Singapore launched here Monday its first Maritime Sustainability Reporting Guide to support local companies’ sustainability development practices.

The guide was jointly launched by the Maritime and Port Authority of Singapore (MPA), Singapore Exchange Limited (SGX), Global Compact Network Singapore (GCNS), Institute of Singapore Chartered Accountants (ISCA), and sustainability consultants from Ernst & Young LLP, KPMG and PwC Singapore.

The guide provides a practical framework, including best practices for creating a maritime sustainability report, for both listed and non-listed maritime companies. As sustainability development practices bring various benefits to businesses, there is a growing need for sustainability reporting guidelines. The guide provides MPA’s own sustainability reporting journey as a case study, including its internal sustainability initiatives through the years.

Quah Ley Hoon, chief executive of MPA noted that the guide «attests to MPA’s efforts to champion sustainability reporting for the maritime industry» and serves as a platform to reach out to the maritime community on sustainability.

SGX is pleased to support MPA in enabling higher-quality sustainability reports from maritime companies, said SGX CEO Loh Boon Chye, adding that the guide and the exchange’s own initiatives on the sustainability front are efforts that will help elevate interest in Singapore-listed companies as a whole.

Goh Swee Chen, president of GCNS, echoed, «The salient value of the sustainability reporting process lies in its ability to ensure that organizations consider and disclose the impacts of their business practices, including consideration of longer term opportunities and risks. The maritime industry is a key driving force in Singapore’s and the global economy and has great potential to make waves as a front-runner in sustainable development.»

Source: Asia&Pasific