Environmental, Social and Governance
Contents
Singapore Green Plan 2030
The Environmental, Social and Governance (ESG) regime in Singapore is anchored on the Singapore Green Plan 2030. It sets out the roadmap and targets for a whole-of-nation movement on sustainable development.
To help mitigate climate change, Singapore and the rest of the world are aiming to achieve net zero emissions by 2050.
In line with this target, an increase in compliance, transactional, and advisory work is anticipated. Professional services, including legal practitioners, will play a crucial role in facilitating the world’s transition to net zero. Lawyers, as trusted advisors to businesses, are poised to make significant contributions in key areas which include:
- ESG reporting and disclosure
- Green and transition financing
- Carbon management
- Combating greenwashing
Sustainability Apex Programme: Equipping Lawyers for a Net-Zero Future
The Law Society of Singapore, in collaboration with the Institute of Singapore Chartered Accountants, has introduced the Sustainability Apex Programme (SAP), a three-year initiative designed to empower lawyers and accountants with the necessary capabilities to provide sustainability-related services.
The SAP aims to cultivate a robust community of professional services firms dedicated to delivering sustainability services in Singapore and the region. This partnership will encompass a variety of engaging activities, such as:
- Virtual masterclasses covering the latest sustainability trends
- Workshops exploring sustainability issues through case studies and best practices
- Roundtable discussions with regulators and government bodies to enhance understanding of regulatory developments and share industry feedback
- Fireside chats and networking events to foster meaningful connections and explore potential collaborations
- Overseas business missions to gain insights from leading businesses and explore potential opportunities in the region
Seize the opportunity to broaden your knowledge in sustainability and expand your networks through the SAP. Program details will be available soon. Members eager to learn more about this exciting opportunity are invited to fill in this form to indicate interest.
For further inquiries, please email lawsoc@lawsoc.org.sg
Sustainability Apex Programme Content Partner 2024-2027
Purpose of Request for Proposal (RFQ)
We would like to invite companies to submit a proposal for the development and execution of a series of masterclasses and workshops, under the Sustainability Apex Programme (SAP), which will be conducted over a period of 3 years starting from 1 March 2024. The SAP is a joint project between Institute of Chartered Accountants (ISCA)
and The Law Society of Singapore (LawSoc), supported by Enterprise Singapore, the Accounting and Corporate Regulatory Authority and the Professional Services Programme Office (a joint office between the Ministry of Law and the Singapore Economic Development Board).
The primary aim of the SAP is to foster a strong community of accounting and law firms to provide sustainability-related services in Singapore and regionally.
Scope of Work
- Curate masterclass topics and contents and invite relevant speakers to conduct the virtual masterclasses.
The selected vendor is required to propose relevant and trending Environmental, Social and Governance (ESG) topics and speakers for the masterclasses and to conduct the masterclasses. ISCA will provide the video conference platform and a physical venue for recording the sessions.
Frequency of Masterclasses: 1 per quarter, 2 hours each (Total- 12 masterclasses, 24 hours over 3 years). The first masterclass shall be conducted by 31 May 2024.
- Facilitate workshops, including inviting subject experts to co-run the workshops.
Each workshop is a series of 3 half-day (HD) and 2 full-day (FD) sessions. The vendor will be involved in 2 HD and 2 FD sessions. The vendor is required to curate the workshop contents, materials, and speakers (which will be subject to ISCA and LawSoc’s approval), including preparing suitable case studies and facilitating the workshops.
The first workshop shall be conducted by 31 Dec 2024.
Frequency of Workshop: 3 workshops over 3 years (Total- 72 facilitation hours over 3 years).
Following is an example of the first year’s workshop topics:
Session | Topic | Facilitators Required |
1 (HD) | Setting Up a Sustainability Practice within a Professional Services Firm | Yes – 4 hours |
2 (HD) | Change management – Embedding a Sustainability Mindset | Yes – 4 hours |
3 (FD) | Huddle session: Case studies, Issues & Potential Resolution and Sharing of Experiences | Yes – 8 hours |
4 (FD) | Huddle session: Case studies, Issues & Potential Resolution and Sharing of Experiences | Yes – 8 hours |
5 (HD) | Fireside chats | No |
Submissions
Vendors should include in their submission, their credentials and experiences in the ESG or sustainability space.
Please indicate the total costs for the masterclasses and workshops separately. The vendor(s) may be selected for one of or the full scope of work.
Quotations Validity
Quotations submitted must be valid for 3 months from the date of opening of RFP.
Submission Method
The duration of this RFP is opened between 24 January 2024 and 7 February 2024. All quotes sent after 7 February 2024, 4pm (GMT+8) will be rejected.
Please email to lawsoc@lawsoc.org.sg
Contact Details
Please email to lawsoc@lawsoc.org.sg with the subject: “Sustainability Apex Programme Content Partner 2024-2027” for any queries.
Closing date: 7 February 2024, 4pm.
ESG Working Group
In response to the growing focus on ESG issues, the Law Society has taken a pioneering step by establishing the ESG Working Group. This group will play a pivotal role in evaluating the impact of ESG matters on the legal profession, ensuring practitioners are well prepared for the upcoming demands of ESG practice. Importantly, the ESG Working Group will serve as a valuable resource panel for SAP.
Other ESG Developments and Resources
SGX Sustainability Reporting
By 2025, all issuers listed on SGX must issue sustainability reports. Also by 2025, climate reporting will be mandatory for issuers in the (a) financial industry; (b) agriculture, food and forest products industry; (c) energy industry; (d) materials and buildings industry; and (e) transportation industry.
MAS and SGX ESGenome Disclosure Portal
MAS and SGX have jointly launched ESGenome, a digital disclosure portal for companies to report ESG data in a structured and efficient manner, and for investors to access such data in a consistent and comparable format.
Sustainability Reporting Advisory Committee
On 21 June 2022, ACRA and SGX RegCo established a Sustainability Reporting Advisory Committee to advise on a sustainability reporting roadmap for Singapore-incorporated companies. As part of its work, the Committee will provide inputs on the suitability of international sustainability reporting standards for implementation in Singapore.
Code of Governance for Charities and IPCs
The Charity Council revised the Code of Governance for Charities and IPC recently in April 2023 to encourage charities to conduct their activities with ESG factors in mind and communicate their ESG activities to their stakeholders. This new Code takes effect from 1 January 2024.
Transition Finance
MAS launched the Finance for Net Zero (FiNZ) Action Plan on 20 April 2023. The FiNZ Action Plan sets out MAS’ strategies to mobilise financing to catalyse Asia’s net zero transition and decarbonisation activities in Singapore and the region.
Green Financing Industry Taskforce
The Green Finance Industry Taskforce (GFIT) is an initiative convened by MAS, to accelerate the development of green finance through four key initiatives: (a) develop a taxonomy; (b) enhance environmental risk management practices of financial institutions; (c) improve disclosure; and (d) foster green finance solution. GFIT developed the Singapore Asia taxonomy for Singapore-based financial institutions, to create a system of classification or standards for green and transition activities, increase transparency between financial market participants, and reduce the risk of greenwashing. GFIT has issued four taxonomy consultation papers setting out its recommendations, they can be accessed here, here, here and here.
