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Business Times
3 days ago
- Business
- Business Times
Over two-thirds of SGX companies unprepared for new sustainability reporting standards: EY study
More than two in three Singapore-listed companies are less than prepared to meet climate-related disclosure requirements, according to a study from EY. The deadline to transition to the new IFRS Sustainability Standards Board (ISSB)-aligned climate disclosures will be at the end of FY2025, which could be as early as Dec 31 this year for some companies. Of the 359 companies publishing sustainability reports for the financial year ended Dec 31, 2024, 98 per cent had disclosures that met at least one of the 11 Task Force on Climate-related Financial Disclosures (TCFD) recommendations. The average stood at nine disclosures in FY2024, up from eight in FY2023. But since the end of FY2022, only 32 per cent have made disclosures against all 11 TCFD recommendations. While 60 per cent of the 62 large-cap companies surveyed did so, only 35 per cent of mid-cap and 25 per cent and small-cap companies did so. Companies with financial years ending on Dec 31 now have less than six months to ensure full preparedness for the transition. The ISSB standards are built upon the four core themes – namely, governance, strategy, risk management, and metrics and targets – of the TCFD recommendations, but demand more detailed information. A NEWSLETTER FOR YOU Friday, 12.30 pm ESG Insights An exclusive weekly report on the latest environmental, social and governance issues. Sign Up Sign Up As at the end of FY2024, only 14 per cent of companies examined were early adopters of the new ISSB standards and had considered them for their climate-related disclosures. Although there are no specific punitive measures for failure to transition to ISSB-aligned climate-related disclosures by the FY2025 deadline, companies may face penalties for failing to comply with listing rules, said EY in response to a query from The Business Times. However, the group noted that regulators will take into account any difficulties companies may face with the new reporting standards. Transition plans indicate climate resilience Of the companies publishing sustainability reports, just under half disclosed a semblance of a transition plan, up from 20 per cent in FY2023. Notably, only a third of companies that have set net-zero targets have disclosed such plans. A transition plan is a time-bound plan that details how a company's existing business model, operations and resources will change in response to climate-related changes and risks. 'Companies with a transition plan are more likely to exhibit better business resilience towards climate events,' said EY Nhan Quang. 'They would have assessed the related impacts and developed the necessary response.' The study also found that less than one in five of the companies linked sustainability-related performance to remuneration in FY2024. That figure was up from 15 per cent compared with the end of FY2023. Large-cap companies were overrepresented in this metric, with nearly 62 per cent integrating environmental, social and governance (ESG) considerations into their remuneration structure, compared with 23 per cent and 15 per cent for mid-cap and small-cap firms, respectively. 'Having sustainability-linked remuneration suggests accountability from the business to help ensure proper management of their exposure to climate-related risks,' said Quang.
Associated Press
07-07-2025
- Business
- Associated Press
Regulatory Spotlight: Navigating California's Climate Accountability Package (CCAP)
Passed in 2023, the Climate Corporate Data Accountability Act (SB 253) and the Climate-Related Financial Risk Act (SB 261) were viewed as groundbreaking legislation in the United States and around the world. Despite challenges to the legislation, changes in geopolitical pressures, and the latest from the European Union's Omnibus I package, California has remained steadfast in their commitment to ensuring companies consider and disclose climate-related matters starting in 2026. Understanding these regulations and their evolving timelines is crucial for compliance and strategic planning. Summarizing California's Key Climate Acts SB 253: The Climate Corporate Data Accountability Act This act mandates that public and private companies doing business in California with total annual revenues exceeding $1 billion USD report their greenhouse gas (GHG) emissions in accordance with the GHG Protocols. SB 261: The Climate-Related Financial Risk Act This act requires public and private companies doing business in California with total revenues exceeding $500 million USD to biennially disclose their climate-related financial risks. These disclosures must follow the Task Force on Climate-Related Financial Disclosures (TCFD) framework or its successors, such as the International Financial Reporting Standards (IFRS) Sustainability