This Singapore company detects sinkholes before they appear
This Singapore company detects sinkholes before they appear
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Business Times
25 minutes ago
- Business Times
Transitioning to ISSB requirements is not a mere labelling change
THE recently released EY-CPA Australia report on the state of climate reporting in Singapore revealed that more than two-thirds of Singapore-listed companies are falling behind on upcoming reporting requirements for companies with financial year commencing on or after Jan 1, 2025. Under the Singapore Exchange's (SGX) road map for mandatory climate reporting, companies are expected to transition from the current Task Force on Climate-Related Financial Disclosures (TCFD) requirements to International Sustainability Standards Board (ISSB) requirements. Companies must understand that the change from TCFD to ISSB is not a straightforward labelling change. While all 11 TCFD disclosure elements are incorporated into the ISSB requirements, there are additional disclosures that companies need to make. For example, ISSB requires entities to provide an analysis of climate-related risks and opportunities across different time horizons, including their financial implications; disclose material information about the sustainability-related risks and opportunities that could reasonably be expected to affect their prospects; and make additional Scope 3 greenhouse gas (GHG) emissions disclosures. This last part on Scope 3 GHG reporting requirement is currently under further review by the SGX, and thus not mandatory. According to the EY-CPA Australia report, for their FY2024 climate reports, under the current TCFD requirements, Singapore companies are making an average of nine out of 11 disclosures, up from eight in the previous year. Eliza Tan, head of Sustainable Development Office at SGX Regulation, said: 'Companies have made progress, though they are still some ways from producing high-quality climate reports.' BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up However, a closer examination of the distribution reveals a notable gap between large versus small to medium-sized companies. Among the 62 large-cap companies – those with a market capitalisation of more than S$1 billion – 60 per cent made disclosures against all 11 TCFD recommendations. This contrasts with 35 per cent of 57 mid-cap companies – those with a market capitalisation between S$300 million and S$1 billion – and a much lower 25 per cent of 232 small-cap companies that did so. This is the same worrying picture shared by the Singapore Business Federation (SBF). In a survey of 40 companies earlier this year, only 4 per cent expressed confidence about meeting the deadline. SBF is lobbying for an extension for small and mid-cap companies, as well as improved guidance of the 'proportionality mechanisms' as allowed by the ISSB. Whether the deadline is extended, the road ahead is clearly challenging for many companies, but it is one that must be met head on. Today, stakeholders are demanding actionable, transparent plans that clearly articulate how these ambitions will be realised. This call for more credible and meaningful sustainability data and reporting is clearer and louder than ever – and will only intensify further. In fact, companies that continue to view climate reporting as a mere tickbox exercise will miss out on the opportunity to showcase how they are creating long-term value. Those who lead the charge will unlock new markets, attract customers and access innovative financing options. Conversely, those who lag behind may find themselves at a competitive disadvantage, excluded from strategic value chains. Beh Siew Kim, chief financial and sustainability officer at The Ascott, said: 'Those who act now will not only build future-ready businesses, but also drive the evolution of their industries.' To ensure the momentum for climate reporting is sustained, companies need to do three things. Understand the true exposure of climate-related impact to the business. It is important for companies to take a holistic approach to assessing the impact of climate-related risks and opportunities on the business. Without conducting an adequate assessment, companies may struggle to mitigate climate-related risks to which they are materially exposed. They may also miss out on opportunities, such as increased access to funding via sustainability-linked financing, grants and new revenue streams, leading to a potential loss of competitive edge to their peers. Develop a robust transition plan. With a comprehensive overview of the climate-related risks and opportunities, companies can customise an actionable transition plan, focused on material areas that allows for effective resource planning and allocation, crucial for ensuring a viable transition to a low to no-carbon economy. When communicated clearly, a transition plan demonstrates clarity in the company's vision and accountability for its commitments to its stakeholders, both internal and external. Equip members across different functions with sustainability knowledge. As sustainability reporting is largely a by-product of the company's strategy, plans and actions, a whole-of-organisation approach is key. Beyond the sustainability team, board members and employees should also possess a strong understanding of sustainability and key topics. This will help them recognise the implications of climate change on their roles, and encourage cross-functional collaboration to support the organisation's sustainability agenda. For Singapore's listed companies, closing this reporting gap can help maintain credibility and competitiveness on a global stage that demands climate accountability. This not only fulfils regulatory expectations, but also fosters trust among investors and customers, ultimately driving innovation and sustainable growth. Themin Suwardy is an associate professor of accounting (practice) and the associate provost for postgraduate professional education at Singapore Management University. Ken Ong is an assurance partner at EY. Some parts of this article were first published in EY Insights. The views reflected in this article are the views of the authors, and do not necessarily reflect the views of the university, the global EY organisation or its member firms.
CNA
25 minutes ago
- CNA
South Korea July consumer inflation +2.1% y/y, as expected
SEOUL :South Korea's consumer prices rose 2.1 per cent in July from a year earlier, slightly slower than the rise of 2.2 per cent in June, government data showed on Tuesday. On a monthly basis, the consumer price index rose 0.2 per cent, the fastest in four months, after no change in the previous month. The numbers were roughly in line with median forecasts of 2.13 per cent and 0.22 per cent tipped in a Reuters poll of economists.
