How are Singaporean Companies Disclosing on the SDGs in 2020

How are Singaporean Companies Disclosing on the SDGs in 2020?

Research by Paia, November 2020

The SDGs (or Sustainable Development Goals) are 17 goals containing 169 targets that all countries (including Singapore) have signed up to meet by 2030 to address inequality, hunger and tackle climate change (amongst other things).

To achieve the goals, the private sector undoubtedly needs to play a significant part. Just like other ESG endeavors, private sector contribution to the SDGs represent a huge business opportunity.

In Asia alone, business leaders can unlock an estimated US$5 trillion and generate 230 million jobs, by pursuing strategies aligned with the Global Goals[1].

Globally, there are economic opportunities across 60 “hot spots” that are worth up to US$12 trillion, with a potential to create 380 million jobs by 2030.

Through our independent research, Paia has taken a look at how the top 100 SGX-listed companies are performing against the SDGs, and identified where more action is needed.


SD Whats?

In 2015, the United Nations set an agenda to address global environmental, social, and economic challenges such as social and economic inequalities, hunger, environmental degradation, and climate change.

17 ‘Sustainable Development Goals’ (SDGs) were agreed by all countries – with each country developing specific plans to address each goal (and the associated targets) based on their stage of economic development.

These 17 goals supersede the 8 Millennium Development Goals identified in 2000 to tackle global poverty.


Our approach

It has been 5 years since the goals were agreed. How well are Singaporean companies doing in incorporating these goals into their company’s strategic sustainability initiatives as well as their day to day business?

To answer this question, we examined the annual or sustainability reports of the top 100 Singaporean companies listed on the Singapore Exchange (SGX) (by market cap, as of April 2020) to see if they were reporting on their contribution to the SDGs, and if so how well?


How are Singaporean companies doing?

We found that 57 out of the 100 top SGX listed companies incorporated SDGs into their sustainability or annual reports (Figure 1). This is a 23% increase from last year, where only 34 out of 100 top SGX-listed companies (as of early 2019) reported on the SDGs.

Companies were considered to have identified the SDGs if they have mentioned specific Goals the company can and/or is able to contribute to through their operations/business activities.

Proportion of top 100 SGX companies reporting on SDGs

Figure 1


The three SDGs which featured most consistently in the 57 companies reporting include:

  1. Decent Work and Economic Growth (SDG 8),
  2. Climate Action (SDG 13); and,
  3. Good Health and Wellbeing (SDG 3)

Last year, interestingly, the top three SDGs reported on were, SDG8, SDG12 and SDG 13 – holistically covering economic, environment and social aspects. Particularly, the increased focus and alignment with SDG 3 is timely as companies and the world attempts to recover from a global pandemic. Going forward, we can expect greater alignment to climate action as Singapore increasingly positions itself as a global hub for low carbon solutions and climate finance.

Figure 2 below shows the number of times each of the 17 SDGs were referenced by the 57 companies who incorporate SDG information in their sustainability/ annual report.

SDGs Identified by Top 100 SGX Companies

Figure 2

What can we conclude?

There is definitely improvement from previous years on SDG reporting. With less than half of the top 100 SGX-listed companies reporting in 2019, to there being close to 60% of companies reporting on the Goals this year.

Incorporating SDG related activities into company reporting is voluntary. The fact that 57% of the top SGX companies mentioned the SDGs is commendable.

Companies also reported they were working on initiatives aligned with the SDGs, even if they did not mention these initiatives explicitly. Many companies also stated they intend to incorporate SDGs into their future reports.

However, Singapore companies could do well to better align to Goal-specific targets, such as the 13 targets for Goal 3, listed in Figure 3. Each target under the SDGs also contain various indicators that might be helpful for companies and organisations to include in their reporting, or have strategic oversight for.

Targets of Sustainable Development Goal 3 to ensure healthy lives and promote well-being for all at all ages

Figure 3. Targets of Sustainable Development Goal 3 to ensure healthy lives and promote well-being for all at all ages, WHO


Final Thoughts

As the COVID-19 pandemic continues to impact lives and livelihoods, many of noted the impact of the health, social and economic crises on the progress towards achieving the SDGs. This makes urgent action ever more necessary.

With less than 10 years left to achieve the Global Goals, businesses will need to work alongside government and civil society counterparts to pursue a Decade of Action towards 2030, through a collaborative approach.

[1] Better Business, Better World: Asia report (June 2017) by the Business & Sustainable Development Commission (BSDC)

hygiene and impact factos sustainability reporting

Beyond basics: Hygiene & impact factors in sustainability reports

The last decade saw a remarkable increase of interest in companies’ sustainability or environmental, social and governance (ESG) performance by investors, regulators, and consumers.  The charts below show the increasing demand from investors and regulators alike for companies to report on their ESG issues.

UN PRI Signatories growth

Number of signatories to the UN Principle of Responsible Investment (UN PRI).  Image from UN PRI

10 year progress on exchanges ESG requirements

Image from 10 Years of Impact and Progress, SSE (2019)


When the impacts of the pandemic first made waves through the global economy, many questioned if the momentum for sustainability will be put to a halt as societies and economies move into crisis survival mode and focus on rebuilding economies. However, with COVID-19 dubbed a “stress-test” on business resilience, ESG and sustainability practices have become evermore crucial for companies to manage their non-financial risks. BlackRock also noted that sustainable funds have been able to weather the pandemic storm and financial returns outperformed peers in the first quarter of 2020. Specifically, global sustainable mutual funds and ETFs had inflows of $40.5 billion in the first quarter, up 41% from the same year-earlier period[1].

“These inflows during a period of extraordinary market drawdown suggests a persistence in investor preferences toward sustainability,” BlackRock said. “They upend an oft-cited concern pre-Covid crisis that during sharp market downturns, investors will de-prioritize sustainability.”

Even in such extraordinary times, ESG issues and sustainability has proven yet again to be here to stay.

As sustainability / ESG reporting evolves and is now more mainstream than ever before, how can companies take this opportunity to go beyond ticking boxes, meeting regulatory requirements, and on to creating more meaningful impact?

Based on several reports and upcoming trends, we have identified disclosures that companies today should be reporting on (Hygiene Factors), and other metrics that shows a company is creating wider impact (Impact Factors).

Hygiene Factors (“must-haves”)

The International Business Council (IBC) along with the World Economic Forum (WEF) launched an initiative to “identify a core set of material ESG metrics and recommended disclosures that could be reflected in the mainstream annual reports of companies on a consistent basis across industry sectors and countries”. In January 2020, WEF prepared a report[2] proposing a set of 22 well-established, quantitative core metrics and reporting requirements. These factors were defined as “core” based on information currently popularly being reported on or information which should be easily obtainable by companies.

