ACCA survey finds that Environmental & Social Reporting in Singapore has increased since 2002
A survey commissioned by ACCA Singapore disclosed today that companies in Singapore are starting to put more importance on environmental and social reporting. The survey The State of Environmental & Social Reporting in Singapore, took several approaches to review the status of reporting in Singapore.
Key Findings from a desk based review of 90 companies, comprising public listed companies on the SGX main board as well as Government Linked Companies (GLCs) show that:
- 4% of companies reviewed produced a stand-alone report as compared to none in 2002
- 50% disclose Corporate Social Reporting (CSR) in some way either through stand-alone reports, part of the annual reports or on company websites
- More often, company websites reviewed mention CSR but refer to philanthropy
- Despite reporting, the quality of reports needed to be improved
A web based survey was also sent to 327 listed companies and MNCs based in Singapore to find out whether these companies reported, how they reported as well as what the drivers and barriers to reporting were. The survey received a 15% response rate. Key findings in this web based survey include:
- 32% of those who responded do report
- 93% have ISO14001 certification
- Over 50% of those who currently do not report, see reporting as important within the next 5 years
- Key drivers for reporting include reputation/brand enhancement; stakeholder engagement and shareholder value
In the desk based review of 18 selected Multi National Companies (MNCs) whose operations in Singapore were ISO14001 certified, environmental & social reporting in the Singapore operations of these companies was found to be low. Key findings indicate:
- In almost 50% of the cases, there was more focus on environmental/social information on the websites of their operations elsewhere in the region - than there was in Singapore.
- None of the MNCs reviewed produced a standalone report for Singapore.
Head of ACCA Singapore, Ms Penelope Phoon said: "Overall, we are pleased that companies see the importance of environmental & social reporting and are making a conscious effort to be transparent. However, the survey results also show that we have ample room for improvement. ACCA will continue to push the Sustainability agenda through organising workshops and seminars and working with the relevant chambers of commerce, associations and bodies."
Singapore also has a high number of ISO 14001 certified companies. Data available show that there are 616 companies in Singapore which are ISO14001certified. This is the second highest in the region after Australia which has 1,898 companies.
Added Ms Phoon: "There is a potential pool of reporters in Singapore as reporting is a natural follow on from ISO14001. A certification alone is not necessarily sufficient. The real benefits of ISO 14001 can only be realised if the environmental management system is fully integrated into the overall business management. It is only through reporting that companies become accountable and are forced to look at this integration."
ACCA commissioned The State of Environmental & Social Reporting in Singapore to assess the development of environmental reporting in Singapore from 2002 to 2005 and to determine the level of social reporting. The survey findings will be presented at The ACCA Singapore Environmental & Social Reporting Awards (SESRA) ceremony on Friday, 10 March 2006.
For further information please contact:
Michelle Seth Langbein Manager, Marketing & Communications
+65 6734 8110 msethl@acca.org.sg