Companies have yet to demonstrate how they embed climate measures in their business operations and strategy, even as sustainability requirements expand across Asia Pacific, according to a joint study by NUS Business School’s Centre for Governance and Sustainability (CGS) and PwC Singapore.

The study Sustainability counts: Understanding sustainability reporting requirements across Asia Pacific and insights on the journey to date was released on 27 April 2022 at the Sustainability Reporting for the Future webinar.

Speakers from CGS and PwC Singapore unveiled the following findings from the study:

  • 84% of companies reported climate change as a sustainability issue, but less than half demonstrated integrating climate risks and measures in their operations.
  • Disclosures on sustainability training and the linkage of the environment, social and corporate governance (ESG) performance to leaders’ remuneration can be improved.
  • Significant opportunities remain for companies to build greater trust with stakeholders and investors through active engagement and obtaining external assurance.

The study analyses the sustainability reports of the top 50 listed companies by market capitalisation issued in 2020 and 2021 across 13 Asia Pacific economies.

The authors said that while many companies are still in the early stages of their ESG journey, new sustainability reporting regulations and requirements mean it is only a matter of time before more organisations start to demonstrate their sustainability transformations.

“Sustainability education and training are a journey. Our study shows that top listed companies across Asia Pacific have fared well disclosing their sustainability targets and responsibilities. Their next stop would be to intensify sustainability training for leaders and employees and turn pledges into action. When companies can show that to customers and investors, more will join them on their green journey,” said Professor Lawrence Loh, Director, CGS.

In addition to the study’s unveiling, in the webinar’s panel discussion, CGS and PwC Singapore panellists and representatives from various organisations, including listed firms, reflected on how the region’s companies have performed across the different dimensions of sustainability reporting, including materiality, stakeholder engagement and climate risks.

More information about the study can be found here.