Core Metrics for Sustainability Reporting_Adapted from WEF

Adapted from Toward Common Metrics and Consistent Reporting of Sustainable Value Creation, WEF (2020)

The metrics and disclosures proposed here have been organized in four pillars that are aligned with the SDGs and principal ESG domains: Principles of governance, Planet, People and Prosperity. They are drawn wherever possible from existing standards and disclosures (such as the Global Reporting Initiative, Sustainability Accounting Standards Board, Task Force on Climaterelated Financial Disclosures etc.)

More details on the 22 metrics can be expected by the end of 2020.

In Singapore, the top 10 most disclosed Material ESG Factors by listed issuers also mirrors the 22 metrics proposed by the WEF[3].

Top 10 Material Issues Disclosed in Singapore

Image from Sustainability Reporting – Progress and Challenges, SGX & CGIO (2019)

Globally, these are the top material issues reported on by member companies of the World Business Council for Sustainable Development (WBCSD)[4].

Priority material issues of WBCSD companiesImage from Reporting matters, WBCSD (2019)


From the observations above, robust disclosures on issues such as good governance and ethics, climate change management (TCFD-aligned), ecosystem impacts, employee health, safety and wellbeing, and an organisations’ wider contributions to community/social development have become common practice. As investors and regulators increasingly look for comparability between companies and as quality of reports improve, basic disclosures on these “hygiene factors” will be expected of companies within their reports.

Additionally, in the COVID-era, we can also expect increased focus on social disclosures, particularly on expansion of employee workplace safety.

Impact Factors

Besides these “must-have” factors, there are other issues organisations can look at within their sustainability strategy to strengthen impact. These Impact Factors may not necessarily be separate material topics. In most cases, these are a strengthening of disclosures around similar material issues.

In the same report by the WEF, further 30 “Expanded Metrics” were proposed[5]. These metrics have “wider value chain scope or convey impact in a more sophisticated or tangible way, such as in monetary terms. They represent a more advanced way of measuring and communicating sustainable value creation, and companies are encouraged to report against them as well, when material and appropriate.”

Some notable metrics and disclosures include,

Extended Metrics for Sustainability Reporting_Adapted from WEFAdapted from Toward Common Metrics and Consistent Reporting of Sustainable Value Creation, WEF (2020)

For the full list of “Expanded metrics”, please see refer to the report.

Other key disclosures could stem from emerging trends in sustainability, particularly in the expected role of business within these trends. These include technology breakthroughs for climate mitigation, inevitable climate change adaptation, circular solutions, sustainable consumption, supply chain transparency and sustainability, biodiversity protection, and sustainable finance[6], among others.


Ultimately, what defines leadership is not reporting on a large laundry-list of material factors, but rather, in doing it well. Many reports, publications and studies[7],[8],[9],[10] have emphasised the importance of key principles and aspects of best-practice sustainability reporting. They include clearly stating the purpose of the organisation, defining material issues from stakeholder engagement and operating context, balanced reporting, strengthening alignment with global reporting and sustainability frameworks (GRI, SASB, TCFD, SBT, SDGs etc.), articulation of board responsibility, and integrating ESG risks and opportunities within the wider business model. Paia specailises in applying these principles to individual client circumstances, and working with clients to produce leading edge reports with impact.


Paia has a long track record of helping companies with their sustainability strategy and reporting. Do take a look at our areas of expertise here, or reach out to us if your organisation is looking for support on your sustainability journey.













The Future of Sustainability Reporting for the Healthcare Sector

By Cheryl Lee

The COVID-19 pandemic has thrust healthcare systems and the healthcare industry into the global spotlight in recent months, as governments raced to conduct mass testing and secure isolation facilities, while healthcare systems creaked under the strain of a dramatically increased patient load, exacerbated by the shortage of healthcare workers and equipment.

If there is one thing the pandemic has taught us, it is that healthcare systems must be resilient, especially in times of crisis. As summarised by the World Health Organisation (WHO), “For health systems to be resilient, they require quality health services that are delivered prior to, maintained during, and improved upon following an emergency.”[1] WHO places the promotion of health and well-being, which includes creating resilient healthcare systems, at the centre of the 2030 agenda of the United Nations’ (UN) Sustainable Development Goals (SDGs).[2]

Health and well-being have clear links to each of the 17 SDGs:

Source: WHO, 2016

Public and private healthcare organisations play essential roles in building a resilient healthcare system. To effectively play their roles, healthcare organisations need to be clear on their corporate purpose, mission and strategy, and communicate these well to align internal and external stakeholders, who can then better support the organisation in the delivery of its mission and strategy. For publicly listed companies, this communication tends to take the form of an annual sustainability report, where the organisation discloses its strategy and activities undertaken that have created value (financial and non-financial) for stakeholders and wider society. While most organisations publish sustainability reports, many often fail to adequately reflect the company’s mission and strategy in the topics they report on. COVID-19 has heightened growing stakeholder and societal expectations that companies should be responsible corporate citizens; it is no longer simply beneficial but imperative that organisations re-examine their mission, strategy, and communications, taking into account all stakeholders’ interests. We looked at the sustainability reports of publicly listed healthcare companies in the region and identified key areas for improvement in their sustainability strategy and reporting:

Report on environmental topics like waste, water, biodiversity, energy and emissions. Climate change, coupled with the ease of travel, means that we can expect greater transmission of infectious diseases and more frequent pandemics. Clean environments reduce the incidence of pollution-related diseases that are highly preventable. It is time that healthcare organisations recognise the importance of environmental management and climate change adaptation and mitigation, and start addressing their impacts on the environment in reporting.

Ensure accessibility to healthcare. As headlines put it, “COVID-19 doesn’t discriminate.” The widespread and rapid growth of the pandemic shows that accessibility of healthcare is crucial, not just for the individual but for the greater good of communities, cities and countries. Healthcare companies have a responsibility to promote equitable access to basic healthcare and medicines, enabling sustainable development to be achieved for all.

Invest in innovation and technology. Innovation and technology are important drivers of change. Embracing technology is also one way healthcare systems can compensate for a shortage in healthcare workers, especially since this shortage is set to worsen in the coming years in developed countries due to ageing populations. COVID-19 has forced many healthcare organisations to explore new methods of providing healthcare – such as via teleconsultations and mobile apps. Even after the pandemic, many of these new innovation and technology-enabled changes will likely to be here to stay, and prove a transformative force for the industry in years to come.

