EXLPORING THE
SUSTAINABILITY REPORTING LANDSCAPE
IN
SINGAPORE
by
Teo Soon Piang, Lincoln
17 September 2012
A Dissertation submitted in part fulfilment of the
Degree of Master of Science Built Environment:
Environmental Design and Engineering
Bartlett school of Graduate Studies
University College London
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
CONTENTS
ABSTRACT
…/3
INTRODUCTION
…/4
-
About Sustainability Reporting
THE GLOBAL SUSTAINABILITY REPORTING LANDSCAPE
-
A Historical Overview
-
The Emergence of International Reporting Guidelines and Standards
-
Current Reporting Trends
-
Key Motivations
-
Regulatory Drivers
-
Observations
THE SUSTAINABILITY REPORTING LANDSCAPE IN SINGAPORE
-
Recent Reporting Trends and Guidelines
-
Research Objective
-
Research Methodology
-
Research Scope
-
Data Collection
-
Key Definitions and Categorisation
-
Research Outcome
…/24
…/40
DISCUSSION
-
…/5
Looking Ahead
CONCLUSION
…/42
REFERENCE
…/43
APPENDICES
…/52
2
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
ABSTRACT
This paper deals with the issue of voluntary sustainability reporting; and seeks to gain
further insight into the current sustainability reporting landscape in Singapore.
It begins with a literature review of the available knowledge, theories, and publications
about sustainability reporting to establish the current state of voluntary sustainability
reporting among Singapore companies in comparison with its global counterparts.
Specifically, it seeks to understand the current practices and extent of voluntary
disclosure of non-financial reporting to obtain an updated overview of the level of
reporting among public listed companies in Singapore, across the different sectors.
From the study, the paper then attempts to uncover gaps and opportunities for future
development and growth.
3
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
INTRODUCTION
About Sustainability Reporting
Companies have traditionally been viewed as economic entities run primarily to
enhance value for their shareholders. However, the evidence that sustainability is
becoming a core consideration and a strategic priority for businesses around the world
is growing stronger by the day. (Waddock, 2004; KPMG, 2011a).
Porritt (2007) defines sustainability as “the capacity for continuance into long-term
future” and that “sustainable development is the process by which we move towards
sustainability.” The Brundtland Report, released by The World Commission on
Environmental
Development
(WCED)
in
1987,
further
defines
sustainable
development as “development that meets the needs of the present without
compromising the ability of future generations to meet their own needs.”
In the same vein, KPMG International, one of the ‘Big Four’ accounting firms in the
world, defines corporate sustainability as “adopting business strategies that meet the
needs of the enterprise and its stakeholders today while sustaining the resources, both
human and natural, that will be needed in the future.” for which, sustainability reporting
serves as a platform for businesses to communicate and articulate such goals and
strategies to its stakeholders. (KPMG, 2011a)
Sustainability reporting, therefore, may be referred to as “the practice of measuring,
disclosing, and being accountable for organizational performance while working
towards the goal of sustainable development.” (GRI, 2011a) Sometimes used
interchangeably with corporate responsibility (CR) reporting, corporate social
responsibility reporting (CSR) reporting, and triple bottom line reporting, the
broad areas of reporting and disclosure include governance, environment, human and
labour rights, economic factors and local communities and society. (Gray, et al., 1987;
Crowther, 2000; Thomas & Chin, 2011)
Correspondingly, the purpose of a sustainability report is to present a balanced
representation of the reporting company’s performance and management practices
beyond the financial, thereby providing stakeholders and society at large, with a clear
and deeper understanding of its strategy and ability to maintain and improve its
performance into the future. (SGX, 2011; Thomas & Chin, 2011)
4
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
THE GLOBAL SUSTAINABILITY REPORTING LANDSCAPE
A Historical Overview
Sustainability reporting first received considerable academic and managerial interest in
the 1970s, with several US and Western European companies adopting practices of
social reporting and accounting; defined at the time as “the identification, measurement,
monitoring and reporting of the social and economic effects of an institution on society”,
“intended for both internal managerial and external accountability purposes.” (Epstein,
et al. 1976).
This interest led to the emergence of several reporting models and standards and by
1978, 90% of the Fortune 500 companies in the US had reported on social performance
in their annual reports; whilst in Europe, the Dutch, German and French companies
were the first movers. (Ernst & Ernst, 1978; US Department of Commerce, 1979)
In the early 1980s, social reporting lost its momentum when the global markets receded
into recession and unemployment; with annual reports focusing more on economic
activities and market-oriented policies during this period.
However, following the release of the Brundtland Report by the WCED in 1987,
reporting on non-financial issues began to re-emerge in the late 1980s, this time with a
particular focus on environmental issues. (Dierkes & Antal, 1986; Kolk, 2003 & 2005)
The 1990s saw increased levels of reporting with coverage becoming more
comprehensive, through the search for new financial metrics (Rappaport, 1998;
Stewart, 1999), as well as the development of non-financial measures of a firm’s value
(Kaplan & Norton, 1992; Sveiby, 1997). This trend was perhaps, best showcased by
innovative and pioneering disclosures of firms such as the Body Shop International,
which reported on environmental, animal protection and social issues in its inaugural
‘Values Report 1995’. (Nicholson-Lord, 1996)
5
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
The Emergence of International Reporting Guidelines and Standards
With the heightened interest in voluntary reporting, the idea of standardization,
simplification and globalization of this river of data began to take root. As such, a
number of international reporting guidelines and standards were developed to serve as
frameworks for social and environmental accounting, auditing and reporting. A
chronological account of the development of the foregoing serve to illustrate:
The Intergovernmental Working Group of Experts on International Standards of
Accounting and Reporting (ISAR) Guidelines
Established by the United Nations Economic and Social Council (ECOSOC) since 1982,
ISAR is the only intergovernmental working group devoted to corporate transparency
and accounting issues at the corporate level, with a view to improving the global
comparability and reliability of corporate reports.
