SUSTAINABILITY MANAGEMENT & REPORTING
In 2017, the Singapore Exchange (SGX) embarked on the road to regulate sustainability (environmental, social and governance (ESG) reporting by public-listed companies. Since then, the Singapore regulatory landscape for sustainability reporting has evolved rapidly to say the least.
Climate reporting aligned with Task Force on Climate-related Financial Disclosures (TCFD) commences from 1 January 2022 (FY2022). SGX-listed companies are also required to subject their ESG reports to internal review in FY2022. Furthermore, large private companies (annual revenues of S$100 Million to S$1 Billion) are to commence issuing their ESG reports in FY2026.
ESG reporting and audit standards, and as well as auditor competency requirements are on a clear upward trend in Singapore. Mandatory audits for public companies will include Scope 1 and 2 Greenhouse gas disclosures starting in FY2027.