“Health is an end-point that reflects the success of multiple other goals.” Dr Margaret Chan, WHO Director General [3]

Enhance alignment with the SDGs. As evidenced by the WHO, health promotion plays a major role in advancing the global agenda of sustainable development. Healthcare organisations should look to align their efforts beyond just Goal 3: Good Health and Wellbeing, because the achievement of all of the other 16 goals are contingent on global health. For example, prioritising health needs of the poor can help them break out of the poverty cycle (SDG 1); advocating for sexual and reproductive health literacy can empower women and girls (SDG 5); ensuring accessibility of health services and particularly primary care can help reduce inequality (SDG 10), and promoting low-carbon development creates cleaner and healthier environments (SDG 13).

Foster strong partnerships. With government healthcare spending continuing to rise globally[4], support from the private sector and voluntary welfare organisations is essential to create sustainable systems that meet the populations’ healthcare needs. SDG 17, Partnerships for the Goals, emphasises the need for public-private partnerships both within sectors and across sectors. Strong collaboration, knowledge-sharing and dissemination of best practices across different partners will help build resilient and sustainable healthcare systems.

Health is a fundamental right that cannot be achieved in isolation from sustainability. At the core, they share the same mission to improve human well-being, both now and in the future. By incorporating sustainability into their corporate mission and strategy, healthcare organisations stand to reap the benefits of the natural synergy between healthcare and sustainability while helping to build resilient healthcare systems, future-proofing their business and creating long-term value for all.

[1] WHO,

[2] WHO 9th Global Conference on Health Promotion, 2016

[3] WHO 9th Global Conference on Health Promotion, 2016

[4] WHO Global Spending on Health: A World in Transition Report, 2019

3 common hurdles of writing a Sustainability Report

3 common hurdles of writing a Sustainability Report

Complexity can be stressful for anyone so we completely understand what you’re facing when asked to put together a Sustainability Report for your organisation when you simply don’t know how and frankly don’t have the time. The hurdles you face are shared by many and we want to help by addressing these issues and suggest real ways in which you can overcome them.

Challenge #1: Lack of commitment from management towards allocating sufficient time, budget and training to do this task.

Define the ‘Why’ of why you’re putting this report together. Understand what sustainability is and why there is a need for reporting on it. Is it merely to comply with SGX Sustainability Reporting Guidelines or to meet investor needs? Do you need this information to respond to media enquiries? You can improve your company’s reputation by telling the sustainability story of your company. Does the board need to understand the impact of what your company does?

Be sure to define the ‘Why’ clearly. What will be the benefits of reporting? Once upper management is committed, it will pave the way for suitable budget and time allocation, as well as, ensure cooperation from both upper management and colleagues in sharing the metrics required to complete your report.

Challenge #2: Do not have the skills to write this report but need to. Are you concerned that you do not have the pre-requisite knowledge? 

Do you feel like you’ve been thrown in the deep end and you’re scared to mess it up? Our Sustainability Reporting Toolkit Package has been put together just for you by people who have extensive experience in writing sustainability reports and aims to simplify the process for new reporters. The package includes a Handbook which outlines the essential sections of a sustainability report, guiding you on what content to focus upon and where to obtain the relevant information. The package also includes Tools and Templates to help you build the data required to populate the report. This is complemented by a one day training course held within a small group setting allowing our experienced reporter to help you understand how to use the Tools and Templates provided to compile your company’s sustainability report.

Challenge #3: Availability and accuracy of data

Sustainability performance data is required to comply with SGX reporting requirements. Our experts provide pragmatic guidance of how to source the relevant data to do a report. Our Toolkit guides you, step by step through the data collection process so that companies can cost effectively establish a data collection system to go alongside financial data, as these reports are likely to require third party audit in the near future as stated in SGX’s reporting requirements. Hence putting in place a robust data collection system from the very beginning.


Contact us today and lets have a conversation about your sustainability reporting journey. We are here to help.

What else would you like to learn more about? We would love to hear your views so please email your contributions to


Charting materiality amongst Singapore’s sustainability reporters

by Carrie Johnson, Wong Dan Chi, Nicolas Heath & Lim Sze Wei

With the Singapore Stock Exchange’s (SGX) announcement this year that sustainability reporting is to be introduced on a “comply-or-explain” basis for all listed companies from the end of FY2017, understanding Environmental, Social and Governance (ESG) material issues has never been more important. Up to 700 companies will soon have to start reporting on their ESG risks and ultimately tackle the all-important question, which is: when it comes to sustainability, what is considered relevant?

This is where the idea of materiality becomes important. Material issues, as defined by the Global Reporting Standards (GRI) are issues “that reflect a reporting organisation’s significant economic, environmental and social impacts”. The process that a company goes through in defining these issues (often termed a ‘materiality assessment’) will form the inevitable backbone of the reporting process for new reporters.[1]

Hundreds of companies are now embarking on the process of assessing their material issues and prioritising risks and opportunities. Paia has, through conducting research, identified the material issues that matter to current sustainability reporters in Singapore.  Which issues stand out, and what processes are companies using to decide on their material issues? Paia attempts to provide insight to this question by analysing the material issues and materiality process of all 40 Singapore companies currently producing sustainability reports to an internationally recognised standard.

What do reporters consider most material?

The majority of Singapore’s reporters have aligned themselves to the guidelines set by the Global Reporting Initiate (GRI). The GRI is the global standard for sustainability reporting, and its materiality determination process often forms the basis of the materiality assessments undertaken by companies.  On the whole, Singapore’s reporters align their material issues with GRI’s predefined topics.  The updated GRI Sustainability Reporting Standards (released in 2016) encourages companies to align their material issues to GRI’s predetermined list, so that companies are reporting on standardised issues, and therefore standardised KPIs. This encourages comparability across companies and their reports. Some companies also include sector specific topics, which are reporting recommendations under the new GRI Standards. This is most prominent among agricultural reporters who tend to prioritise sector-specific issues such as smallholder rights and peatland degradation, making their reports more meaningful in the process.

Paia’s has identified the 6 most reported material issues out of the 40 Singaporean companies, as shown in the following chart:


Top 6 Materiality Sustainability Issues

Note: In identifying the top material issues reported, Paia considered material issues that were ranked as highly important by companies. In the absence of ranking or prioritisation of material issues, all listed material issues were included in the analysis.

From Paia’s analysis, Singapore’s most material issue is ‘Occupational Health & Safety’. It is material to 80% of all GRI reporters. Paia also found that companies that didn’t include this as a key material issue primarily fell into the financial services sector.

Paia also found that even for issues not ranked as a key material issue, companies often still disclosed performance data. For example, companies that did not rank ‘Energy’ or ‘Water’ as key material issues typically still disclosed performance data around these issues, as this practice was seen to be in-line with reporting expectations.

