It includes a framework for reporting sustainability development practices.
The Maritime Port of Singapore (MPA) along with its partners have launched the first sector-specific Maritime Sustainability Reporting Guide as a framework for both listed and non-listed maritime companies for creating a sustainability report.
According to the release, the need for the guide was driven by the growing needs of the industry for sustainability reporting guidelines given that sustainability development practices bring various benefits to businesses. It features MPA’s sustainability reporting journey as a case study, including its internal sustainability initiatives through the years.
The report identifies five key steps to develop a maritime sustainability report. First, firms are called to ensure that key stakeholders of the groups are identified and engaged with. After this, firms must ensure that the right material matters will be included and discussed in the report. The guide suggests four material matters for maritime related to government, social, environmental, and economic factors.
The third step guides firms to disclose sustainability policies and practices, set-up short-term and long-term goals, and a review or a plan of applying these goals to their operations. Afterwards, firms will compile the data and draft the report. Finally, a performance management process must be implemented.
The 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 count amongst MPA’s partners in the creation of the guide.
“The salient value of the sustainability reporting process lies in its ability to ensure that organisations 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,” said Goh Swee Chen, GCNS president
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