Sustainability reporting isn't about lip service
INTERNATIONAL Accounting Standards Board (IASB) chairman Hans Hoogervorst's recent accusation of "rampant" greenwashing - whereby companies dress their practices, products or services up as being environmentally friendly - has cast the spotlight on the usefulness of sustainability reporting at this stage of its development and also on the propensity of certain companies to exploit it.
Singapore is not unfamiliar with sustainability reporting. The Singapore Exchange had introduced it on a "comply or explain" basis, for listed companies with financial years ending on, or after, Dec 31, 2017; and there were some companies that chose to produce sustainability reports even before this.
It would, therefore, be timely to look at some of the issues raised in the debate stirred up by Mr Hoogervorst's recent comments, as part of a longer-term examination of the merits of sustainability reporting.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Bank of Singapore takes action against employees for misusing medical benefits
UBS weighs synthetic risk transfer amid capital boost proposals
Oil settles higher on supply concerns in the Mid-East, economic woes subdue gains
S-Reits falter as investors weigh possibility of zero rate cuts in 2024
CapitaLand Investment posts total revenue of S$650 million for Q1
Europe: Stoxx 600 logs best day in three months as banks shine