New guide offers Singapore maritime firms framework for sustainability reporting

THE Maritime and Port Authority of Singapore (MPA) along with its partners, have launched the first sector-specific guide that will provide both listed and non-listed maritime companies with a practical framework, including best practices for creating a maritime sustainability report.

Other partners include the Singapore Exchange (SGX), Global Compact Network Singapore (GCNS), the Institute of Singapore Chartered Accountants (ISCA), and sustainability consultants from Ernst & Young LLP, KPMG, as well PwC Singapore.

"The need for the guide was spurred by industry feedback on the growing need for sustainability reporting guidelines, given that sustainability development practices bring various benefits to businesses," MPA, SGX and GCNS said in a joint press statement on Monday. 

The guide also features MPA's own sustainability reporting journey as a case study, including its internal sustainability initiatives through the years.

Quah Ley Hoon, chief executive of MPA, said the guide attests to MPA's efforts to champion sustainability reporting for the maritime industry, and serves as a platform to reach out to the maritime community on sustainability. She added that it is aligned with MPA's efforts to build a more sustainable future for Singapore and the region.

Loh Boon Chye, CEO of SGX, said: "SGX is pleased to support MPA in enabling higher-quality sustainability reports from maritime companies. Global investors are increasingly focused on how companies manage environmental, social and governance factors. The guide and the exchange's own initiatives on the sustainability front are efforts that will help elevate interest in Singapore-listed companies as a whole."

Goh Swee Chen, president of GCNS, added: "The salient value of the sustainability reporting process lies in its ability to ensure that organisations consider and disclose the impacts of their business practices, including consideration of longer-term opportunities and risks. 

"The maritime industry is a key driving force in Singapore's and the global economy, and has great potential to make waves as a front-runner in sustainable development. GCNS is delighted to co-create Singapore's first Maritime Sustainability Reporting Guide with MPA to steer businesses towards aligning strategies and operations with the United Nations' Sustainable Development Goals."

The Maritime Sustainability Reporting Guide can be downloaded at https://www.mpa.gov.sg/web/portal/home/media-centre/publications.