Sustainability Reporting and Internal Review
View our “Sustainability Reporting Presentation”.
Large businesses as well as SMEs today can no longer look at profits only. Consumers are increasingly well informed and there is a growing demand from consumers, governments, and the general public for greener, learner and more ethical products and services. As such, business can no longer afford to treat sustainability as an add-on. It is now an essential part of business planning for sustainable growth as well as risk mitigation.
Since 2022, the Singapore Exchange (SGX) mandates that listed companies should provide climate-related disclosures, consistent with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. Companies are required to identify and manage climate-related risks, detailing governance structures, strategies, and mitigation actions. It emphasizes transparent reporting on how climate risks impact business operations and financial performance. This ensures stakeholders have a clear understanding of how companies are addressing climate change and integrating it into their strategic planning.
In July 2023, ACRA and SGX issued a public consultation on the recommendations of the Sustainability Reporting Advisory Committee (SRAC) to advance climate reporting in Singapore for both Listed Issuers and non-listed Singapore companies. The public consultation concluded in September 2023 and the timeline are detailed in following table:
Timeline for requirements |
Listed Issuers |
Large Non-Listed Cos |
ISSB-aligned CRD, including Scope 1 and 2 GHG emissions |
FY2025 |
FY2027 |
Scope 3 GHG emissions |
FY2026 |
No earlier than FY2029 |
External limited assurance on Scope 1 and 2 GHG emissions |
FY2027 |
FY2029 |
Virtus Assure collaborate with our strategic partner to provide comprehensive in-depth knowledge and experience on how to develop a coherent sustainability reporting strategy, assist in process improvement and change management, and develop sustainability reports for companies. We work within globally recognized standards, including the Global Reporting Initiative (GRI) Standards, the International Finance Corporation (IFC) Sustainability Framework, the World Business Council for Sustainable Development (WBCSD), and the Task Force on Climate-related Financial Disclosures (TCFD). These standards provide frameworks for reporting on environmental, social, and governance (ESG) aspects, helping companies present a holistic view of their sustainability efforts.
In addition, SGX rules have expanded to require an internal review of the sustainability reporting process since 2022. Issuers must have controls and processes that would guide the end- to-end ESG information flow and ensure the quality of data produced and reported. Virtus Assure provide internal review services that add value in terms of identifying and establishing a functional ESG control environment. The internal review serves as a safeguard to provide an independent and objective view of the robustness of internal controls on ESG information disclosed by the Issuer. This provides assurances on the integrity of ESG data disclosed are aligned with the internationally accepted frameworks.
Moreover, we offer comprehensive services for Scope 3 emissions reporting and internal review. We have the expertise to help companies manage and disclose Scope 3 emissions, further enhancing your sustainability strategies.
Please take a few minutes to view our Sustainability Reporting Presentation.
See our FAQs in our “Dialogue on Sustainability Reporting” section. For additional information, refer to these updated resources:
- GRI Standards – The most widely used global standards for sustainability reporting, helping companies disclose their economic, environmental, and social impacts.
- UN Sustainable Development Goals (SDGs) – A global agenda adopted by the United Nations in 2015, focusing on peace, prosperity, and protecting the planet.
- Singapore Green Plan 2030 – A national agenda charting Singapore’s path towards a green and sustainable future, updated from the Sustainable Singapore Blueprint.
Our internal review shall be conducted in accordance with the International Standards for the Professional Practice of Internal Auditing issued by The Institute of Internal Auditors.
For more information on our services, please contact us at:
Phone: +65 6332 4649
Email: services@virtusassure.com