Paia’s analysis also attempted to identify the most reported KPIs. Our results are shown in the table below, indicating the KPIs that were reported on by more than 75% of Singaporean companies:

Training & Education Average hours of training per year per employee by gender, and by employee category LA9 90.0
Training & Education Percentage of employees receiving regular performance and career development reviews, by gender and by employee category LA11 90.0
Energy Energy consumption within the organization EN3 87.5
Economic Performance  Direct economic value generated and distributed EC1 85.0
Occupational Health & Safety  Type of injury and rates of injury, occupational diseases, lost days, and absenteeism, and total number of work-related fatalities, by region and by gender LA6 85.0
Water Total water withdrawal by source EN8 82.5
Employment Total number and rates of new employee hires and employee turnover by age group, gender and region LA1 80.0
Local Communities Percentage of operations with implemented local community engagement, impact assessments, and development programs SO1 77.5
Energy Reduction of energy consumption EN6 75.0
Emissions Energy indirect greenhouse gas (GHG) emissions (Scope 2) EN16 75.0

More than 50%, but less than 75% of Singaporean companies report on the following indicators:

Emissions Reduction of greenhouse gas (GHG) emissions EN19 70.0
Environmental Compliance Monetary value of significant fines and total number of non-monetary sanctions for non-compliance with environmental laws and regulations EN29 70.0
Emissions Direct greenhouse gas (GHG) emissions (Scope 1) EN15 67.5
Diversity and Equal Opportunity Composition of governance bodies and breakdown of employees per employee category according to gender, age group, minority group membership, and other indicators of diversity LA12 67.5
Anti-Corruption Communication and training on anti-corruption policies and procedures SO4 62.5
Training and Education Programs for skills management and lifelong learning that support the continued employability of employees and assist them in managing career endings LA10 62.5
Anti-Corruption Confirmed incidents of corruption and actions taken SO5 60.0
Emissions Greenhouse gas (GHG) emissions intensity EN18 60.0
Occupational Health & Safety Percentage of total workforce represented in formal joint management-worker health and safety committees that help monitor and advise on occupational health and safety programs LA5 60.0
Non-Discrimination Total number of incidents of discrimination and corrective actions taken HR3 60.0
Society Compliance Monetary value of significant fines and total number of non-monetary sanctions for non-compliance with laws and regulations SO8 57.5
Effluents and Waste Total weight of waste by type and disposal method EN23 57.5
Employment  Benefits provided to full-time employees that are not provided to temporary or part-time employees, by significant locations of operation LA2 55.0
Anti-Corruption Total number and percentage of operations assessed for risks related to corruption and the significant risks identified SO3 55.0
Energy  Energy intensity EN5 52.5
Customer Health and Safety Percentage of significant product and service categories for which health and safety impacts are assessed for improvement PR1 52.5
Customer Health and Safety Total number of incidents of non-compliance with regulations and voluntary codes concerning the health and safety impacts of products and services during their life cycle, by type of outcomes PR2 52.5
Effluents and Waste Total water discharge by quality and destination EN22 50.0
Product and Service Labelling  Results of surveys measuring customer satisfaction PR5 50.0

Note: Although the GRI Standards are the most updated version of the sustainability guidelines set out by GRI, Paia’s analysis focused on GRI G4 indicators as most reports prior to 2017 used this standard.


The Materiality Determination process

Material issues essentially represent a company’s key ESG risks and opportunities.  As such, a robust, auditable process should be used to identify which issues are most material. SGX’s reporting guidelines require companies to disclose the process used to determine its material issues. Companies are also required to engage internal and external stakeholders in this process. At present, only 68% of Singapore’s reporters state that stakeholder engagement was a part of their materiality process. Of this, only 7.5% provided meaningful disclosure on how stakeholder engagement informed their chosen material issues.  Paia also discovered that the majority of those who engaged external stakeholders did so through the use of an online survey.

Engaging external stakeholders is crucial in building a relevant sustainability report. If key issues that are considered critical by external stakeholders are not taken account, the validity of these reports can be called into question.  Through our work over the years, Paia has observed that reporters who embrace stakeholder engagement from the outset are more able to produce meaningful reports that address key material issues.

SGX also expects senior management and the Board of Directors to be involved in the materiality assessment process.  At present, only 45% of Singapore’s reporters made reference to senior management being involved in the materiality process.  Senior management teams and Boards of Directors are increasingly playing a vital role in determining the material ESG issues affecting long-term performance.  Paia increasingly observes the materiality assessment process being driven by the CEO or CFO and being reviewed by the Board.  This reflects a significant shift towards sustainability issues being viewed as business risks and opportunities.  Senior management and Board engagement is where we see rapid uptake of global leading practices within companies locally.



As the next generation of Singapore’s sustainability reporters start to release their reports, the materiality landscape will surely change. However, there is much that reporters can learn from the current state of reporting. To reiterate these lessons, we list the main points of our research here:

  • There are topics that will emerge as being material to most companies. Currently, ‘Occupational Health & Safety’ is one such topic.
  • There are reporting expectations that will encourage companies to disclose KPIs on issues that might not be directly material to them – for example, it is standard practice for companies to disclose performance related to energy and water consumption
  • Getting material issues right from the outset is at the crux of meaningful reporting and driving long term performance

We hope that Paia’s analysis has increased your understanding of the materiality determination process, and in particular, the state of reporting on material issues in Singapore.

[1] GRI Standards 101: Foundation 2016 pg. 27


sgx sustainability reporting workshop

SGX offers companies subsidised sustainability reporting workshops

Paia will be running the following SGX subsidised workshops primarily focused to assist Singapore Exchange (SGX) listed companies to meet the new requirements.

Carrie Johnson, Director of Paia Consulting, said,

“It is great that SGX has appointed GCNS to organise the workshops which will encourage companies to start reporting early. Having helped SGX-listed companies on sustainability reporting for over a decade, early starters are more likely to gain from the business opportunities that sustainability management can bring.”

Industrials – Transportation on 27/02/2017 @ 9:00am Ended

Industrials – Commercial & Professional Services on 27/02/2017 @ 9:00am Ended

Industrials – Capital Goods on 27/02/2017 @9:00am Ended


Industrials – Capital Goods on 13/03/2017 @ 9:00am

Industrials – Commercial & Professional Services on 13/03/2017 @ 9:00am

Industrials – Transportation on 13/03/2017 @ 9:00am

Consumer Discretionary on 20/03/2017

Consumer Staples on 22/03/2017 @ 9:00am


Credible. Simple. Sustainability Reporting.

Let these four words live and breathe together.


“From complexity comes stress, anxiety and frustration – even rage – followed by apathy and exit. But you do not have to be a victim any more.”

Edward de Bono, Philosopher


Companies are increasingly looking at planning their Sustainability Reporting to comply with SGX Sustainability Reporting Guidelines. Many are integrating sustainability risk management into the business.

