|The right goal for a regulator is to shape a marketplace where the regulator’s presence is hardly felt or necessary and — for this — regulators need to raise standards, said Tan Boon Gin, CEO of SGX RegCo during a recent media briefing.|
As reporting on ESG has become more than just about pushing out data, calls for standardization and ways to improve comparability have increased. SGX RegCo is currently finalizing a survey of institutional investors on their views of companies’ ESG reporting. They will then complete a second review of listed companies’ sustainability reports. Findings will shape what needs to be done to make disclosures more meaningful.
SGX RegCo is stepping up its own game. “You can expect us to come up with our responses to the public consultation feedback on the enhancements to our enforcement framework within this quarter,” Tan said, noting that there will be greater scrutiny from investors, and higher expectations, as the market matures.
Misconduct risk will receive particular attention as a key corporate governance concern, Tan said, and the behavior of firms and individuals will be assessed against the spirit, rather than the letter of the rules, as SGX RegCo moves towards a new phase in market oversight with a focus on “shaping culture.”
Read the full remarks here.