University | Singapore University of Social Science (SUSS) |
Subject | MGMT317: Organizational Behavior |
MGMT317: Organizational Behavior Report, SUSS, Singapore Climate reporting will be mandatory for issuers in the financial, energy, agriculture, food, and forest products industries
Climate reporting will be mandatory for issuers in the financial, energy, agriculture, food, and forest products industries from the financial year commencing 2023, Singapore Exchange said on Wednesday.
Listed companies from the materials and buildings, and transportation industries would also be subject to mandatory reporting from their FY commencing 2024.
These sectors have been prioritized for mandatory climate reporting in subsequent years, even as all issuers must provide climate reporting on a “comply or explain” basis in their sustainability reports from their FY commencing 2022.
The requirements are under SGX’s roadmap for issuers to provide climate-related disclosures based on recommendations of the Task Force on Climate-related Financial Disclosures. It follows a public consultation that began in August on both sustainability reporting and board diversity disclosures which SGX said: “received broad support”.
“The market recognizes that climate reporting is important as the first step towards efforts to mitigate the effects of climate change. Decision-makers also want climate information when they allocate assets, extend financing and price risks,” said SGX Regulation (SGX RegCo) chief executive, Tan Boon Gin. “These factors make climate reporting most urgent for industries with the biggest impact.”
In its response to the consultation on Wednesday, SGX RegCo said the prioritization is based on the TCFD-identified industries that are most affected by climate change and the transition to a lower-carbon economy, which is in line with the view of most respondents.
Effective January next year, listed issuers would also need to subject their sustainability reporting processes to internal review by their internal audit function, and all directors also have to undergo a one-time training on sustainability.
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