Two financial regulatory authorities in Singapore have formed a sustainability reporting advisory committee to provide guidance on a roadmap for companies in the country.
According to The Straits Times, the Accounting and Corporate Regulatory Authority (ACRA) and the Singapore Exchange Regulation have formed the committee together.
The two authorities are developing a roadmap for wider implementation of sustainability reporting for Singapore companies beyond those listed on the local bourse.
Climate reporting will be mandatory for issuers in the financial, energy, food, forest and agriculture products industries from 2023. From 2024, this will be extended to listed companies in the materials and buildings and transportation industries.
The 13 members of the committee include chief sustainability officers, sustainability reporting professionals and academics, institutional and retail investors and representatives from financial institutions.
ACRA and SGX said in a statement, “As part of its work, the committee will provide inputs on the suitability of international sustainability reporting standards for implementation in Singapore.
“The growing interest in environment, social and governance (ESG) issues globally has led to a call to provide greater transparency and assurance on companies’ ESG-related information which investors and other stakeholders can incorporate into their decision-making.
The Singapore government recently published the Singapore Green Bond Framework, a framework for governance of sovereign green bond issuances.
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