Singapore Delays Full Climate-Related Disclosures for Listed Small, Mid-Sized Firms

The Accounting and Corporate Regulatory Authority (Acra) and Singapore Exchange Regulation (SGX RegCo) have pushed back most climate reporting requirements for listed small and mid-sized companies by five years.

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While all listed companies were supposed to make climate-related disclosures aligned with standards by the International Sustainability Standards Board (ISSB) for financial years starting from January 2025, listed companies that are not constituents of the Straits Times Index (STI) and with a market capitalization below $1 billion need to do so only from FY2030.

The extension follows a recommendation put forth in June by the Singapore Business Federation. The umbrella association of businesses had asked for a one- to two-year delay in compliance by listed small and mid-sized companies, citing feedback that a majority were not confident in meeting the original timeline.

Non-STI constituents with a market capitalization of $1 billion and above will have to comply from FY2028, said a joint media release on Aug. 25 by Acra and SGX RegCo.

All listed companies, irrespective of their market size or whether they are an STI constituent, will still have to report their operation emissions (Scope 1) and those arising from their use of electricity (Scope 2) from this financial year.

Scope 1 and Scope 2 reporting remains mandatory as this is key information in tracking companies' decarbonization progress, said the media release.