Expanding Duty of Directors in Companies Act
03 Oct 2023Parliamentary Question by Mr Murali Pillai:
To ask the Deputy Prime Minister and Minister for Finance in light of the Government’s objective of transitioning Singapore into a climate-friendly nation through the Singapore Green Plan 2030, whether the duty of company directors set out in the Companies Act 1967 may be expanded to require directors to consider the impact of their company’s operations on the environment, as is done in the United Kingdom.
Parliamentary Reply by Deputy Prime Minister and Minister for Finance, Mr Lawrence Wong:
A public consultation to advance sustainability reporting by companies in Singapore was recently concluded. One of the proposals is to expand directors’ duties to cover climate-related disclosures by companies.
MOF will study the feedback received from the public consultation and carefully consider the practices and experiences in other reputable jurisdictions, before introducing changes appropriate for Singapore’s context.