- Who is affected
- Directors and management of SGX-listed issuers, and their sponsors and advisers.
Summary
Background Following the public consultation paper issued on 26 August 2021, SGX RegCo had on 15 December 2021 released its roadmap for climate reporting and board diversity disclosures. Requirements on climate reporting are based on the recommendations of the TCFD (Task force for Climate Related Financial Disclosures). TCFD was created by the Financial Stability Board (FSB), an international body monitoring the global financial system and its recommendations are used as guidelines for climate reporting purposes. Key rule changes are as follows:
▪ For FY commencing 2022, all issuers must provide climate reporting on a ‘comply or explain’ basis in their sustainability report. ▪ All issuers to subject their sustainability report processes to internal review. ▪ All directors to undergo a one-time training on sustainability. ▪ All sustainability reports to be issued with annual reports unless issuers have conducted external assurance (within 5 months of financial year).
This update is a summary of publicly available regulatory guidance prepared by SAC Capital Private Limited for general information. It is not legal advice. Issuers should refer to the SGX Listing Rules and consult their sponsor or legal adviser.