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SGX to make sustainability reporting mandatory
Magnus Bocker, chief executive of SGX announces at the International Singapore Compact CSR Summit that companies listed on the SGX will soon have to comply with requirements for sustainability reporting. Image: Singapore Compact for CSR
Singapore-listed companies will have to publish sustainability reports
Singapore-listed companies will have to publish sustainability reports in the near future, announced SGX CEO Magnus Bocker, as the exchange embarks on a one-year exercise to study which guidelines to adopt.
In a move that will affect a large swathe of hotels and other companies in Singapore, local bourse Singapore Exchange (SGX) will be making it mandatory for all listed companies to publish sustainability reports.
Giving the keynote address at the annual International Singapore Compact CSR Summit on Friday, SGX chief executive Magnus Bocker said the exchange is embarking on a one year study to determine what guidelines should be adopted for these reports, which disclose a company’s economic, environmental and social impacts.
"Investors are more likely to sell companies that are not green, so while sustainability reporting is an opportunity for green companies to showcase their effort on a global stage, it is also a threat to companies that are not sustainable"
"Companies who had not yet taken up sustainability reporting often explained that they were waiting for the Exchange to "get serious and make the first move," said Bocker.
"We will take a leading role… and we will make it the rule," he told a 200-strong audience at the summit held at the Marina Bay Sands Expo & Convention Centre.
Junice Yeo, director of sustainability consultancy Corporate Citizenship’s Southeast Asia office, stressed that the year ahead would be crucial in shaping the corporate sustainability agenda among Singapore companies.
"Hopefully by the same time next year, SGX will have a clear set of guidelines and timeframe to help companies break through the glass ceiling of sustainability reporting," she told Eco-Business.
Bocker’s comments come as sustainability and corporate responsibility have been rising on the global agenda.
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