As of 12 May 2015, 50% of top 30 companies in Singapore by market capitalisation, which forms the Straits Times Index, produce sustainability reports in accordance with Global Reporting Initiative (GRI). GRI is the most established sustainability reporting guideline internationally, and is cited as a recommended guideline in the Guide to Sustainability Reporting issued by Singapore Exchange (SGX).
There has been a steady rise in the number of organisations that produce GRI-level sustainability reports in Singapore, from only 3 in 2008 to 35 by 2014. New GRI reporters in 2014 include ST Engineering, Thai Beverage PLC and CapitaCommercial Trust. Numbers are expected to rise rapidly as SGX takes steps to implement a comply-or-explain sustainability reporting regime.
SGX is targeting implementation of comply-or-explain sustainability reporting for financial year 2017. SGX will be engaging listed companies, institutional investors, sustainability professionals and the public on legislating a comply-or-explain sustainability reporting regime in 2015 (see details in SGX’s announcement).
Paia Consulting is a specialist sustainability consultancy based in Singapore.