Singapore Experts Recommend Sustainability Measures for Manufacturing Companies

In Singapore, only 37% of companies have implemented sustainability initiatives. The Institute of Singapore Chartered Accountants (ISCA), Singapore Manufacturing Federation (SMF), Deloitte, and Singapore Management University (SMU) have listed five recommendations for manufacturing companies to accelerate their sustainability transformation.

To further drive sustainability transformation, the experts recommended that manufacturing companies create a C-suite position for the Chief Financial and Sustainability Officer (CFSO). "A CFSO can help translate sustainability measurements and data into the financial bottom line," said the experts in a report. Manufacturing companies should also integrate sustainability considerations into current operations. Doing so will ensure that sustainability initiatives and business strategies are aligned. Third, experts advised companies to leverage international and/or local communities of practice to stay informed on sustainability matter

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Listed companies show improvement in sustainability reporting, but lack climate-related disclosuresA biennial study conducted by the Singapore Exchange Regulation (SGX RegCo) and the Centre for Governance and Sustainability at the National University of Singapore Business School reveals that listed companies have improved in their sustainability reporting. However, the study also highlights the lack of climate-related disclosures, including climate transition plans. The average score for sustainability reporting in 2023 increased to 75 out of 100, but dropped when climate-related disclosures were included in the scorecard. Out of the 535 SGX-listed firms that published sustainability reports, 73% provided climate-related disclosures according to the Task Force on Climate-related Financial Disclosures (TCFD) framework.
Source: straits_times - 🏆 5. / 69 Read more »