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Singapore Exchange Launches New Roadmap for Climate & Board Disclosures 

17th December 2021 | Singapore

Singapore Exchange (SGX) has launched a new roadmap for climate and board diversity disclosures.  Based on recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), all issuers must provide climate reporting on a ‘comply or explain’ basis in their sustainability reports from the financial year (FY) commencing 2022.  From FY 2023, climate reporting will subsequently be mandatory for issuers in the (i) financial, (ii) agriculture, food and forest products, and (iii) energy industries.  From FY 2024, mandatory reporting will also apply to (iv) materials and buildings, and (v) transportation.  For board diversity, issuers are to set a board diversity policy that addresses gender, skill and experience and must also describe the board diversity policy and details such as diversity targets, plans, timelines and progress in their annual reports.  The changes will be effective from 1st January 2022.

” Singapore Exchange Launches New Roadmap for Climate & Board Disclosures “

 


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Climate & Board Disclosures Effective 1 January 2022

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  • issuers to subject sustainability reporting processes to internal review
  • all directors to undergo a one-time training on sustainability
  • sustainability reports to be issued together with annual reports unless issuers have conducted external assurance; and
  • issuers to set a board diversity policy that addresses gender, skill and experience, and other relevant aspects of diversity. Issuers must also describe the board diversity policy and details such as diversity targets, plans, timelines and progress in their annual reports.
  • These requirements follow a public consultation on both sustainability reporting and board diversity disclosures which received broad support.

 

Tan Boon Gin, CEO of SGX RegCo:
CEO SGX RegCo, Tan Boon Gin

“The market recognises that climate reporting is important as a 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. These factors make climate reporting most urgent for industries with the biggest impact.

We are also mandating specific disclosures around board diversity. Recent uncertainties have posed financial and governance challenges for boards. Having a broad set of perspectives will better enable companies to anticipate and face these challenges. It is therefore crucial that boards are diverse and have the necessary skill and experience to deal with the complexities of today’s operating environment”

 

ESG

A separate public consultation on 27 proposed core ESG metrics and a portal for issuers to input ESG data also received strong market support. Though not mandated, the metrics will be a starting point for what companies can disclose in their sustainability reports. Issuers should still conduct a materiality assessment to ensure the relevance and completeness of their reported metrics.  Respondents noted that an ESG data portal will not only make information more accessible and comparable but will also save costs, make data more transparent, and simplify decision-making for investors.  SGX expects the portal to house ESG information beyond the core ESG metrics. Information recorded in the portal may include material ESG factors, commentaries and explanations for reported metrics, and discussions on strategies, processes, board statements and targets relating to ESG matters.

SGX’s responses to the feedback received on the two public consultations can be found here.

 

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