Singapore leads in corporate and sustainability reporting

Singapore continues to demonstrate leadership in corporate and sustainability reporting, with 97% of organizations in the city-state acknowledging the benefits of robust financial reporting for business, surpassing the global average of 84%, according to Workiva.

The 2024 ESG Practitioner Survey highlights that companies in Singapore believe combining financial and sustainability data can enhance decision-making and improve overall financial performance. Every respondent expressed optimism about the positive impact of integrated reporting on long-term value creation. Workiva noted that this reflects Singapore’s growing recognition of the importance of assured integrated reporting in enhancing both financial performance and ESG practices.

Although nearly 75% of Singaporean organizations are willing to comply with the EU’s Corporate Sustainability Reporting Directive (CSRD), many are still facing challenges in data collection and meeting the requirements.

“This data suggests practitioners expect increased regulatory complexity in sustainability reporting, necessitating more mature reporting processes to meet new requirements,” the report stated.

Singaporean organizations remain optimistic about the future of corporate reporting. Approximately 80% of professionals surveyed believe that generative AI will simplify their work and make sustainability reporting more efficient over the next five years.

Looking ahead, 96% of respondents plan to increase their budget for ESG technology initiatives in the next three years and 87% intend to pursue digital transformation projects to enhance collaboration among reporting teams.

Now in its third year, the survey polled over 2,000 professionals involved in corporate reporting across North America, Europe and Asia.