Sustainability Reporting

Our Specialists

Tay Woon Teck Partner
+65 6594 7803
wttay@RSMSingapore.sg
Sovann Giang Senior Director
Dennis Lee Director

In a rapidly evolving business landscape, shareholders and investors are looking beyond financials to assess long-term sustainability of corporate performance. Disclosing Corporate Social Responsibility information is a powerful means to boost investor confidence and demonstrate commitment to stakeholders.

 

SGX REQUIREMENTS ON SUSTAINABILITY REPORTING

On 20 June 2016, SGX issued a Sustainability Reporting Guide on a Comply or Explain basis. Starting from financial year ending on or after 31 December 2017, every listed issuer on SGX Mainboard and Catalist must issue a sustainability report at least once a year, no later than 5 months after the financial year end. First-time issuers have up to 12 months to publish their first report. The issuer is required to make its sustainability report available on SGXNet and company website.


The sustainability report must include 5 primary components. Issuers must state all items of non-compliance and give reasons for deviating from specified requirements.


5 Primary Components that Must Be Included in the Sustainability Report


1. Material ESG Factors   2. Policies, Practices and Performance
  • Identify material Economic, Social and Governance (ESG) factors
  • Include both the reasons for and the process of selection of the material ESG factors
  • Risk mapping and prioritisation of ESG factors
  • If corruption or diversity is not assessed to be a material ESG factor, the issuer is advised to state its policy and safeguards on its website.
 
  • Set out policies, practices and performance for each material ESG factor
  • Provide descriptive and quantitative information on each ESG factor
  • Performance in the context of previously disclosed targets

3. Targets   4. Reporting Framework   5. Board Statement
  • Set out targets for the forthcoming years for each material ESG factor
  • Short and long-term qualitative and quantitative targets
  • For the first year of reporting, issuer may provide only qualitative commitments if no quantitative targets
 
  • Select an appropriate framework for the industry and business model
  • State name and explain reasons for choosing the framework
  • Provide a description of extent of application of chosen framework
 
  • A statement of the Board on the Board having considered sustainability issues as part of its strategic formulation, determined the material ESG factors and overseen the management and monitoring of the material ESG factors.


SGX-SUGGESTED PHASED IMPLEMENTATION APPROACH


Primary Components   Year 1   Year 2   Year 3
Material ESG Factors   Addressed most critical factors   Review and reassess material factors   Review and reassess material factors
Policies, Practices & Performance  
  • Disclosure on Management approach (DMA)
  • No previous target
  • One metric per factor
  • Plans for improved reporting
 
  • Disclosure on Management approach (DMA)
  • More quantitative metrics and qualitative description per factor
  • Comparison against previously disclosed qualitative targets
 
  • Disclosure on Management approach (DMA)
  • Qualitative and quantitative description per factor
  • Comparison against previously disclosed qualitative and quantitative targets

Targets  
  • Qualitative commitments (if no quantitative targets)
 
  • Both short and long-term qualitative and some quantitative targets
 
  • Both short and long‒term qualitative and quantitative targets
  • Peer/Sector benchmarks
  • Targets linked to management performance incentives

Framework   GRI   GRI   GRI
Board Statement   Complied   Complied   Complied


GLOBALLY-RECOGNISED REPORTING USING THE GRI G4 GUIDELINES

  • G4 Guidelines offer two “in accordance” options – Core or Comprehensive
  • The 2 options determine the respective content that needs to be included in the sustainability report
  • Both options can be used by organisations of any type, size, sector or location
  • The options do not reflect the quality of the report or the performance of the organisation. They indicate the compliance level of the organisation’s sustainability report with the G4 Guidelines


General Standard Disclosure   Specific Standard Disclosure
  • Strategy and analysis
  • Organisational profile
  • Identified material aspects and boundaries
  • Stakeholder engagement
  • Report profile
  • Governance
  • Ethics and integrity

 
Core   Comprehensive
DMA for material aspects   DMA for material aspects
At least 1 indicator for each material aspect   All indicators for each material aspect
Specific standard disclosures for sector   Specific standard disclosures for sector
 
 
 


HOW WE HELP BUSINESSES STAY COMPLIANT

  • Drafting of sustainability report based on GRI G4 Guidelines and comply with SGX requirements
  • Facilitate workshops to help businesses identify, assess and prioritise ESG factors
  • Provide independent external assurance
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)