Such work, coupled with the process of preparing a Report, can help meet investor analysts’ needs, showcase the forward looking approach of management and improve access to finance. The work you put in will also help preserve your license to operate, save costs, attract and retain talent, create innovation and lead to new markets. A bunch of companies recently shared their views on this at a free Paia breakfast briefing.

But what if your customers and investors are expecting a response to sustainability and you don’t have one?

You need to get started.

  1. First, list who your stakeholders are. These are people and groups who, (i) are affected by your organisation, and (ii) who affect you. Decide how you wish to engage with them, if you’re not already (eg customers and suppliers will likely be sharing views on certain issues already).
  2. Then list ESG issues – Environmental, Social and Governance risks and opportunities. Keep it a deliberately long list. Even if your business is a holdings company for example there will be ESG issues to consider.
  3. Then, with the help of a small specialist advisory firm, use a couple of processes and techniques to filter out what matters; and then develop a sustainability report on it.

Wider sustainability risks may be new to your commercial and governance teams. If so, a credible approach to dealing with them is to understand what matters, and to whom. There are hundreds of risks, many with perhaps only marginal relevance to you. A credible approach uses tried and tested techniques (eg, materiality). The stakeholder list is used in such work.

“Credible” need not mean complex. Having seen various approaches to sustainability management and reporting over the last 20 years, we at Paia want companies to embrace sustainability as part of doing business, but in a straight forward manner. “Simple” means clarity, understanding, engagement. Depth and reach can come later. And government, regulatory, investment and other institutional stakeholders encourage baby-steps first, to encourage uptake.

To make sure life remains simple you will need to plan. So, as we said in June, you will benefit from an early start on tasks such as issues prioritisation, resourcing, policy development, content management, design etc. As I write it’s September: this is ‘Kick-off’ month for most. Don’t leave it to the 11th hour!

Some of you may be wary of targets and how to use them in sustainability management practice. If, for example, you’re listed on SGX then take heart: SGX rules allow targets to be qualitative. So that allows for simplicity. At first. As part of a phased approach to corporate sustainability programmes and reporting you’d be wise to talk with your stakeholders on what targets and KPIs would be appropriate. Paia is experienced in this.

Keep it simple, feasible, manageable. Plan it, lay the foundations, set targets, ensure an efficient project, make sure the output is credible and benefits your business.


Alex Nichols

Sept 2016


Maritime and Port Authority

MPA to co-fund SGX-listed maritime companies sustainability reporting

Maritime and Port Authority of Singapore (MPA) organised a Maritime Sustainability Workshop in M Hotel on Monday 22nd August 2016 where Paia was proud to showcase its work. The purpose of the workshop was to assist and encourage the maritime sector to embrace the new SGX requirement for Sustainability Reporting. SGX’s new sustainability reporting rules require listed companies to publish sustainability reports. Ms Yvonne Chan, MPA’s Director of Corporate Development and Chief Financial Officer, announced a new co-funding initiative to assist SGX-listed maritime companies in Singapore with the production of their Sustainability Report.

MPA will co-fund 50% of the qualifying costs, up to a cap of $50,000 per company.  The funding to the first 10 approved applications is on a reimbursement basis.

Mr Andrew Tan, Chief Executive of MPA, said, “MPA is the first local maritime organisation to publish both an Integrated Report and Sustainability Report last year, and we hope to encourage the rest of the maritime industry to adopt the best practices and mitigate any risks to the environment arising from their operations. The so-called triple bottomline – people, planet and profits – will enhance their shareholder value.”

Source: Maritime and Port Authority of Singapore encourages SGX-listed maritime companies to adopt Sustainability/Integrated Reporting

SGX Briefings for CEOs on Sustainability Reporting

SGX has recently introduced sustainability reporting by listed companies on a ‘comply or explain’ basis in response to growing international interest in sustainability. SGX is inviting CEOs of all SGX listed companies to a 2 hour briefing for clarity and understanding of the new requirement. The briefing will convey the purpose and meaning of SGX’s sustainability requirements, the essentials of a good report from a sustainability consultant and practical advice from a company with reporting experience. Sessions will be held at 9am on the morning of 11, 18 and 25 Aug 2016.

A slice of SGX Reporting for Breakfast at Paia

Paia held a Breakfast Briefing, July 15th to help Singaporean corporate reporters on their journey to producing meaningful, useful and compliant sustainability reports.

Paia Associate Director, Alex Nichols and Principal Consultant, Ms Wong Dan Chi gave us valuable insights and recommendations on how to build a good sustainability report and meet the new requirements of SGX’s Sustainability Guide.

The group of twenty breakfasting participants discussed why companies report and how embarking on a sustainability journey can lead to opportunities and benefits for a company. Paia’s experience is that companies always benefit from the ‘act’ of reporting, particularly the process of prioritising the issues to report on – i.e., the “materiality process”. Doing this well – with the involvement of top management – can lead to better employee engagement, knitting the teams together. It can improve relationships with external stakeholders such as customers, suppliers and investors. This can benefit the company business model – creating and protecting value.

Wong Dan Chi, took us through what to expect in practice from SGX requirements: the nuts and bolts of dealing with the 711A/B rule and how to organise your sustainability report. An example we discussed was about targets for each material issue and how to report SGX-compliant targets (they can be qualitative at first). We also discussed how to measure the opinion of external stakeholders and resolved that a simple approach will be sufficient at first, with depth and wider application of it as a business technique later in your sustainability journey. Other discussions looked at practicalities of whether a physical report is required, or whether a standalone report is required (no, and no).

Paia’s Sustainability Reporting Toolkit-Training package is for companies who wish write their report in-house. We have worked hard to generate a way for companies to learn intensively what they need to do in practice to meet SGX requirements for mandatory sustainability reporting (and beyond). A one-day training is complemented by a Handbook specially developed for training participants, along with bespoke Excel-based tools and a Sustainability Report Sample Tool.

Are you an new reporter (large, medium or small) requiring help with sustainability reporting? Please contact us at for more on our “Sustainability Report Toolkit”.

SGX launches Comply or Explain Sustainability Reporting

SINGAPORE Exchange (SGX) has officially released the Guidelines and Rule on Sustainability Reporting yesterday, June 20 2016.  These guidelines are in line with the global trend of stock exchanges requiring companies to report on their environmental, social and governance (ESG) issues for financial year 2017. The SGX guidelines expect that companies ‘comply’ or ‘explain’, that is, commit themselves to producing an annual guidance on environmental, social and governance (ESG) in the form of a sustainability report, or ‘explain’ why they are not doing so.

It is important to know that globally, twenty stock exchanges have already committed to producing a guidance for listed companies on ESG disclosures as part of the Sustainable Stock Exchanges Initiative (SSE). This required all stock exchanges that are members of the SSE and the World Federation of Exchanges (WFE) to provide listed companies with guidance on sustainability reporting by the end of 2016.  SGX has supported this initiative like many others and sees the introduction of these “Comply or Explain” guidelines for companies listed on their exchange, as a necessary step towards ESG and sustainability reporting so that companies can improve their communication with investors, analysts and stakeholders.

