Latest news with #KokPingSoon
CNA
7 days ago
- Business
- CNA
Singapore firms want FTAs to cover areas like digital economy and services: Study
Singapore firms say they want free trade agreements (FTAs) with a wider scope, in areas like the digital economy and services trade. They are also looking for guidance on tapping FTAs. This is according to a research study on manufacturing businesses, led by the National University of Singapore. Kok Ping Soon, CEO of the Singapore Business Federation, and Lennon Tan, President of the Singapore Manufacturing Federation (SMF), discuss the survey findings from the research study on manufacturing businesses. They talk about the pressing challenges local manufacturers face and how SMF is helping businesses tap FTAs.
CNA
08-07-2025
- Business
- CNA
Singapore companies bracing for more uncertainty amid Trump's tariff letters
Singapore companies are bracing for greater uncertainty after US President Donald Trump sent letters announcing new tariffs as high as 40 per cent for some countries. The Singapore Business Federation (SBF) says firms are once again taking a "wait and see" approach. SBF's CEO Kok Ping Soon and Associate Professor Simon Tay, Chairman of the Singapore Institute of International Affairs, talk about what it means for Singapore to not be issued the letters by President Trump. They also discuss what it means for Singapore businesses to be operating in a neighbourhood with so many different tariff rates.
The Star
30-06-2025
- Business
- The Star
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
Straits Times
26-06-2025
- Business
- Straits Times
SBF seeks more time for smaller listed companies to comply with new climate-related disclosure rules
The Singapore Business Federation's recommendations apply to smaller businesses, which make up 84 per cent of SGX listings BT PHOTO: TAY CHU YI SBF seeks more time for smaller listed companies to comply with new climate-related disclosure rules SINGAPORE - The Singapore Business Federation (SBF) has proposed extending the deadline for small- and mid-sized companies listed on the Singapore Exchange (SGX) to comply with the latest sustainability disclosure requirements by one to two years. This is one of the four recommendations released by SBF on June 26, in relation to the disclosures. Under SGX Regulation's (SGX RegCo) prevailing sustainability reporting regime, all listed companies have to make climate-related disclosures aligned with standards developed by the International Sustainability Standards Board (ISSB) for financial years that start from Jan 1, 2025. Only 4 per cent out of 40 listed companies polled by SBF and SGX RegCo between April and May this year were very confident about meeting this timeline, even though all the engaged listed companies were already preparing for ISSB disclosures. More than 90 per cent of them also said extending the timeline for mandatory ISSB disclosures by one or two years would be useful for them to prepare higher-quality sustainability reports. They also added that a time extension would not detract them from the work that they had already begun. The three other recommendations from SBF are: Making disclosure requirements proportionate for small- and mid-cap listed companies; Providing Singapore-relevant cross-sector and sector-specific guidance; and Designating a central platform for digital reporting of climate-related disclosures. These recommendations apply to the small- and mid-sized listcos which make up 84 per cent of SGX listings, although not all listings (including secondary-listed issuers) are subject to sustainability-reporting requirements. Mr Kok Ping Soon, chief executive of SBF, said: 'This does not represent a step back from Singapore's climate-reporting ambitions, but is a practical measure to provide smaller listed companies more time to strengthen internal capabilities and incorporate best practices after larger listed companies make their ISSB disclosures for FY2025.' While preparations for ISSB climate reporting are underway, a deadline extension would enable small- and mid-cap companies to, for example, prepare subsidiaries which may be based overseas. It would also strengthen data collection systems and enable these smaller businesses to take guidance from the FY2025 ISSB reports by larger listed companies. Extending the deadline would also enable small- and mid-cap listed companies to be eligible for the Sustainability Reporting Grant from the Economic Development Board and Enterprise Singapore. This is because the grant is awarded only to reports filed before the requirement to comply with mandatory climate-related disclosures kicks in. Mr Kok also recommended increasing awareness and application of proportionality mechanisms, with more guidance within and across sectors relevant to the city-state. 'These will help smaller listed companies in Singapore take full advantage of any compliance deadline extension to more effectively transition their business,' he said. In response to the SBF recommendations, a spokesperson from SGX RegCo said that it is aware that the ISSB standards are ambitious and that smaller companies, in particular, have found compliance challenging. 'We therefore welcome the SBF paper and appreciate the effort to gather feedback from the business community, particularly smaller listed companies. The insights from this paper will be valuable in helping us strike the right balance between advancing corporate sustainability goals and recognising the operational realities that businesses face today.' 'Ultimately, we want our companies to produce quality reports that are accurate and decision-useful,' the spokesperson added. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
26-06-2025
- Business
- Business Times
SBF proposes 1-2 year extension of compliance deadline for SGX-listcos' climate-related disclosures
[SINGAPORE] The Singapore Business Federation (SBF) has proposed extending the deadline for Singapore Exchange (SGX)-listed companies' compliance with the International Sustainability Standards Board (ISSB)-based climate-related disclosures by possibly one to two years. This is one of the four recommendations released by the SBF on Thursday (Jun 26), in relation to the disclosure. Under the SGX Regulation (SGX RegCo)'s prevailing sustainability reporting regime, all listed companies have to make climate-related disclosures for financial years (FY) commencing on or after Jan 1 this year, using the International Sustainability Standards Board (ISSB) standards. Data was collected by SBF and SGX RegCo in April and May from 40 SGX-listed companies on the mainboard and Catalist boards through a roundtable discussion and a survey, which showed that only 4 per cent were confident about meeting this timeline, even though all the engaged listed companies were already preparing for ISSB disclosures. More than 90 per cent of them also said extending the timeline for mandatory ISSB disclosures, for example by one or two years, would be useful for them to prepare higher-quality ISSB reports. They also added that a time extension would not detract them from the work that they had already begun. The four recommendations from SBF are: A NEWSLETTER FOR YOU Friday, 12.30 pm ESG Insights An exclusive weekly report on the latest environmental, social and governance issues. Sign Up Sign Up Grant small- and mid-cap listed companies more time to comply, for example, by one to two years; Make disclosure requirements proportionate for small- and mid-cap listed companies; Provide Singapore-relevant cross-sector and sector-specific guidance; and Designate a central platform for digital reporting of climate-related disclosures. These recommendations apply to the small- and mid-sized listcos which make up 84 per cent of SGX-listings, since not all listings (including secondary-listed issuers) are subject to sustainability-reporting requirements. Kok Ping Soon, chief executive of SBF, said: 'Our key recommendation is to extend their compliance deadline, after engaging close to 40 small- and mid-cap listed companies. This does not represent a step back from Singapore's climate-reporting ambitions, but is a practical measure to provide smaller listed companies more time to strengthen internal capabilities and incorporate best practices after larger listed companies make their ISSB disclosures for FY2025.' While preparations for ISSB climate reporting are underway, a deadline extension would enable small- and mid-cap companies to, for example, prepare subsidiaries which may be based overseas. It would also strengthen data collection systems and enable these smaller businesses to take guidance from the FY2025 ISSB reports by larger listed companies. Extending the deadline would also enable small- and mid-cap listed companies to be eligible for the Sustainability Reporting Grant (SRG) by the Economic Development Board and Enterprise Singapore, given that the SRG is awarded only to reports filed before compliance for mandatory climate-related disclosures kicks in. He also stressed SBF's recommendation of increasing awareness and application of proportionality mechanisms, with more guidance within and across sectors relevant to the city-state. 'These will help smaller listed companies in Singapore take full advantage of any compliance deadline extension to more effectively transition their business,' Kok said.
