9 in 10 Singaporeans value integrated financial and sustainability reporting

About 96% are also prioritising ESG reporting more than previous years. 

A majority or 97% of Singaporeans agree that integrated financial and sustainability data improves decision-making and boosts financial performance, according to Workiva’s  2024 ESG Practitioner Survey.

“Singapore outpaced the global average when it comes to the belief that good financial reporting has a positive effect on their companies,” the report said.

The survey also showed that 96% are prioritising ESG reporting more than previous years. All local respondents also believe that integrated reporting positively impacts long-term value creation, echoing sentiments of institutional investors.

Paul Dickinson, a member of Workiva’s ESG Advisory Council and the Founder Chair of CDP, said that regulations are driving innovation, making integrated reporting the standard. 

“It's a testament to practitioners’ adaptability as we navigate a new era in corporate transparency. However, the survey also revealed that whilst the majority of respondents have confidence in their data, regulation poses significant hurdles for their teams,” he said.

Meanwhile, 73% of Singaporean companies anticipate the need to adhere to the Corporate Sustainability Reporting Directive (CSRD). However, approximately 79% of Singaporean companies foresee difficulties in gathering precise data to meet CSRD obligations. Moreover, 92% expressed apprehension about their organisation's capacity to collect and disseminate information across their value/supply chain.

Looking forward, Singaporean firms plan to invest heavily in technology for ESG initiatives. 

About 96% will allocate more budget, and 87% will undertake digital transformation projects to improve collaboration among reporting teams, signalling proactive adaptation to the evolving landscape of corporate transparency and sustainability.