piece, “Nature-related risks & opportunities, and the duties of company directors under Philippine law,” will also lead to the convening of the Philippines’ foremost board directors, senior regulators, government representatives, alongside legal, governance and sustainability professionals at Fairmont Makati, Manila – including high-level officials from the Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE), which will be held on 14 April.
The launch of the legal opinion underscores how evolving legal obligations are fundamentally reshaping board-level responsibilities and sustainability disclosure, as the Philippines continues to bolster its corporate transparency and advance wider climate ambitions.
Strengthening Board Governance Through Legal Clarity
Commissioned by CCLI, the legal opinion provides an analysis on board directors’ duties surrounding nature and climate related risks and obligations, which also includes considerations for Indigenous Peoples. Latest findings stressed the need for directors to integrate these nature-related risks into board-level risk assessment and strategic planning. These will not only ensure compliance with the Philippines’ evolving regulatory expectation – but also strengthen the country’s alignment with global best practices, while helping board directors safeguard long-term business value and interests.
Natalie Shippen of the Commonwealth Climate and Law Initiative (CCLI), remarked, “This legal opinion makes clear that nature-related risks are not optional considerations for directors. They are core to fulfilling directors’ duties under Philippine law. By integrating these risks and opportunities into decision-making, boards can strengthen resilience, support long-term value creation and ensure alignment with emerging legal and regulatory expectations.”
Charting the Way Forward
In essence, this legal opinion further acts as a coordinated call to action for Philippine boards to adopt legally sound, environmentally responsible practices, especially where rigorous sustainability disclosure and climate-aligned risk assessment are concerned. By embedding nature-related considerations into fundamental governance frameworks, directors can strengthen risk management, attract sustainable investment, and contribute to the national and global climate goals at large.
Racle Rodriguez, ClientEarth’s Philippines-based Lawyer for Resources, Energy, Mobility (REM), Japan and Southeast Asia commented, "Nature-related risks are not abstract - they can translate into material financial, operational, legal and reputational risks for companies. Where business activities affect ecosystems and the Indigenous Peoples and local communities who depend on them, these impacts can disrupt supply chains, expose companies to regulatory and legal challenges and undermine their social license to operate. Boards should therefore ensure that nature-related risks are properly identified and managed as part of their duty to promote the company's long-term value and resilience."
Through launching this landmark legal opinion to clarify directors’ duties with respect to nature-related risks and opportunities, the Commonwealth Climate and Law Initiative, ClientEarth, and the Institute of Corporate Directors are redefining the decisive role of law in guiding board-level governance toward resilience and holistic responsibility – while positioning the Philippines as a regional leader in systemically integrating nature and climate consideration into corporate decision-making.
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Notes to Editors: This legal opinion was commissioned by CCLI and authored by Cesar L. Villanueva, Lily K. Gruba, Angelo Patrick F. Advincula and Joyce Anne C. Wong.
It covers legislative and regulatory updates in the Philippines. The legal opinion is provided for general informational and educational purposes only and does not constitute legal advice. The content reflects the law as of 31 March 2026, unless otherwise stated.
About CCLI: The Commonwealth Climate and Law Initiative (CCLI) is an independent non-profit that connects climate science and economics with existing law to clarify what corporate and investment governance requires in practice. Founded by the University of Oxford’s Smith School of Enterprise and the Environment, ClientEarth, and Accounting for Sustainability, CCLI brings together academia, lawyers, industry, and civil society in a uniquely multidisciplinary collaboration.
Through rigorous legal research and practical tools, CCLI examines the legal duties of directors, officers, trustees and investor fiduciaries – across more than 34 jurisdictions – to consider, manage, and report on climate change and nature-related risks, opportunities and impacts, and the circumstances in which there may be liability for failing to do so. Working with over 100 independent legal experts worldwide, CCLI builds an authoritative evidence base on the requirements of company and trust law as it relates to the climate and nature crises, and translates that analysis into guides and resources that enable effective, sustainable governance.
About ClientEarth: ClientEarth is a non-profit environmental organisation that uses the law to create systemic change that protects the Earth for — and with — its inhabitants. We are tackling climate change, protecting nature and stopping pollution, with partners and citizens around the globe. In Asia, we work with the private sector, civil society and government regulators to support the net zero transition through capacity building and legal analysis on topical issues including climate change, sustainability and the environment. From our offices in Asia, Europe and the USA, we help build a future for our planet in which people and nature can thrive together.
About ICD: The Institute Corporate Directors (ICD) is a non-stock, not-for-profit organization dedicated to professionalizing corporate directorship and raising the corporate governance standards of the Philippines.
It is the leading institution in the field of corporate governance in the Philippines, composed of over 600 professional directors practicing ethical governance and is the officially designated Domestic Ranking Body for the ASEAN Corporate Governance Scorecard (ACGS). Our organization is part of the Centers for Excellence in Governance (CEG) and holds accreditation from the Securities and Exchange Commission (SEC), the Insurance Commission (IC), the Bangko Sentral ng Pilipinas (BSP), the Anti-Money Laundering Council (AMLC), and the Governance Commission for GOCCs (GCG).
ICD was established in 1999 in the aftermath of the Asian Financial Crisis by Chairman Emeritus Dr. Jesus P. Estanislao.
For media enquiries, please contact:
ICD
Sora Magno
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Email : smagno@icd.ph
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CCLI
Mathilda Rouze
Communications Paralegal
Email: mathilda.rouze@commonwealthclimatelaw.org
Mobile: +447472344662
ClientEarth
Damon Yong
Asia Communications Manager
Email : dyong@clientearth.org
Mobile : +6596817776