Climate reporting consultation paper

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🌳SGX Group and ACRA - Accounting and Corporate Regulatory Authority have launched a public consultation that will advance climate reporting among Singapore companies. 

💡In fact, did you know that all listed companies already needed to report their environmental, social and governance (ESG) practices from the financial year ending Dec 31, 2017 onwards? 

🌳The Sustainability Reporting Advisory Committee (SRAC) has now recommended that all listed companies carry out climate reporting from FY2025. The SRAC also recommended that #climaterelated #disclosures be reported in alignment with the new standards of the International Sustainability Standards Board (ISSB). 

🌳What I think is interesting is that this consultation also proposes for climate reporting by non-listed companies with annual revenue of at least S$1 billion.

🙋‍♀️Given the urgency to act for climate change now, I wonder if this should be a lower threshold as there aren’t many companies in Singapore with this high level of revenue. If I’m not wrong, there’s only about 800+ listco on SGX hence, I was wondering if this revenue threshold should be lowered so as to include more companies? And perhaps they can report to a lesser extent if their size is smaller (just like how small companies can report simplified XBRL to ACRA today) ? 

What do you think? 

The consultation is open to public now. Link.

#ACRA #SRAC #ISSB #Sustainability #ESG #climate


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