SINGAPORE: In a recent survey by Workiva, the 2024 ESG Practitioner Survey, 97% of Singaporeans agree that integrated financial and sustainability reporting leads to better decision-making and financial performance.
According to the survey report, “Singapore outpaced the global average when it comes to the belief that good financial reporting has a positive effect on their companies.”
Singapore Business Review (SBR) also reports that about 96% respondents prioritise Environmental, Social, and Governance (ESG) reporting more than they have in previous years.
Paul Dickinson, a member of Workiva’s ESG Advisory Council and the Founder Chair of CDP, noted that regulations are serving as a catalyst for innovation, making integrated reporting as the standard.
He emphasised how this reflects the adaptability of practitioners amidst the changing landscape of corporate transparency. However, Dickinson also pointed out that while confidence in data is high among respondents, regulation remains a significant challenge for many teams.
Despite the evident benefits of integrated reporting, there are hurdles ahead, particularly concerning compliance with the Corporate Sustainability Reporting Directive (CSRD).
73% of Singaporean companies foresee the need to adhere to the CSRD, yet nearly 79% anticipate difficulties in gathering precise data to meet these obligations. Moreover, there’s a notable apprehension, with 92% expressing concerns about their organisation’s ability to collect and disseminate information across their value/supply chain.
Looking forward, Singaporean firms are gearing up for the challenge. Firms are planning to invest in technology for ESG initiatives. 96% are ready to allocate more budget, while 87% are gearing up for digital transformation projects aimed at enhancing collaboration among reporting teams, signalling a clear intent to adapt to the changing landscape of corporate transparency and sustainability. /TISG
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