DPM Heng Swee Keat emphasizes the significance of sustainability reporting at the launch of the SGX Sustainability Reporting Review, highlighting the growing role of businesses in addressing global challenges
Deputy Prime Minister and Coordinating Minister for Economic Policies, Heng Swee Keat, delivered a speech at the launch of the SGX Sustainability Reporting Review on November 23, 2023. The event was attended by notable figures including Professor Tan Eng Chye, President of the National University of Singapore, and Mr. Tan Boon Gin, CEO of Singapore Exchange Regulation.
The Sustainability Reporting Review 2023 marks the third edition and is the first since SGX’s Listing Rules incorporated climate-related disclosures into sustainability reports. Heng Swee Keat commended the 99.6% of eligible listed companies in Singapore for timely releasing their sustainability reports, showcasing a strong commitment to addressing global sustainability and climate challenges.
The review evaluated sustainability reporting by over 530 listed companies, emphasizing its role in corporate governance. With climate change recognized as a defining challenge globally, Heng Swee Keat highlighted the importance of collective efforts from countries, governments, and businesses. Singapore, as a climate-vulnerable state, outlined its initiatives, including the Singapore Green Plan 2030 and the target of achieving net-zero emissions by 2050.
The Deputy Prime Minister underscored the role of sustainability reporting in measuring and disclosing progress. He announced the government’s commitment to lead by example, with the public sector aiming for net-zero emissions by 2045 and introducing environmental sustainability considerations into tender evaluations.
Heng Swee Keat encouraged corporate leaders to view sustainability reporting as a tool for competitive advantage, innovation, and talent retention. He emphasized its role in influencing investment decisions and promoting transparency in enterprises’ commitment to the green transition.
The review highlighted the progress of SGX-listed companies in sustainability reporting, particularly among small and medium-cap issuers. Corporate leaders were urged to balance profit and prosperity, aligning with the momentum for sustainability reporting in the years ahead.
In conclusion, Heng Swee Keat reiterated Singapore’s commitment to a greener and more sustainable future, urging collaboration between the government, private sector, and educational institutions. He expressed optimism about the review’s findings and the potential for collective advancement in Singapore’s sustainability journey.
Source – PMO
