Singapore Exchange (SGX) is launching from 20 February 2017 capability-building workshops to enable listed companies to produce their sustainability reports.
Mr Tan Boon Gin, Chief Regulatory Officer at SGX, said, “We are aware that sustainability reporting is new to most listed companies and that many are considering how to get started. Our workshops are designed to provide companies with the skills necessary to produce their first reports. We hope these workshops and the one-year transition period to produce the first report will help address companies’ feedback.”
Mandatory sustainability reporting on a “comply or explain” basis was introduced in June 2016 after a public consultation. An issuer has up to 12 months from the end of its financial year (FY) to produce its first report. Thereafter, the company must produce the report within five months of the FY-end. Sustainability reporting takes effect for any FY ending on or after 31 December 2017.
Supported by the Monetary Authority of Singapore (MAS), and organised by Global Compact Network Singapore (GCNS), the workshops will be conducted by a total of 11 consultants with expertise and experience in sustainability reporting. As many as 40 workshops will take place over a five-week period, with each workshop targeted at a particular sector.
The workshops are priced at $500 per participant. Each company can appoint up to two employees to attend a workshop relevant to their sector at an SGX-subsidised rate of $250, subject to a maximum of one workshop per participant. The subsidy is available for workshops taking place by 31 March 2017. Companies can sign up for the workshops at: www.sustainabilityreporting.sg. SGX has also launched a portal with resources on sustainability reporting at: www.sgx.com/sustainability.
“We encourage companies to keep reports simple and concise so investors can easily understand their non-financial risks and how they are managed. We expect the sustainability reporting journey to be an incremental one with gradual improvements over the next few years,” added Mr Tan.
Mr Leong Sing Chiong, Assistant Managing Director of the Development and International Group, MAS, said, “Sustainability reporting complements financial reporting by providing investors with insights into non-financial, yet material, factors which may affect the company’s long-term business strategies and performance. These workshops will equip listed companies with practical and relevant know-how on sustainability reporting.”
Please see quotes from GCNS and consultants in the Appendix overleaf.