Getting non-financial information about a company has been difficult for investors. The main aim of these requirements is to provide a more complete profile of a company for investors and stakeholders. If your company wants to embark on your sustainability reporting journey, you may find Paia’s Sustainability Reporting Toolkit  that we are rolling out to simplify the reporting process specifically for SMEs. This Toolkit provides SMEs with the necessary tools to produce a sustainability report in line with SGX’s requirements.

Paia is also rolling out training sessions and workshops catered to companies wishing to produce quality sustainability reports. For more details, please visit our Training page

SMRT Sustainability Report

Our client SMRT publishes their inaugural Sustainability Report

Congratulations to our client SMRT Corporation Ltd (SMRT) for publishing their inaugural Sustainability Report. The Road to a Sustainable Future shows how sustainability is integral to SMRT’s business.

SMRT Sustainability Report

We are pleased to see an increase in sustainability disclosure by Singapore companies.

Strategy and Reporting Services

Start my next Sustainability Report now??

We thought hard before posting this – it sounds a bit like shameless business development when we advise businesses to start reporting early. And 10 months early, too?!

But, allow me to forge ahead!

The dust has barely settled on the last report and it’s time to begin planning the next. Why?

  1. Engage your colleagues. Starting early will reduce the headaches from colleagues claiming they were not aware of what was expected of them. Data and information collection is a big part of the Content Management stages of a Sustainability Report.A big enemy in the Reporting battlefield is uncooperative colleagues. Just when you thought that data was secured and on its way, the contact over in HR says the new Enterprise Management Software sprang a leak and they need to re-do it.Just when you thought you could talk about that supply chain initiative as a core part of a section in your report, the legal team pipe up that it’s embargoed for a legal reason.If you align with the Annual Report calendar then you will be pleased if your timeline is relaxed, rather than squeezed. If you get squeezed later in the project then your families and consultants will be affected too! Best avoided!

    Keeping the internal network alive is a real boon to reporting. Better cooperation, better content.

  1. Enough time to do materiality. Most reporters are by now bruised by the ‘materiality stick’ wielded by consultants around the world. It’s not without good reason though. Applying this core principle of reporting is vital to an effective Report delivered in line with target audience expectations.Don’t forget all you SGX listed companies in Singapore: you will need to explain how you came up with the list of relevant issues to talk about in your Report.
  1. Save costs. I would say that wouldn’t I!? Well, the logical outcome from doing materiality well is normally a shorter report. That saves resources internally – who wants to waste time organising data for a report when it’s not relevant? You may still collect it internally because you’re managing the issue internally – but it may not be sufficiently ‘material’ to be covered in the sustainability report.Being organised in what you want to achieve with the report, what content you expect, how many words it will be etc., will mean clarity in resourcing. Failing to plan is planning to fail (my old lecturer used to say).
  1. Content management. Again, sequentially and logically, once you know the key relevant subjects (or ‘topics’ in new GRI-speak) you will want to talk to the colleagues you have communicated with (see above).Check who is on maternity leave, or on holiday. See if any staffing changes are on the horizon. What about assets – any changes to think about in terms of company structure or operational assets?As scrutiny increases of supply chain management practices, you may need to think through how to collect management approach information on slightly newer issues of interest.
  1. Sort imagery. A report with a staid and tired look using repeated photography will lose credibility. Readers are human and they like to be inspired to open your report when the alternative is catching up with the latest fast cars on YouTube or kiddy bargains on Ebay.So, by embarking early you can knock off a few of those slightly fiddly design tasks. Check in with marketing and communications colleagues about any new developments in branding at your company.Sorting the design early will mean your Report will work harder for you – you will feel enamoured by it and want to take it with you wherever you go. The romance will blossom and you will feel that you and your Report will go far!

Ok, good luck, and you know where we are if you need any help!

NUS’s CGIO and ASEAN CSR Network look into Sustainability Reporting in ASEAN

On the 25th of February 2016, Paia’s Principal Consultant, Wong Dan Chi was invited as an industry panellist to comment on a report led by the Centre for Governance, Institutions and Organisations (CGIO) at National University of Singapore (NUS) Business School.

Paia is pleased to support research efforts on sustainability and governance, and is especially heartened to see the enthusiastic involvement of the student teams involved.

In 2015, CGIO was commissioned by ASEAN CSR Network to study on sustainability reporting in Indonesia, Malaysia, Singapore and Thailand. The research project, led by Associate Professor Lawrence Loh, Director of CGIO, is carried out by some 20 students from the BBA Honours programme.

At the event, five teams of BBA Honours students from the NUS shared their findings about the scope of reporting and levels of disclosure found in the 3 countries. The students did this by studying the top listed companies from each country, and assessed them by comparing levels of disclosures found in their respective sustainability reports according to the Global Reporting Initiative’s framework.

Along with industry experts including corporate leaders such like Singtel, Keppel Land, and CDL, Dan Chi, provided critique and assessments of the teams’ conclusions and recommendations. The dialogue and feedback broadened the conversation around sustainability in the region and leave with a better understanding of the state of sustainability reporting in ASEAN countries.

The report will be reviewed and launched during the Conference on Corporate Governance and Responsibility in July this year.

More information is available on the university blog:
CGIO presents update on its Sustainability Reporting project

SGX releases Consultation Paper on Sustainability Reporting

The Singapore Exchange (SGX) released a consultation paper, ‘Sustainability Reporting: Comply or Explain’ on 5 Jan 2016. In the consultation paper, SGX provides a background and reasons for sustainability reporting, before putting forward amendments to both mainboard and catalist rules, and reporting guidelines. The proposed amendments and the guidelines will be open for public comment until 5 Feb 2016.

The primary components proposed to be included in sustainability reports are:

  1. Environmental, social and governance (ESG) factors material to the company,
  2. Policies, practices and performance of the company in relation to each material ESG factors,
  3. Targets for the forthcoming year,
  4. The Sustainability Reporting Framework used, and
  5. A Board Statement confirming compliance with SGX’s guidelines or explaining incompliance

The guidelines also provide some flexibility to companies. A phased approach for implementation of sustainability reporting is recommended, such that newly reporting companies are given time to ensure that their sustainability disclosures have quality and depth. Companies are also not expected to provide independent assurance of their reports in the early stages.

SGX is also seeking feedback for the inclusion of Anti-corruption and Diversity as part of the primary components. Other features awaiting comment include matters relating to stakeholder engagement, materiality, responsibilities of the board, and frequency of reporting. For the latter, SGX proposes that reports be published annually, within 5 months after the end of each financial year. All listed companies will begin sustainability reporting for any financial year ending on or after 31 December 2017.

