ESG snapshot: Recent developments of interest

SINGAPORE

New climate and board diversity disclosures recently introduced by the Singapore Exchange take effect this year. They include:

• New climate reporting requirements, which stipulate that issuers must provide climate reporting on a "comply or explain" basis in their sustainability reports, from the financial year (FY) 2022 onwards;
• New sustainability reporting requirements, which include issuers having to subject their sustainability reporting processes to internal review, and having to issue their sustainability reports together with their annual reports unless they have conducted external assurance;
• Enhanced board diversity requirements, such as issuers being required to set a board diversity policy that addresses gender, skill and experience, and other relevant aspects of diversity.

HONG KONG