CDP, the international environmental disclosure platform, has announced plans to separate into two independent but closely aligned entities. The first, CDP, will operate as a commercial organisation supported by global investment firm Permira and will continue providing environmental disclosure, data, and reporting services to businesses worldwide. The second, CDP Foundation, will function as a charitable organisation responsible for guiding disclosure principles based on the latest environmental science.

Although operating independently, both organisations will share a common objective: generating critical environmental information that supports decisions benefiting the planet and future generations.

Over the past 25 years, CDP has played a significant role in advancing environmental disclosure from a niche practice to a key component of corporate and investment decision-making. In response to growing environmental challenges and increasing market expectations, the new structure is designed to strengthen science-based disclosure while enabling greater investment in technology, data capabilities, and user experience.

For companies, investors, and other stakeholders that rely on CDP data, the change is expected to enhance access to tools, analytics, and insights that support risk assessment, resilience planning, and sustainability strategies.

Under the new arrangement, the CDP Foundation will retain a shareholding in CDP and representation on its board. The Foundation will focus on translating emerging scientific research into practical disclosure frameworks and will help shape the future development of CDP's questionnaires. Meanwhile, CDP will concentrate on operating and expanding the world's most comprehensive environmental disclosure system, generating information that supports sustainable economic development.

The Foundation will also work to incorporate cutting-edge environmental indicators aligned with planetary health, ensuring that disclosure practices remain ambitious and impactful. This approach will allow the Foundation to focus on environmental priorities while leveraging CDP's extensive disclosure infrastructure to drive change.

By establishing two complementary organisations, CDP aims to preserve its mission-driven and innovative approach while enabling each entity to pursue its distinct role more effectively. Both organisations will continue to use environmental data to support informed decision-making, while the Foundation advances its charitable objectives.

CDP confirmed that its existing products, services, and the 2026 disclosure cycle will continue without disruption throughout the transition period.

Sherry Madera, Chief Executive Officer of CDP, described the move as a significant milestone in the organisation's evolution. She stated that the new structure would strengthen science-based disclosure efforts and enable greater use of technology to improve the reporting experience for participants. Madera emphasised that CDP and the CDP Foundation would remain united in their mission to generate meaningful insights that support an Earth-positive economy, while the partnership with Permira would help expand the value delivered to companies, financial institutions, and other data users.

Katherine Garrett-Cox, Chair of the CDP Board of Trustees, highlighted that innovation and science have always been central to CDP's work. She noted that the new model would strengthen the role of CDP's data in promoting sustainable markets, driving positive environmental outcomes, and safeguarding future generations.

Permira brings extensive experience in supporting data-driven organisations through growth and transformation. The investment firm intends to support CDP through increased investment in talent, technology, and product development.

The partnership will allow the CDP Foundation to remain a shareholder in CDP while helping the commercial organisation enhance its services for corporate and financial-sector users worldwide. The goal is to improve both the disclosure process and the quality of environmental insights available to decision-makers.

Sustainability has long been a focus area for Permira, which has established a dedicated Energy Transition investment strategy aimed at supporting businesses that contribute to the transition toward a more sustainable economy through technology, data, and service platforms.

Anish Patel, Partner and Co-Head of Energy Transition, and Gabriel Andrews, Managing Director – Energy Transition at Permira, noted that as environmental risks increasingly influence supply chains and investment decisions, reliable environmental data has become essential. They described CDP as a critical provider of such information and stated that the partnership would strengthen CDP's ability to support informed environmental decision-making on a global scale while also supporting the Foundation's ongoing mission. They further highlighted Permira's experience in helping organisations expand their reach and impact and expressed enthusiasm about supporting CDP's next phase of development.

Legal advice for the transaction was provided by Bates Wells and Baker & McKenzie LLP on behalf of CDP, CDP North America, and CDP Japan. Financial advisory services were provided by Rothschild & Co and Alvarez & Marsal.

The transaction remains subject to regulatory approvals, including approval from the Charity Commission, as well as the fulfilment of customary closing conditions. Completion is expected within the next six months.

Small Businesses in a Digital World: Opportunities, Challenges, and Cybersecurity
Today, small businesses are anything but small in their impact. They have long been the backbone of the global economy, and with the rise of digital technology, they are expanding beyond local communities into international markets.

However, this increased digital presence comes with both opportunities and risks. Many small business owners, who once believed they were not targets for cybercriminals, are now facing the harsh reality of cyber threats firsthand.

A soon-to-be-released Mastercard survey of over 5,000 small and medium-sized business (SMB) owners across four continents found that 46% have been victims of cyberattacks. Alarmingly, nearly one in five of those affected were forced to shut down or file for bankruptcy following an attack.

The most common types of cyber threats—hacking, malware, and phishing—inflict significant financial damage. Business operations slow down, revenue is impacted, and reputational harm can last long after the breach. In fact, 80% of affected business owners reported needing to rebuild trust with customers and partners post-attack.

Recognizing the growing risks, cybersecurity is now a top priority for small businesses. According to the survey, 86% of SMBs have conducted cybersecurity risk assessments and implemented security plans. However, only 23% feel highly satisfied with their preparedness, and an equal percentage feel confident in detecting threats. In other words, many business owners recognize the gaps in their knowledge.

Unfortunately, cybercriminals are well aware of these vulnerabilities. With limited budgets and resources, small business owners often juggle multiple roles—including managing their own IT security. One of the biggest challenges they face is ensuring employees take cybersecurity seriously. According to the survey, 73% of business owners struggle to get staff to follow best practices, and only a quarter are confident in their ability to educate employees on cybersecurity.

To strengthen their defenses, small businesses need support. That’s why Mastercard is committed to helping them securely manage payments, access funding, and embrace digital tools while protecting themselves from cyber threats. Since 2020, we’ve helped integrate over 50 million small businesses into the digital economy—but trust is what keeps them there.

As part of our commitment, we are collaborating with cybersecurity experts and investing in solutions that simplify security while enhancing protection. For instance, our My Cyber Risk tool adapts the RiskRecon vulnerability scanner to help small businesses identify and address security threats on their websites and apps.

Additionally, the Mastercard Business Builder program, launched in February, provides credit and debit cards designed specifically for small businesses, bundled with cybersecurity services to safeguard against fraud. One key feature, ID Theft Protection, offers monitoring, alerts, and resolution support to defend against identity fraud.

While identity theft is often associated with individuals, businesses are also at risk. Fraudsters can misuse business credentials to apply for loans, file fraudulent tax returns, or even claim ownership of intellectual property. To combat this, Mastercard is leveraging open finance tools to verify account ownership, authenticate users, and secure financial transactions.

We are also expanding cybersecurity solutions through strategic partnerships. By teaming up with global cyber firm VikingCloud, we combine Mastercard’s advanced risk evaluation tools with VikingCloud’s remediation solutions, benefiting millions of merchants worldwide. Similarly, our partnership with CyberMonks offers a marketplace where businesses can easily find and implement customized cybersecurity strategies.

As technology advances and cyber threats evolve, continuous education is essential. The Mastercard Trust Center provides small business owners with free access to cybersecurity research, tools, and training, developed in collaboration with the Global Cyber Alliance, Cyber Readiness Institute, and National Cybersecurity Alliance.

By working together, we can create a safer digital environment for small businesses. After all, security isn’t just about defense—it’s about fostering trust and enabling growth. With the right protections in place, small businesses can operate with confidence and seize new opportunities without fear.