Standards, specifically 'IFRS S2". The key deadline for SB 261 is January 1, 2026. SB 219: Greenhouse gases: climate corporate accountability: climate-related financial risk This bill was introduced in September 2024, providing an extension for CARB to finalize and adopt the new rules for both SB 253 and SB 261 in July 2025. The bill also streamlines SB 253 reporting requirements for parent companies, removing the requirement for subsidiaries to file separate reports. Latest Developments and Global Influence On May 29, 2025, the California Air Resources Board (CARB) hosted a virtual workshop to discuss the implementation of SB 253 and SB 261, as well as the amendments under SB 219. During the workshop, State Senators Scott Weiner and Henry Stern acknowledged the global influence of similar disclosure regulations, such as the EU's Corporate Sustainability Reporting Directive (CSRD), but reiterated that the compliance deadlines for California's bills remain unchanged. CARB presented initial concepts regarding definitions for 'doing business in California,' 'revenue,' and 'corporate relationships'. However, CARB also indicated that more time is needed to finalize their proposed rules and that meeting the July 1 deadline presented in SB 219 would be unlikely. Instead, the rules package for SB 253 and SB 261 is now anticipated to be finalized by the end of the 2025 calendar year. In a similar fashion, on July 1, 2025, the European Financial Reporting Advisory Group (EFRAG) announced that they would also extend their public consultation period from the end of July through the end of September, extending the revision and simplification deadline of the European Sustainability Reporting Standards (ESRS) until November 30, 2025. It is yet to be seen if the delay for the updated ESRS will have further impact on the status of the California rules. A notable point from the workshop was CARB's reminder about a December 2024 Enforcement Notice: reporting entities will not be subject to penalties for incomplete disclosures related to SB 253, provided they demonstrate 'good faith efforts' to collect GHG emissions data. It's important to note that a similar Enforcement Notice has not been introduced for SB 261 at this time. The California rulemaking process is comprehensive, offering opportunities for public engagement and compliance reviews. CARB remains in the 'Pre-Rulemaking' stage and intends to continue public engagement before issuing proposed regulations. Once the proposed rules are ready, CARB will enter the 'Formal Rulemaking' status, with one year to finalize and adopt the rules into law. This means that the final rules might not be ready until late 2026. Preparing for Compliance: Actionable Steps Despite the delayed release of formal guidance materials, the statutory deadlines for these regulations remain in effect. Therefore, companies, especially those new to GHG emissions inventories and/or climate-related risk reporting, should begin preparations as soon as possible. Here are key areas your organization should focus on: Key Deadlines at a Glance: The evolving landscape of climate corporate accountability demands proactive engagement. Antea Group is here to help your organization navigate these complex regulations and build a resilient sustainability reporting framework. Is your company prepared for California's new climate disclosure mandates? Learn how Antea Group can support your compliance journey and enhance your sustainability reporting: Visit 3BL Media to see more multimedia and stories from Antea Group
Business Wire
26-06-2025
- Business
- Business Wire
Cameco Releases 2024 Sustainability Report
SASKATOON, Saskatchewan--(BUSINESS WIRE)-- Cameco (TSX: CCO; NYSE: CCJ) released its 2024 Sustainability Report today, which communicates the initiatives and key metrics that demonstrate Cameco's progress to date and the continual advancement of our sustainability reporting. 'As a responsible company focused on creating long-term, sustainable value for all our stakeholders, we are taking the appropriate actions and making decisions to look after our employees, support our communities, and reduce our environmental impact,' Cameco President and CEO Tim Gitzel said. Cameco is committed to transparency and accountability for quality reporting on sustainability matters to our providers of capital, customers, employees, regulators, local Indigenous Peoples, communities around our operations, and other stakeholders. For more than 15 years, we have disclosed our sustainability performance through an extensive range of environment, safety, social, economic, and governance indicators. Sustainability highlights from 2024 include: Completing physical climate risk assessments at our U.S. operations in Nebraska and Wyoming; Launching a pre-trades training program for Residents of Saskatchewan's North, where ten female students began courses on industrial and heavy-duty