Singapore has launched its first Maritime Sustainability Reporting Guide to support local companies' sustainability development practices.
The guide was jointly launched by the Maritime and Port Authority of Singapore (MPA), Singapore Exchange Limited (SGX), Global Compact Network Singapore (GCNS), Institute of Singapore Chartered Accountants (ISCA), and sustainability consultants from Ernst & Young LLP, KPMG and PwC Singapore.
According to MPA, the Guide provides a practical framework, including best practices for creating a maritime sustainability report, for both listed and non-listed maritime companies.
The need for the Guide was spurred by industry feedback on the growing need for sustainability reporting guidelines, given that sustainability development practices bring various benefits to businesses. The Guide also features MPA’s own sustainability reporting journey as a case study, including its internal sustainability initiatives through the years.
Ms Quah Ley Hoon, Chief Executive of MPA said, “The Guide attests to MPA’s efforts to champion sustainability reporting for the maritime industry and serves as a platform to reach out to the maritime community on sustainability. It is also aligned with MPA’s efforts to serve the needs of our customers, create stronger partnerships in the new world and build a more sustainable future for Singapore and the region.”
Loh Boon Chye, CEO of SGX said, “SGX is pleased to support MPA in enabling higher-quality sustainability reports from maritime companies. Global investors are increasingly focused on how companies manage Environmental, Social and Governance factors. The Guide and the exchange’s own initiatives on the sustainability front are efforts that will help elevate interest in Singapore-listed companies as a whole.”