SGX to ask companies to make climate, board diversity disclosures next year

A man checks his phone at the entrance of the Singapore Exchange Ltd. (SGX) headquarters in Singapore. Photographer: Ore Huiying/Bloomberg

The Singapore Exchange (SGX) will start requiring companies to provide climate-related reporting as well as disclosures on board diversity from next year, the bourse said on Wednesday.

All issuers must provide climate reporting on a “comply or explain” basis in their sustainability reports from the financial year starting 2022.

Climate reporting will become mandatory for issuers in the financial, agriculture, food and forest products, as well as energy industries from the financial year 2023.

Those in materials and buildings, and transportation industries will have to comply from 2024.

“Decision-makers want climate information when they allocate assets, extend financing, and price risks. These factors make climate reporting most urgent for industries with the biggest impact,” said Tan Boon Gin, CEO of SGX’s regulatory arm.

From next year, issuers will also be required to set a board diversity policy that addresses aspects such gender, skill and experience.

They are required to describe the board diversity policy and give details such as targets, plans, timelines and progress in their annual reports.

A study of 587 Singapore-listed companies commissioned by the Corporate Governance Advisory Committee has shown that 87% of the 3,700 directors in the firms reviewed were male, while 45% had all-male boards.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.