mechanics, carpentry, electrical, plumbing and welding; Removing the Port Hope legacy UF 6 plant, where over 125,000 hours were spent over five years to address legacy waste inherited from historic operations — a major milestone of our Vision in Motion project; Achieving our goal to publish our Scope 3 emissions value and quantification method, as well as engage with value chain partners that together make up 59% of our total Scope 3 emissions, to better understand emission-reducing initiatives in our value chain; Acknowledging 51% of our workforce at our northern Saskatchewan operations self-identified as Indigenous; and, Celebrating that 71% of all our spending on services at our northern Saskatchewan mine sites was with northern-owned businesses. 'Looking forward, I want us to continue to safely produce uranium fuel in a way that our people are proud of. We remain committed to pursuing sustainability and providing a respectful workplace that is reflective of the communities where we operate,' Gitzel said. In this report, Cameco has incorporated relevant Sustainability Accounting Standards Board (SASB) performance indicators and continued its progress toward integrating the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD). The report can be downloaded or read online at Cameco's board of directors and executive team oversee the company's sustainability strategy, execution, and reporting. In addition to SASB and TCFD, the report contains other key performance indicators that we believe have an important bearing on Cameco's long-term sustainability, some of which are unique to our company and some of which are based on the GRI Standards framework that we used as the basis of our sustainability reporting prior to 2020. For the third year, we have obtained a third-party limited assurance report on selected performance indicators. Profile Cameco is one of the largest global providers of the uranium fuel needed to power a secure energy future. Our competitive position is based on our controlling ownership of the world's largest high-grade reserves and low-cost operations, as well as significant investments across the nuclear fuel cycle, including ownership interests in Westinghouse Electric Company and Global Laser Enrichment. Utilities around the world rely on Cameco to provide global nuclear fuel solutions for the generation of safe, reliable, carbon-free nuclear power. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan, Canada. As used in this news release, the terms we, us, our, the Company and Cameco mean Cameco Corporation and its subsidiaries unless otherwise indicated. Caution about forward-looking information This news release includes statements considered to be forward-looking information or forward-looking statements under Canadian and U.S. securities laws (which we refer to as forward-looking information), including: our focus on creating long-term, sustainable value for all our stakeholders; our goals of looking after our employees, supporting our communities and reducing our environmental impact; our commitment to continual advancement of our sustainability reporting, including transparency and accountability for quality reporting on sustainability matters; our intention to continue to produce uranium fuel safely; our commitment to pursuing sustainability and providing a respectful workplace; and our engagement with value chain partners to better understand emission-reducing initiatives in our value chain. This forward-looking information is based on a number of assumptions, including assumptions regarding our ability to achieve our goals of creating long-term, sustainable value, looking after our employees, supporting our communities and reducing our environmental impact; our ability to maintain quality reporting on sustainability matters; and our ability to achieve safe production of uranium fuel, pursue sustainability and maintain a respectful workplace. This information is subject to a number of risks, including: the risk that we may be unable to achieve our goal of pursuing long-term, sustainable value or meet our uranium fuel production goals; the risk that we may not be able to maintain quality reporting on sustainability matters; and the risk that we may face unexpected challenges or delays in advancing our climate, environmental and social-related goals or that they may not achieve the intended outcomes or results. Additional assumptions and risks are detailed in the Caution About Forward-Looking Information in our Sustainability Report and our most recent annual and quarterly Management's Discussion and Analysis. The forward-looking information in this news release represents our current views, and actual results may differ significantly. Forward-looking information is designed to help you understand our current views and may not be appropriate for other purposes. We will not necessarily update this information unless we are required to by securities laws.
