Themed “Sustainability Mainstreamed into the Boardroom Agenda”, the 8th Hong Leong and CDL Group Annual Sustainability Forum’s key focus was on the Singapore Exchange Regulation’s (SGX RegCo) latest proposals for mandatory climate reporting, external assurance, and the key roles boards play in driving environmental, social and governance (ESG) integration.
The forum was conducted virtually on 13 October with over 110 directors, management and staff from the Hong Leong and CDL Group of companies in attendance. It featured expert speakers NUS Business School Centre for Governance and Sustainability Director Dr Lawrence Loh; SGX RegCo Listing Policy & Product Admission Head Mr Michael Tang; Singapore Institute of Directors (SID) Governing Council Member and Professional Development Committee Chairman Mr Joe Poon; EY ASEAN Climate Change and Sustainability Services Leader and Ernst & Young Assurance Partner Mr Simon Yeo; and PwC Singapore Partner and Sustainability and Climate Change Leader Ms Fang Eu-Lin.
CDL Chief Sustainability Officer Ms Esther An kicked off the forum by speaking on the topic “Making Sustainability a Competitive Advantage – Turning Risks to Opportunities”. Ms An set the scene for a dynamic forum by discussing global ESG trends, rising investor demand for quality ESG data, and CDL’s own sustainability journey for over two decades.
Dr Loh then shared on the NUS Business School’s Centre for Governance and Sustainability’s recent studies on corporate governance and sustainability reporting. Dr Loh provided interesting insights on the Singapore Governance and Transparency Index 2021, highlighting the strong business case for sustainability, including increased brand value, and the importance of embedding ESG considerations in board governance. His presentation ended with some words of wisdom for companies preparing for the new dawn of sustainability in the face of more stringent regulator, investor, and stakeholder demand.
Next was Mr Tang, who shared a summary of SGX RegCo’s latest proposals to enhance sustainability reporting, followed by Mr Poon, who covered SID’s various director training programmes on sustainability. Mr Yeo then shared his expert views on internal audit and external assurance processes for sustainability reporting, while Ms Fang touched on climate change scenario planning based on recommendations by the Taskforce for Climate-related Financial Disclosures (TCFD).
The panel discussion after the presentations, moderated by Ms An, was an enriching session for speakers and audience alike. The discussion covered a wide range of current ESG issues, ranging from harmonisation of sustainability reporting standards to the role of board members in driving companies’ ESG performances. The rich and diverse experiences and backgrounds of panellists from various industries and sectors provided for a robust and well-rounded discussion on the topics shared, and the audience was able to glean useful advice in charting the way forward for mandatory climate-related reporting.
