Singapore continues to lead in corporate, sustainability reporting: report

96% said they would increase budget for ESG initiatives.

Organisations in Singapore continued to show their progressive stance on ESG transparency with 97% agreeing that robust financial reporting is good for business, beating the global average of 84%, according to Workiva.

In its 2024 ESG Practitioner Survey, companies in the city-state believe that merging financial and sustainability data could improve decision-making and even enhance the firm’s overall financial performance.

All respondents are also optimistic about the impact of integrated reporting on their long-term value creation. Workiva said this signals Singapore is increasingly recognising the value of assured integrated reporting in boosting financial performance and ESG practices.

While nearly three-fourths are willing to comply with the EU’s Corporate Sustainability Reporting Directive (CSRD), the majority are still struggling to gather data and complete the requirements.

“This data suggests practitioners expect regulation to increase the complexity of sustainability reporting and that reporting processes must mature to satisfy new regulatory requirements,” the report read.

The report also shoed Singaporean organisations remained positive about the future of corporate reporting in the city-state. Roughly 80% of professionals surveyed believe generative AI will not only make it easier for them to do their jobs, but also make sustainability reporting more efficient in the next five years.

In the coming three years, 96% said they will allocate more budget to technology for ESG initiatives while 87% plan to embark on digital transformation projects to boost collaboration among reporting teams.

The survey, which was on its third year, polled over 2,000 professionals involved in corporate reporting across North America, Europe and Asia.