Singapore’s top 100 companies have made notable advancements in sustainability reporting, outperforming global averages in six of twelve key indicators, as revealed by KPMG’s 2024 Survey of Sustainability Reporting. This achievement places Singapore among only seven countries where all top 100 companies report on sustainability, compared to a global average of 79%.
The survey, which analysed the sustainability practices of 5,800 companies across 58 countries, highlighted significant progress in Singapore’s corporate sector. Notably, 76% of Singapore’s top companies now recognise climate change as a financial risk, a substantial increase from 49% in 2022, and well above the 2024 global average of 55%. Additionally, 55% of these companies have appointed board or leadership representatives responsible for sustainability governance, up from 35% in 2022.
Cherine Fok, Partner, ESG Consulting at KPMG in Singapore, commented, “This year’s data marks a pivotal moment for sustainability reporting in Singapore, showcasing significant progress in how companies address climate-related risks.”
Despite these achievements, areas for improvement remain. Only 37% of Singaporean companies seek assurance for their sustainability information, below the global average of 54%. Furthermore, the percentage of companies linking sustainability to executive remuneration has decreased from 67% in 2022 to 38% in 2024, although still above the global average of 30%.
Singapore’s continued progress in sustainability reporting is crucial, with opportunities to enhance integrated reporting, align with Sustainable Development Goals, and improve biodiversity and social risk disclosures. As Singapore navigates these challenges, leveraging innovation and collaboration will be key to maintaining its leadership in corporate sustainability.
