Climate-resilient Financial Sector: Enhance Sustainability-related Disclosures

The Monetary Authority of Singapore (MAS) supports aligning disclosure requirements to the International Sustainability Standards Board’s (ISSB) Standards to enhance the consistency, comparability and reliability of climate-related information. This enhances market discipline, investor protection and access to new business opportunities.

Mandatory climate-related disclosures (CRD) will be introduced in phases:

• From FY2025, all listed issuers will be required to report and file annual CRD, using requirements that start to incorporate the ISSB standards.
• Subsequently in FY2027, large non-listed companies (defined as those with annual revenue of at least S$1 billion and total assets of at least S$500 million) will be required to do the same.
• The Accounting and Corporate Regulatory Authority will review the experiences of listed issuers and large non-listed companies before introducing reporting requirements for other companies.

MAS will also review sector-specific requirements set out by international standard setting bodies, such as the Basel Committee on Banking Supervision, with a view to consult on sector-specific disclosure requirements for FIs in due course.