SGX RegCo workshops to help listcos in climate-related reporting
Singapore
THE Singapore Exchange Regulation (SGX RegCo) will organise a series of workshops to help listed companies prepare for climate reporting requirements.
In a news release on Friday (Mar 11), the bourse regulator said the workshops will be focused on the Task Force on Climate-related Financial Disclosures (TCFD) recommendations, and will allow attendees to learn how to identify climate-related risks, as well as the opportunities and processes to implement climate reporting.
The sectoral workshops will be conducted by sustainability professionals and coordinated by Global Compact Network Singapore (GCNS), the Singapore chapter of the United Nations Global Compact.
The first workshop is expected to be held in April, with subsequent workshops at regular intervals thereafter. The Singapore Exchange will also subsidise the workshop fees for the first 2 representatives from each listed company.
Climate disclosure rules were first announced in December last year after a public consultation. Under these rules, all listed companies must provide these disclosures on a a 'comply or explain' basis in their sustainability reports for the fiscal years starting on or after Jan 1 this year. Reports under the new rules are expected to be first published in 2023.
The disclosures will be mandatory for companies in the financial, agriculture, food and forest products, and energy industries from FY2023. Disclosures will be made mandatory for the materials and buildings and transportation industries from FY2024.
June Sim, head of listing compliance at SGX RegCo said: "Investors are seeking climate-aligned investments while banks and insurers are integrating climate risks into their decisions.
"We hope that our issuers will take advantage of these subsidised workshops to equip themselves to meet the informational demands of these stakeholders."
Esther Chang, executive director of GCNS, said: "As the Task Force on Climate-Related Financial Disclosures (TCFD) recommendations gain traction globally, it is imperative for companies to embed these recommendations on disclosing climate-related business opportunities and risks, for a smooth transition to a sustainable future."