CNA
an hour ago
- CNA
Diners welcome colour-coded labels at nasi padang, economy rice stalls but call for clearer prices
SINGAPORE: When part-time driver Yam Sok Chi visited Hjh Maimunah's outlet at Parkway Parade last week, she noticed something new – each dish was labelled with a colour code indicating its price. 'This is a very clear picture,' said the 70-year-old, who dines at the Kopitiam outlet two to three times a week. 'Nothing better than to look at the price and order according to the price that you can afford.' The colour-coded labels were recently introduced at the nasi padang chain's Parkway Parade outlet and will soon be rolled out at all nine of its mini outlets, the Consumers Association of Singapore (CASE) said in a media release in late July. This follows a similar collaboration between CASE and Koufu in March, with colour-coded price labels to be implemented at 77 economy rice stalls by the end of the year. At Koufu, labels categorise dishes such as seafood (S$2.50), meat (S$1.50) and vegetables (S$1), while premium items are individually priced. Hjh Maimunah's dishes are colour-coded with prices that range from S$1.50 to S$4.50. Speciality items, such as tahu telur and ayam bakar, have grey tags, and customers will have to ask staff for prices. CASE president Melvin Yong said the introduction of price labels aims to improve price transparency and help customers make informed choices before they order. Diners have often expressed frustration over unclear pricing at such stalls. Dr Teo Kay Key, a research fellow at the Institute of Policy Studies, said customers rarely calculate total costs while ordering. 'So sometimes if the total price they have to pay is not within expectations, then it can lead to some contention,' she said. With colour codes, stalls can avoid disputes by showing that they are not charging a random price, she added. ROOM FOR IMPROVEMENT When CNA visited Hjh Maimunah's Parkway Parade outlet and the economy rice stall at Koufu at Plantation Plaza last week, most of the 14 diners interviewed supported the initiative. At Plantation Plaza, a 23-year-old fresh graduate who gave her name as Lynsie said she checks the colour codes when she wants to save money. 'Sometimes if I'm just very hungry, I just want to eat what I want to eat regardless of the price, I don't care about the colour so much,' she added. Production operator Mdm Toh, 60, did not notice the labels but said the idea was 'not bad'. 'I'm old, I don't know. I just see what I want, then order,' she said in Mandarin. She spent S$4.70 on her meal. Mr Khor Jun Han, 25, who oversees operations at Hong Le Mixed Veg Rice stall at Plantation Plaza's Koufu, said feedback has been positive. 'Customers say prices are more transparent. Sometimes when they come, they have a budget in mind,' he said in Mandarin. He explained that some premium dishes cannot have a fixed price point because ingredient costs can vary. Still, some felt the system could be clearer. At Parkway Parade, housewife Daria Wati said she only noticed a small A5-sized price chart at the cashier after picking her food. 'Because at first we don't know, then we go to the cashier, then we see it's like (this price),' said the 49-year-old. A diner who gave his name as Mr Ching questioned why the actual prices could not be shown directly on dishes so that customers would not have to refer to a price list. 'If you put the price there, easier what,' said the 55-year-old logistics manager, adding that he had not even noticed the colour-coded tags at Hjh Maimunah. WHY NOT LABEL BY PRICE? Ms Maria Didih, Hjh Maimunah's operations director, told CNA that labelling each of the outlet's 50-plus dishes individually would confuse customers. She added that dishes may have different prices for larger portions or takeaway orders. 'It's a bit hard for us, nasi padang, because there are a lot of prices. The best is actually for us, for our mini outlets, at least we put the per portion price in terms of colour code,' she said. Items tagged with grey "ask the server" tags, such as asam pedas fish roe, are seasonal and typically priced above regular tiers, making fixed pricing difficult, she added. Hjh Maimunah plans to gather feedback from the Parkway Parade outlet before expanding the initiative to its other mini branches. Its restaurants in Joo Chiat and Jalan Pisang, which offer more than 60 dishes, may adopt the system later. Other economy rice and nasi padang businesses CNA spoke to expressed concerns about adopting a similar system. Mr Terry Soh, who works at an economy rice stall in a food court in Katong, said he has too many variations of dishes to categorise them simply as "meat" or "vegetables" as Koufu stalls do. 'Customers may also get confused. So we don't use colour codes, we just communicate the prices verbally,' he said in Mandarin. He also raised concerns about hygiene and practicality in labelling each dish. Mr Mohamad Ariff Mohamad Zin, executive chef of nasi padang chain Rumah Makan Minang, said the colour-coded system is 'a good idea' for hawker-style setups but will not be adopted at his restaurants. His team instead provides menus with price ranges and breakdowns on receipts. He added that restaurant diners value ambience, while hawker customers may want quicker service – something colour coding could support. EFFECTIVENESS OF COLOUR-CODING Associate Professor Lau Kong Cheen, head of the marketing programme at Singapore University of Social Sciences, said that colour codes work only if pricing charts are clearly visiable to customers before they make their selection. 'Mistakes that some stalls commit are that they display this at the cashier counter after the customers have selected their food, not knowing the price that each colour code represents ... that defeats the purpose,' he said. Although labelling every item with a price would be ideal, he noted that it may be impractical and unhygienic. Inked tags are exposed to oil and water, and prices can change frequently. 'Thus far, colour-coded tags tend to be most feasible, safe and cost-effective to implement,' he said. Associate Professor Walter Theseira, a labour economist at the same university, added that the overall layout and number of colour codes also impact the system's effectiveness. 'I still think it would be difficult for an occasional customer to understand the system, particularly since there are quite a few price grades offered,' he said. Ultimately, as pricing displays are not regulated, he said only voluntary efforts from stallholders – such as those by Hjh Maimunah – can improve market practices.
