30-06-2025
Singapore firms seek delay on tougher climate disclosures
SINGAPORE: A group representing thousands of Singapore businesses is seeking a delay to the implementation of more stringent climate-related disclosure rules, arguing many companies lack resources to meet the standards.
The Singapore Business Federation, which has more than 32,000 member companies, called for a compliance deadline to be extended by one to two years for small-and-mid-cap firms, which it defines as those with market values of less than S$1 billion (US$784 million). Such companies account for about 84% of current listings on the local exchange, it said.
"This doesn't represent a step back from Singapore's climate-reporting ambitions, but is a practical measure,' said Kok Ping Soon, the federation's chief executive officer, in a statement. Smaller companies need "more time to strengthen internal readiness and incorporate best practices,' he said.
Singapore Exchange's regulatory arm has called on all publicly traded companies to implement International Sustainability Standards Board-aligned disclosures from the current fiscal year, including data on operational greenhouse gas emissions.
The standards are designed to meet demand for more consistent and comparable global disclosures, said Tan Boon Gin, the CEO of Singapore Exchange Regulation, in response to the federation's recommendation.
"Ultimately, we want our companies to produce quality reports that are accurate and decision useful,' he said. - Bloomberg
