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The Sustainability Reporting Advisory Committee (SRAC) is soliciting public opinions on the implementation of mandatory climate-related financial disclosures (CRDs) for listed and large non-listed companies, as reported by the Strait Times on July 6. The SRAC has proposed that listed companies align their disclosure with globally recognized standards set by the International Sustainability Standards Board (ISSB) starting from the financial year 2025. The proposed CRDs would be applicable to non-listed companies with annual revenue of at least SGD1bn (USD740m) from the financial year 2027. A review will be conducted in 2027 to determine whether to extend the requirements to unlisted companies with a revenue of SGD100m or more by around fiscal 2030.
Esther An, Chairperson of the SRAC, emphasized that climate strategy and reporting can help assist both listed and non-listed companies in managing risks and adapting to the global transition towards a low-carbon economy. Currently, Singapore’s existing rules mandate full climate disclosures aligned with recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) for listed businesses in finance, agriculture, energy, materials, and transportation. The proposed CRDs, expected to be finalized by 2024, would impact approximately 1,000 companies, including 300 non-listed entities. This move could also position Singapore as the first jurisdiction in Asia to mandate ISSB-aligned climate reporting for unlisted firms. Hong Kong also launched a public consultation in April this year to explore mandating ISSB and TCFD-aligned climate reporting for listed companies starting from 2024.
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