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ARTICLE · 22 DECEMBER 2021

Singapore Exchange Mandates Climate Disclosures

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
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Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

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Yesterday, the Singapore Exchange announced that "[a]ll issuers must provide climate reporting on a 'comply or explain' basis in their sustainability reports" stating in FY 2022...

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Yesterday, the Singapore Exchange announced that "[a]ll issuers must provide climate reporting on a 'comply or explain' basis in their sustainability reports" stating in FY 2022, and that these "climate-related disclosures" are "based on recommendations of the Task Force on Climate-related Financial Disclosures (TCFD)."  These disclosures will become mandatory for certain industries--including the financial and energy sectors--as of FY 2023, and for additional sectors of the economy, such as transportation, in FY 2024.

Notably, the Singapore Exchange has also announced a series of ESG metrics, which, although not mandatory, are expected to be a "starting point for what companies can disclose in their sustainability reports."  Such metrics are expected to "make information more accessible and comparable . . . [and] make data more transparent, and simplify decision-making for investors."

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