Singapore, Malaysia among countries with highest sustainability reporting rates

19 / 03 / 2023

By Marwa Nassar - -

Singapore and Malaysia are among the countries with the highest sustainability reporting rates for large companies. Leading firms in the Philippines (at 87%) are fast catching up. In all three countries, a majority of the top 100 companies use the GRI Standards for reporting, according to a recent Analysis by KPMG.

The ASEAN region is emerging as a global leader for sustainable business, with companies in the region increasingly likely to publicly disclose their impacts.

“As the economies of Southeast Asia continue to grow, it’s crucial that we do all we can to harness and support their sustainability potential. It’s encouraging therefore that, among the larger companies, the commitment to sustainability reporting is so widespread. I see ASEAN as having a key role in the broader sustainable development agenda, and look forward to engaging with companies, financial institutions and capital markets in Singapore, Malaysia and the Philippines. I believe there are many opportunities for GRI to deepen our collaboration with stakeholders throughout the region,” CEO of GRI, Eelco van der Enden said.

GRI’s focus on Southeast Asia recognizes it’s significance as an economic force, with 2022 seeing ASEAN countries among those with the fastest growth, according to Asian Development Bank (ADB) predictions. Yet the region is also highly vulnerable to the effects of climate change. As research published by GRI last year concluded, while 70% of listed companies reported on climate, gaps exist when it comes to disclosing risks and targets.

Van der Enden’s high-level meetings in the region also include those with the Monetary Authority of Singapore, the Singapore Accounting and Corporate Regulatory Authority, the Malaysian Ministry of International Trade and Industry, Malaysia Institute of Accountants, Capital Markets Malaysia, Bursa Malaysia, InvestKL, Bangko Sentral ng Pilipinas (Philippine central bank), ADB, and SEC Philippines.

Climate Reporting in ASEAN: State of Corporate Practices (2022, from GRI and NUS Business School) analyzed the climate-related disclosure trends of the top 100 largest listed companies in six Southeast Asian nations – Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.