Oral reply to Parliamentary Question on defining Tripartite Standards as a component under SGX-listed firms’ sustainability reporting
Date: For Parliament Sitting on 7 February 2024
Name and Constituency of Member of Parliament
Ms See Jinli Jean, NMP
To ask the Prime Minister whether the Monetary Authority of Singapore will consider working with the Singapore Exchange (SGX) to define Tripartite Standards such as the Tripartite Standard for Contracting with Self-Employed Persons, as a component of the material environmental, social and governance factors under SGX-listed firms’ sustainability reporting.
Answer by Mr Alvin Tan, Minister of State, Ministry of Trade and Industry and Ministry of Culture, Community and Youth, and Board member of MAS, on behalf of Mr Lawrence Wong, Deputy Prime Minister and Minister for Finance, and Chairman of MAS:
1. Under SGX’s listing rules, SGX-listed companies are required to disclose any matters or developments that have a significant impact on their business performance and prospects. This also applies to reporting on environmental, social and governance (ESG) factors. Reporting requirements on such aspects are not overly prescriptive, as companies’ business models, strategies and stakeholders vary widely. Companies adopt the Tripartite Standards on a voluntary basis, and have to assess which factors, including the Tripartite Standards, have a material impact on their business performance and prospects and should be disclosed. Companies also make employment-related disclosures on factors such as occupational health and safety, diversity and inclusion.
2. MOM and the Tripartite Alliance for Fair and Progressive Employment Practices (TAFEP) continue to promote and encourage companies to adopt the Tripartite Standards.