In line with SGX’s Guidelines, Paia is rolling out a Toolkit to simplify the reporting process specifically for SMEs. This Toolkit provides SMEs with the necessary tools to produce a sustainability report in line with SGX’s requirements. Read more about it here.


More information about the consultation paper:

  • Business Times, “Designing a sustainability reporting regime”, 6 Jan 2016
  • Business Times,“SGX offers flexibility in proposed sustainability reporting rules”, 6 Jan 2016
  • The Straits Times, “SGX to seek feedback for sustainability report guidelines”, 5 Jan 2016
  • Channel News Asia, “SGX seeks public feedback on proposed rules for sustainability reporting”, 5 Jan 2016

The difference between Sustainability and Integrated Reporting

With the recent Singapore Exchange (SGX) consultation on its proposed “comply or explain” regulation to Sustainability Reporting, and an increasing number of companies locally producing Sustainability Reports, we felt there’s a need to clarify the difference between Sustainability Reporting and Integrated Reporting.

Sustainability Reporting is about communicating the organisation’s approach to managing its key environmental and social issues.  It is about communicating publicly how the company assesses which environmental and social issues are most significant to the company (“materiality”), how these issues are managed and how the company is performing against each of these key issues (performance data).  At Paia, we approach these issues as business risks, and opportunities.  Climate change, talent retention and employee diversity, for example, can pose both risks and opportunities for companies, so it is about communicating how the organisation is identifying and managing these risks and opportunities.

Integrated reporting is one step further – about communicating, how the company manages its long term value creation by taking an integrated approach to both traditional risks and these wider sustainability risks. Instead of reporting on financial performance and sustainability performance separately, or even within the same AR, Integrated Reporting intends to show how the company integrates environmental & social thinking into its business.

So for example, an integrated report goes beyond financial, employee, environmental and social data, to also demonstrate how the company integrates these broader risks and opportunities into its long term strategy, into its risk management, into operating policies and procedures, and what the trade offs between these issues are.

This means Integrated reporting pulls together information that sits in separate reporting strands to explain how the firm creates value. In the Singapore context, these reporting strands will include the i) Corporate Governance Statement, ii) Operating and Financial Review, iii) Financial Statements and more recently, iv) Sustainability Reporting.

“Sustainability reporting relates to one important aspect of a company’s performance, without which an integrated report would be incomplete.”

– Ian Ball, International Integrated Reporting Council (IIRC) Board member & Principal Advisor and ex-CEO of International Federation of Accountants (IFAC)

In Singapore, and the region, it is often the sustainability reporting which is the weakest link to integrated reporting.  Many companies in this region are only just beginning to develop their sustainability reporting practices.

So should companies just leapfrog to Integrated Reporting, and bypass Sustainability Reporting?  Companies don’t necessarially need to publish sustainability reports, but they do need to put in place the sustainability fundamentals, for which GRI provides clear guidance.  Paia’s experience of having worked with over 25 companies in Southeast Asia on both their sustainability and/or integrated reporting programmes, has taught us that it is fundamental for companies starting out in their reporting journeys to firstly identify what their key environmental and social risks and opportunities are, create management programmes to manage these risks and maximise the opportunities and develop KPIs to track environmental and social performance.  These are the fundamentals of sustainability reporting.

It takes time

To embed these systems takes a couple of years.  It takes time for companies to really grasp the business benefits of sustainability and develop appropriate systems to manage these risks in a way that is appropriate for the individual company.  It is only then that companies are ready to embrace integrated thinking and integrated reporting in a meaningful way.

We are a great supporter of integrated thinking; that has always been our approach.  We’ve had the please of working closely with many clients to integrate environmental and social risks into their ERMs, business strategy, policies, procedures and contract agreements, and this experience has taught us that it takes time to achieve this integration, as it requires some level of change management – for example to include environmental and social risks within business investment decisions.

Conclusion: get the sustainability part right first

Sustainability reporting tends to be the part of Integrated Reporting that Southeast Asian companies are weakest one, hence we recommend companies take time to embed sustainability, before proceeding to Integrated Reporting.


Carrie Johnson


Paia Consulting Pte Ltd

21 May 2015

50% of STI companies produce GRI-level sustainability reports

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.

SGX Targets Mandatory Sustainability Reporting for FY2017

Update (21st June 2016) SGX launches Comply or Explain Sustainability Reporting

Update (5 Jan 2016): SGX releases Consultation Paper. Read more here.

On the 6th of May 2015, the Singapore Exchange (SGX) announced plans to implement sustainability reporting on a ‘comply or explain’ basis. Under this regime, companies that do not follow SGX’s guidelines will be expected to explain why.

A new listing rule will be developed using Information SGX receives via an initial consultation exercise with listed companies; the information will be used to review SGX’s existing guidelines to sustainability reporting.

SGX expects the proposed Listing Rule and reviewed Guide to be submitted for regulatory approval by the end of 2015; and targets implementation for financial year 2017.

SGX is inviting stakeholders to participate in what is one of the most broad-ranging consultation exercises conducted by the exchange. In May 2015, SGX will conduct a survey of listed companies and run a series of focus group engagements to understand current sustainability reporting practices and the level of readiness among listed companies. Following this, SGX plans to reach out to institutional investors and sustainability professionals for feedback on the ‘Guide to Sustainability Reporting for Listed Companies’ published in 2011. Finally, SGX will conduct a public consultation (including the investing public) on the Listing Rule and reviewed Guide.

In a statement by SGX chief executive, Magnus Bocker, “We believe that greater transparency from listed companies will attract investors and empower them to make more informed decisions.”

Details can be found on SGX’s announcement ‘Consultation Exercise on Sustainability Reporting’, 6 May 2015.

Read more:

Need more information: Paia offers Sustainability Training to help you meet SGX requirements. Contact Us today.

sgx sustainability reporting workshop

SGX: Comply or explain approach to Sustainability Reporting

Reported from the Singapore Compact CSR Summit 2014 by Gillian Lim, Paia Consulting

The Singapore Exchange (SGX) announced that it will be enforcing a “comply or explain” approach to Sustainability Reporting in the near future, and hinted that may shift to fining companies for non-compliance further down the line.

The announcement came from Mr Magnus Bocker, Chief Executive Officer of SGX, during his keynote speech at the Singapore Compact CSR Summit on 17 October 2014.

SGX released voluntary sustainability reporting guidelines in 2011 to encourage firms to share relevant environmental and social information with investors. However, take up has been slow with feedback that many companies are waiting for the bourse to make it a rule.

