---
title: Global Alliance of Impact Lawyers (GAIL)
description: The Global Alliance of Impact Lawyers (GAIL) is a community of legal leaders who are using the practice of law to have a positive impact on people and the planet, and to accelerate the just transition.
image: https://gailnet.org/wp-content/uploads/2026/06/Landscape-banner.png
---

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[GAIL Special Project](https://gailnet.org/category/policy/gail-special-project/), [Policy](https://gailnet.org/category/policy/)

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## [True & Fair](https://gailnet.org/true-fair/)

## Insights

![](https://gailnet.org/wp-content/uploads/2026/06/Landscape-banner.png)

[GAIL Special Project](https://gailnet.org/category/policy/gail-special-project/), [Policy](https://gailnet.org/category/policy/)

## True & Fair

June 22, 2026

[Asia Pacific](https://gailnet.org/region/asia-pacific/), [Europe](https://gailnet.org/region/europe/), [Global](https://gailnet.org/region/global/), [United Kingdom](https://gailnet.org/region/united-kingdom/)

**New legal research confirms the true and fair requirement extends across Asia-Pacific**

[**Read the research**](https://static1.squarespace.com/static/60dc51e3c58aef413ae5c975/t/6a327b13c4e440141903288a/1781693203629/T%26F+Integrated+APAC+Research+-+branded.pdf)

GAIL has partnered with Social Value International (SVI), through its flagship campaign the True & Fair Project, to publish new legal research examining how the “true and fair” requirement — a long-standing feature of company law — operates across five jurisdictions in the Asia-Pacific region.

The research, produced by nine lawyers from GAIL’s APAC regional network, finds that in four of the five jurisdictions, this requirement functions as a substantive legal obligation – one that sits above and alongside accounting standards. Where sustainability-related risks and impacts are financially material, the research confirms they are relevant to whether a company’s financial statements give a true and fair view.

Lawyers in **Australia, Japan, Hong Kong, Malaysia, and Singapore** examined how “true and fair” (or equivalent legal concepts) appear in their jurisdictions. We are grateful to the following nine lawyers for their rigorous and detailed analysis:

- Joseph Chun, Sherman Ho, and Walter Yeo (Singapore)
- Michael Ryland, Jon Cheung, and Allison Strickland (Australia)
- Vivien Teu (Hong Kong)
- Sotaro Hotta (Japan)
- Farez Jinnah (Malaysia)

The research in each jurisdiction answers five key questions:

- Where does the duty sit in law?
- How is it interpreted in practice?
- Are there comparable concepts or overrides of accounting standards?
- Which authorities provide guidance?
- How might it extend to sustainability and non-financial reporting?

The research builds on a 2024 UK legal opinion and subsequent research covering EU jurisdictions, extending a growing global picture of how existing law already invites directors to consider the full costs of doing business.

[**Read the research**](https://static1.squarespace.com/static/60dc51e3c58aef413ae5c975/t/6a327b13c4e440141903288a/1781693203629/T%26F+Integrated+APAC+Research+-+branded.pdf)

![](https://gailnet.org/wp-content/uploads/2023/02/resized-Social-Value-International-Logo-1-1024x262.png)

![](https://gailnet.org/wp-content/uploads/2025/02/SVI_TF_Logo_-ColourOnDark1-1024x256.png)

## Topics

[Climate and Environment](https://gailnet.org/topic/climate-and-environment/), [Legislation and Regulation](https://gailnet.org/topic/legislation-and-regulation/)

## Author

- [![](https://gailnet.org/wp-content/uploads/2022/06/Keya-profile-picture-380x380.jpg)](https://gailnet.org/people/keya-advani/) ## [Keya Advani](https://gailnet.org/people/keya-advani/) [See more →  
  : Keya Advani](https://gailnet.org/people/keya-advani/)

[<mark>←</mark> Back to all Insights](https://gail.staging-001.dev/insights/)

## Related Insights

- [![Scaling True \& Fair](https://gailnet.org/wp-content/uploads/2022/07/Job-post-image_050722.png)](https://gailnet.org/scaling-true-fair/) [GAIL Special Project](https://gailnet.org/category/policy/gail-special-project/), [Policy](https://gailnet.org/category/policy/) ## [Scaling True & Fair](https://gailnet.org/scaling-true-fair/)September 17, 2025 Keya Advani

  SVI’s True & Fair Project has released a research paper examining how the “true and fair” requirement in EU law is interpreted in Italy, the Netherlands, France and Spain, and what it means for directors, auditors and investors as sustainability issues become increasingly material.

  [See More →](https://gailnet.org/scaling-true-fair/)
- [![New Research on True and Fair in the EU](https://gailnet.org/wp-content/uploads/2025/09/1756797416629.jpg)](https://gailnet.org/new-research-on-true-and-fair-in-the-eu/) [Article](https://gailnet.org/category/article/) ## [New Research on True and Fair in the EU](https://gailnet.org/new-research-on-true-and-fair-in-the-eu/)September 16, 2025 Social Value International

  SVI’s True & Fair Project has released a research paper examining how the “true and fair” requirement in EU law is interpreted in Italy, the Netherlands, France and Spain, and what it means for directors, auditors and investors as sustainability issues become increasingly material.

  [See More →](https://gailnet.org/new-research-on-true-and-fair-in-the-eu/)
- [![True \& Fair Project:](https://gailnet.org/wp-content/uploads/2025/02/UK-guide-banner-landscape.png)](https://gailnet.org/true-fair-project/) [Article](https://gailnet.org/category/article/) ## [True & Fair Project:](https://gailnet.org/true-fair-project/)February 13, 2025 Social Value International

  The True & Fair Project has released a new guide to assist UK company directors who recognise the importance of incorporating sustainability-related information into their financial statements to ensure a true and fair view.

  [See More →](https://gailnet.org/true-fair-project/)

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