SGX rolls out mandatory climate reporting for financial, energy issuers from 2023_老虎社区_美港股上老虎

SGX rolls out mandatory climate reporting for financial, energy issuers from 2023

businesstimes2021-12-15

CLIMATE reporting will be mandatory for issuers in the financial, energy, and agriculture, food and forest products industries from the financial year (FY) commencing 2023, Singapore Exchange (SGX) ...

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Vandaluus
·2021-12-15
Maybe they shld improve the quality of listings first?
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- Tchua:
  Totally agree
  2021-12-15
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SirBahamut
·2021-12-15
Uh oh
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- Baoxiaolong:
  why
  2021-12-15
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It follows a public consultation that began in August on both sustainability reporting and board diversity disclosures which SGX said \"received broad support\".\n\"The market recognizes that climate reporting is important as the first step towards efforts to mitigate the effects of climate change. Decision-makers also want climate information when they allocate assets, extend financing, and price risks,\" said SGX Regulation (SGX RegCo) chief executive, Tan Boon Gin. \"These factors make climate reporting most urgent for industries with the biggest impact.\"\nIn its response to the consultation on Wednesday, SGX RegCo said the prioritization is based on the TCFD-identified industries that are most affected by climate change and the transition to a lower-carbon economy, which is in line with the view of most respondents.\nEffective January next year, listed issuers would also need to subject their sustainability reporting processes to internal review by their internal audit function, and all directors also have to undergo a one-time training on sustainability.\nSustainability reports also have to be issued together with annual reports unless issuers have conducted external assurance. Previously, standalone sustainability reports could be submitted 5 months after the financial year ended, a month longer than the deadline for annual reports.\nMeanwhile, SGX also said that its separate public consultation on 27 proposed core environmental, social and governance (ESG) metrics and a portal for issuers to input ESG data also received \"strong market support\". The metrics are not mandatory, but SGX said that companies can use them as a starting point on what to disclose in their sustainability reports.\nApart from climate and ESG topics, issuers will also be required to set a board diversity policy that addresses gender, skill and experience, and other relevant aspects of diversity. They must also describe this policy in their annual reports and include details such as diversity targets, plans, timelines and progress.\n\"Recent uncertainties have posed financial and governance challenges for boards,\" SGX RegCo's Tan said. \"Having a broad set of perspectives will better enable companies to anticipate and face these challenges.\"\nThe Corporate Governance Advisory Committee (CGAC) said in a separate statement that it supports the introduction of new rules on climate reporting and board diversity disclosures.\nIt noted that a review of disclosures by SGX-listed companies showed that some 87 percent of the 3,700 directors were male, and 45 percent of the companies reviewed had all-male boards.\nThe review also found that the average age of directors was 59 years old, with over half of directors above 60 years of age. The average tenure of independent directors (IDs) was 6.6 years, with around a quarter having served for more than 9 years.\nFrom next year, IDs who have served 9 years or more would no longer be considered independent, unless 2-tier approval is obtained: from all shareholders; and from shareholders excluding directors, chief executive officer, and their associates. SGX RegCo's Tan said last month that the 2-tier voting is expected to be used sparingly, and that they would be watching this issue very closely.\nThe CGAC said it will be effecting changes to the Code of Corporate Governance's Practice Guidance to guide issuers towards improved board diversity. This includes \"more strongly\" recommending that nominating committees use a variety of sources including search firms or advertisements when seeking to appoint IDs.\n\"The CGAC takes the view that more can be done by Singapore listed companies to strengthen board diversity, including female presence on boards. In many cases, it is observed that the implementation of board diversity policies is lagging behind stated intentions,\" it said.\nMildred Tan, co-chair, Council for Board Diversity, said in a statement: \"When companies have more diverse boards, including more female directors, stakeholders know they have invested time and effort in succession planning and board renewal.\"\nShe added: \"Capable and board-ready women with relevant skillsets and experiences are available and we hope the new SGX board diversity requirements will pave the way towards more of them in our corporate boardrooms.\"","kind":null,"is_publish_news":false,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":607525399,"gmtCreate":1639567350918,"gmtModify":1639567724534,"author":{"id":"4097909991277410","authorId":"4097909991277410","name":"Vandaluus","avatar":"https://static.tigerbbs.com/d67f7b514a0138692caaf51f378ad104","vip":1,"crmLevel":4,"crmLevelSwitch":0},"htmlText":"Maybe they shld improve the quality of listings first?","listText":"Maybe they shld improve the quality of listings first?","text":"Maybe they shld improve the quality of listings first?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/607525399","repostId":1164531011,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6991344,"gmtCreate":1639568949652,"gmtModify":1639568949752,"authorId":3561859229387101,"author":{"id":3561859229387101,"authorId":3561859229387101,"name":"Tchua","avatar":"https://static.tigerbbs.com/245ba7d1360ad877e076f09e9d78c378","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":607525399,"type":1,"supId":0,"prevId":0,"content":"Totally agree","text":"Totally agree","html":"Totally agree"}],"langContent":"CN"},{"id":607568276,"gmtCreate":1639564773494,"gmtModify":1639564774631,"author":{"id":"3581734227956830","authorId":"3581734227956830","name":"SirBahamut","avatar":"https://static.tigerbbs.com/98035de918c1759870078e69640b8281","vip":1,"crmLevel":4,"crmLevelSwitch":0},"htmlText":"Uh oh","listText":"Uh oh","text":"Uh oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/607568276","repostId":1164531011,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6991034,"gmtCreate":1639565998697,"gmtModify":1639565998728,"authorId":3581896632900578,"author":{"id":3581896632900578,"authorId":3581896632900578,"name":"Baoxiaolong","avatar":"https://static.tigerbbs.com/3807f63227b4128c0ee5f1811f39e3eb","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":607568276,"type":1,"supId":0,"prevId":0,"content":"<u>why</u>","text":"<u>why</u>","html":"<u>why</u>"}],"langContent":"CN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":40,"commentSize":2,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}