Singapore Leads in Corporate Sustainability Reporting

Singapore remains a frontrunner in corporate sustainability reporting, according to a Workiva survey.

The survey polled over 2,000 corporate reporting professionals across North America, Europe, and Asia.

Transparency and Financial Performance

Singaporean companies are strong advocates for transparency in environmental, social, and governance (ESG) practices. An impressive 97% of respondents agreed that strong financial reporting combined with sustainability data benefits businesses. This figure surpasses the global average of 84%.

Companies in Singapore believe merging financial and sustainability data can improve decision-making and potentially boost overall financial performance.

Challenges and the Future

While nearly 75% of respondents are prepared to comply with the EU's Corporate Sustainability Reporting Directive (CSRD), many companies still face challenges with data collection. The survey suggests that stricter regulations may increase the complexity of sustainability reporting, requiring more mature reporting processes.

Despite these challenges, Singaporean organisations remain optimistic about the future. Around 80% of professionals surveyed believe that generative AI will streamline reporting and improve efficiency within the next five years.

Looking ahead, 96% of respondents plan to increase their ESG technology budgets in the next three years. Also, 87% plan to implement digital transformation initiatives to enhance collaboration among reporting teams.

This focus on transparency and investment in technology positions Singapore as a leader in the future of corporate sustainability reporting.

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Source: Workiva