Alluding to the improvements made to Corporate Governance guidelines over the last few years and how they have made SGX a better exchange, Bocker stated that he wishes to approach sustainability reporting in a similar manner. He also mentioned that new tools will be made available to SGX in coming years, including the ability to fine companies for non-compliance. While fining for non-compliance of sustainability reporting may not happen for several years, Bocker pointed out that these new tools are nevertheless expected to improve regulation over time.

He highlighted regional initiatives in Malaysia, India and Taiwan to promote sustainability reporting, practices and responsible investment. Globally, the world is getting increasingly involved in sustainability, including the World Federation of Exchanges, which has set up a sub-committee to look at ESG issues.

Bocker stressed the importance of seeing sustainability reporting as an opportunity to create a business advantage. Reporting helps superior companies show their quality and their investors avoid surprises. He indicated that many banks already give “green” companies lower loan rates and that overseas investors, including pension funds, coming to Singapore have already been asking about sustainability reporting.

Reporting metrics allow for improved understanding of the company and for benchmarking exercises, thereby fuelling competition. “Fear of poor numbers can’t be a reason why we don’t do reporting,” said Bocker. Greater transparency leads to increased profitability for Singapore, which has a strong reputation in governance and transparency.

SGX will be holding a one year consultation period with companies and investors, following which they will be looking to make reporting mandatory.

Paia Consulting is a leading sustainability consultancy established since 2002. We helped produce Singapore’s first GRI report and many award-winning reports. Beyond reporting, many of the companies leading sustainability locally are our clients. Drop us a note at to discuss how we can support your sustainability journey


GRI Reports in Singapore and Malaysia

Sustainability reporting

Sustainability reporting, or corporate responsibility reporting, enables organisations to report on their environmental, social and governance information beyond the scope of traditional financial reporting. Parts of it will be familiar to organisations in Singapore and Malaysia already, such as reporting safety statistics, human resource practices and environmental management systems. Community investments are also included, but contrary to what some may think, form a small part of what sustainability or sustainability reporting is about.

Far from being a ‘feel-good’ portion of the report, these extra-financial (or sometimes referred to as non-financial) information are increasingly used by investors to assess externalities which will be reflected in stock performance in the long term. For example, a company which has strong environmental management practices is less likely to incur litigation risk and also continuously improve on operational efficiencies. A company with strong emphasis on safety and talent retention will likely incur lower hiring and training costs from lower turnover rates.


Global Reporting Initiative (GRI)

What the Global Reporting Initiative (GRI) aims to do, is to establish a framework such that organisations may report on data which is comparable – much like IFRS equivalent for financial reporting. GRI guidelines are the most established framework used. More than 5000 companies adopt GRI guidelines (GRI, 2012), including 80% of Global Fortune 250 companies (KPMG, 2011). 


Singapore and Malaysia

The number of GRI reports in Singapore and Malaysia have grown steadily over the past 5 years, with more than 5 times the number of reports today than in 2008.

In 2008, the Malaysian Stock Exchange Bursa Malaysia made it mandatory for all listed firms to disclose corporate social responsibility (CSR) information.

In 2012, Singapore Exchange (SGX) has announced an intention to move towards a comply-or-explain approach for its listed firms, following its release of a Policy Statement and Guide to Sustainability Reporting in 2010 and 2011 respectively. SGX has also organised various initiatives, including revising the Singapore Code of Corporate Governance to explicitly mention environmental and social considerations for Board and releasing an Investor Guide to Reading Sustainability Reports. Read more about SGX’s recent key initiatives here.

The following graphs aim to give a quick snapshot of the sustainability reporting scene in Singapore and Malaysia.

b2ap3_thumbnail_SG3Oct13.jpg b2ap3_thumbnail_Msia3Oct13.jpg


Below are the 23 GRI reports published in Singapore in 2012. 





Asia Pacific Breweries Limited (APBL)

2011 Sustainability Report



CapitaLand Sustainability Report 2011


City Developments Limited

CDL Sustainability Report 2012


DyStar Singapore

Sustainability Report 2011


First Resources

Towards Sustainability: First Resources Limited Sustainability Report 2011


Fuji Xerox Singapore

Fuji Xerox Singapore 2012 Singapore Report


Golden Agri-Resources Ltd

Preserving the Present Ensuring the Future: Sustainability Report 2011


Keppel Corporation

Sustainability Report 2011





Keppel T&T

Sustainability Report 2011


KPMG Singapore

Sustainability Report 2012


National Environment Agency

Sustainability Report FY11


Olam International Limited

Olam corporate responsibility and sustainabilty report 2012


Power Seraya

Corporate Accountability Report 2011


Sembcorp Industries Ltd

Sembcorp Industries Annual Report 2011


Sembcorp Marine Ltd

Annual Report 2011


Siloso Beach Resort, Sentosa

Siloso Beach Resort Sustainabilty Report 2012


Singapore Exchange (SGX)

The Asian Gateway: Singapore Exchange Annual Report 2012 July 2011 – June 2012


SingTel – Singapore Telecommunications Limited

Connecting People, Touching Lives



Annual Report 2011 (Hubbing, Achieving and Even More)


Swire Pacific Offshore

2011 Annual Report


Tuas Power

Sustainability Report 2012


Wilmar International

Staying the Course through Challenging Times

 Source: GRI Database & Paia Consulting (3 Oct 2013)


Below are the 17 GRI reports published in Malaysia in 2012. 

Paia is the appointed GRI Data Partner for Malaysia. If your report is not reflected here or the GRI Database, please email us at 





Bumi Armada

Corporate Social Responsibility Report 2011


CIMB Foundation under CIMB Group

Sustainability Report 2011



2011 Corporate Sustainability Report

4 Berhad

DiGi.Com Berhad Sustainability Report 2011 – Transforming to Deliver Internet fo


Guinness Anchor Berhad

Corporate Responsibility Report 2011


Keenway Industries Sdn. Bhd.

Sustainability Report 2011


Encorp Berhad

Sustainability Report 2011



Sustainability Report 2010/2011



Sustainabiltiy Report 2010/2011


Media Prima

Media Prima Berhad Sustainability Report 2011



Sustainability Report 2011


Plus Expressways Berhad

PLUS Expressways Sustainability Report 2011


Puncak Niaga

Expanding Horizons – Annual Report 2011


Sime Darby Berhad

Sustainability Report 2011



Sunway Sustainability Report 2011


Telekom Malaysia

Telekom Malaysia Sustainability Report 2011


UEM Environment

UEME Sustainability Report 2011

Source: GRI Database (3 Oct 2013)


Paia Consulting is a leading sustainability consultancy established since 2002. We helped produce Singapore’s first GRI report and many award-winning reports. Beyond reporting, many of the companies leading sustainability locally are our clients.

Drop us a note at to discuss how we may support your sustainability journey.