Focus Malaysia
24-06-2025
- Business
- Focus Malaysia
Palm oil sector faces ESG pressure amid global scrutiny
THE oil palm plantation sector has long been linked to deforestation, greenhouse gas (GHG) emissions, labour exploitation, and land rights violations. These longstanding issues have resulted in: (i) Increased global scrutiny and the introduction of stricter regulations, particularly from major importing regions such as the European Union and the United States. (ii) A noticeable shift in demand from buyers and consumers (especially in these regions) toward sustainably produced palm oil. (iii) The growing integration of ESG criteria into funding and investment decisions by financial institutions, including both lenders and investors. 'In response, planters have intensified efforts to adopt and integrate ESG principles across their operations,' said Hong Leong Investment Bank. Beyond rising ESG adoption, the level of ESG disclosure among planters has improved over time, spurred by both mandatory and market-driven requirements. Notable examples include the EU Deforestation Regulation (EUDR), which requires enhanced traceability and data systems; Task Force on Climate-Related Financial Disclosures (TCFD) reporting, and sustainability disclosures mandated by Bursa Malaysia. Key elements within the Environmental pillar (particularly GHG emissions, and water management) are critical in in assessing how planters interact with and impact the natural environment. 4 out of 7 planters recorded lower GHG intensity (namely HS Plant, JPG, KLK and SDG). These improvements stemmed from various reduction initiatives, such as the installation of biogas plants and filter belt press, the purchase of green energy, and the use of by-products like palm kernel shell (PKS), etc. In terms of water intensity, 7 out of 8 planters achieved lower water intensity in FY24, signalling more efficient water usage and improved water management practices across operations. While progress under the Social pillar is more difficult to quantify due to its qualitative nature, many planters have shown clear commitment to addressing key social concerns. This is reflected in initiatives such as improved labour practices, enhanced workers' welfare, community engagement programmes, and efforts to uphold human rights across their operations and supply chains. Governance practices among planters showed uneven progress in FY24, particularly in board independence and gender diversity. In terms of board independence, all planters met the minimum requirement under the Malaysian Code on Corporate Governance (MCCG) i.e. at least 50% independent board representation. HS Plant and KLK improved their board independence (from 40-44% in FY23 to 56-60% in FY24). In contrast, IOI and TSH saw declines (from 67% and 56% in FY23 to 57% and 50% in FY24, respectively). Gender diversity, on the other hand, showed mixed progress in FY24. While HS Plant, KLK, and TSH recorded higher female board representation in FY24, FGV and SDG experienced declines. Notably, 4 out of 8 planters under coverage still fall short of the MCCG's recommendation of 30% female representation on the board. YTD, CPO price averaged at RM4,399/mt. We maintain our 2025-26 CPO price projections of RM4,000/mt and RM3,800/mt for now, pending a review (with slight upside bias). Maintain Neutral on the sector, given the absence of clear demand catalyst (at least for now). For exposure, our top picks are SDG (BUY; TP: RM5.17), JPG (BUY; TP: RM1.35) and IOI (BUY; TP: RM4.24). —June 24, 2025 Main image: Tasting Table
Korea Herald
17-06-2025
- Business
- Korea Herald
ENNOVI Achieves Prestigious EcoVadis Platinum Sustainability Rating for Unprecedented Fifth Year
Accolade aligns with ENNOVI's mission to positively impact the industries it serves SINGAPORE, June 17, 2025 /PRNewswire/ -- ENNOVI, an interconnect solutions partner, is proud to announce its continued recognition for outstanding sustainability performance by EcoVadis, the world's most reputable provider of business sustainability ratings. Demonstrating an unwavering commitment to environmental stewardship, ethical practices, and social responsibility, ENNOVI has secured the EcoVadis Platinum Medal for the fifth time. This achievement places it in the top 1% of over 130,000 companies assessed worldwide. We increased our overall EcoVadis score to 85, with significant improvements in the themes of Labor & Human Rights, Ethics, and Sustainable Procurement. Over the past year, we have deepened our focus on ethics, labor practices, and human rights, enhanced supply chain due diligence, and strengthened our environmental management systems. We have also enhanced our award-winning sustainability reporting, which provides a comprehensive account of our sustainability performance, aligned with global standards and frameworks such as the GRI, SASB, TCFD, and UN Sustainable Development Goals, thereby reinforcing our commitment to transparent and stakeholder-focused disclosure. "EcoVadis provides an invaluable lens through which we can demonstrate our unwavering commitment to sustainability within the rapidly evolving technology landscape," states Nantha Kumar Chandran, Chief Sustainability Officer & VP Global Plating Operations, ENNOVI. "This consistent acknowledgement from EcoVadis not only underscores ENNOVI's pioneering efforts in sustainable practices but also deepens the assurance and loyalty of our customers, partners, and the entire community we serve."
