On 6 July 2023, the Accounting and Corporate Regulatory Authority (“ACRA“) and Singapore Exchange Regulation (“SGX RegCo“) jointly released the Consultation Paper titled “Turning Climate Ambition into Action in Singapore” which sets out Sustainability Reporting Advisory Committee (SRAC)’s recommendations to implement mandatory climate reporting requirements in a tiered and phased manner, beginning with issuers of equity securities on the Singapore Exchange Securities Trading Limited and extending these requirements to large non-listed companies above a certain annual revenue threshold via the Companies Act 1967. Other key recommendations include introducing specific International Sustainability Standards Board Standards as baseline reporting standards and imposing external climate-related audit / assurance requirements. ACRA and SGX RegCo intend to finalise the recommendations by 2024, and will take into consideration the feedback received on the Consultation Paper. Feedback must be submitted before 30 September 2023.
This Update highlights these key recommendations and proposals.
For more information, click here to read the full Legal Update.