However, following the release of the Brundtland Report by the WCED in 1987, ISAR
began to focus on the subject of environmental accounting and reporting as well.
To date, ISAR’s work has culminated in the publication of the following voluntary
technical guidance on:
1. corporate governance disclosure (UNCTAD, 2006),
2. corporate responsibility reporting (UNCTAD, 2008), and
3. environmental reporting (UNCTAD, 2002 & 2004).
The British Standards Institution (BSI) Environmental Management Standard (BS 7750)
In 1992, the British Standards Institution (BSI), UK’s National Standards Body,
published the world’s first environmental management standard, the BS 7750. This
standard was used to describe the company's environmental management system,
evaluate its performance and to define policy, practices, objectives and targets; and
provide a catalyst for continuous improvement for UK companies. (McWilliams, 2001)
6
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
The International Organization for Standardization (ISO) Environmental Management
Standard (ISO 14000 Series)
The BS 7750 served as a template for the development of the ISO 14000 Series and it
led to the subsequent publication of the first international environmental management
standard, ISO 14001, in 1996, by the International Organization for Standardization
(ISO). (Clements 1996; Brorson & Larsson, 1999)
The ISO 14000 series sought to address various aspects of environmental
management by providing practical tools for organizations looking to identify and control
their environmental impact and constantly improve on their environmental performance.
Whilst the ISO 14001 and ISO 14004 publications focused on environmental
management systems, the other standards in the series focused on specific
environmental aspects such as life cycle analysis, communication and auditing. (ISO,
2004)
The ISO 14000 series is probably the most recognized international environmental
management standard to date. Based on its latest survey conducted in 2009, at least
223,149 ISO 14001 certifications had been issued across 159 countries and economies
from 1993 to 2009. (ISO, 2010)
The Global Reporting Initiative (GRI) Sustainability Reporting Guidelines
The following year, in 1997, the US-based Coalition for Environmentally Responsible
Economies (CERES) undertook to create a similar system, naming it the Global
Reporting Initiative (GRI). Its goal was to create a global common framework for
voluntary organizational reporting of its economic, environmental and social impacts,
with a mission to make sustainability reporting a standard practice by providing
guidance and support to organizations. (White, 1999; Willis, 2003)
Since its release in 1999, the Sustainability Reporting Guidelines has become one of
the world's most prevalent standards for sustainability reporting. To date, more than
4000 organizations from 60 countries across the globe use the guidelines to produce
their sustainability reports. (GRI, 2011a&b, KPMG, 2011b)
7
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
The Social Accountability 8000 Standard (SA 8000)
In the same year, the Social Accountability International (SAI), a non-profit, nongovernmental, multi-stakeholder organization was established in the US to protect the
integrity of workers around the world by developing systems of accountability through
socially responsible standards.
This resulted in the launch of the Social Accountability 8000 Standard (SA 8000), which
aims to embed human rights standards in the supply chain or workplace governance
structures, to enable improved social performance for businesses; and to assure all
stakeholders that the goods and services provided by certified firms have been
produced by workers who are offered labour standards that meet at least a minimally
acceptable level. (Block, et al. 2001; SAI, 2008)
The SA8000 has since established itself as one of the world’s pre-eminent social
standards for advancing human rights. As of June 2012, it has improved the lives of
over 1.8 million workers, employed in over 3,000 SA8000 certified facilities, in 65
countries, across 66 industrial sectors. (SAI, 2012)
The United Nations Global Compact (UNGC)
In keeping with the momentum, the United Nations Global Compact (UNGC) was
launched by the UN in July 2000 to encourage businesses worldwide to adopt
sustainable and socially responsible policies, and to report on their implementation.
Specifically, it sought to encourage companies to embrace, support and enact, within
their sphere of influence, a set of core values, also known as The Ten Principles, in the
areas of human rights, labour standards, the environment and anti-corruption; and to
subsequently describe its implementation through a corporate responsibility or
sustainability report and/or an integrated financial and sustainability report. (Kell, 2005;
Rasche & Kell, 2010)
To date, the UNGC is the world's largest voluntary corporate citizenship initiative with
over 8500 business participants and stakeholders from more than 135 countries.
(UNGC, 2011)
8
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
The GoodCorporation Standard
In the same year, a group of former partners and directors of KPMG Consulting
founded GoodCorporation, a for-profit company that provides a range of services to
help organizations to measure, manage and embed responsible business practice.
The following year in 2001, in partnership with the UK Institute of Business Ethics, it
developed and published The GoodCorporation Standard as an open source document
to provide guidance on compliance, ethics and corporate responsibility; and to help
businesses assesses risk and protect reputation by ensuring that good practices are in
place across all employee, customer, supplier, community, environment and
shareholder criteria.
The Standard is reviewed and updated every three years, and its 3 rd and latest revision
was released in July 2010. Since its launch, over 130 organisations have been
assessed using the GoodCorporation Standard, in more than 40 countries worldwide.
(GoodCorporation, 2010)
The AccountAbility AA1000 Series of Standards
In 2003, AccountAbility, a global, not-for-profit organization published the AA1000
Series of Standards to promote accountability, sustainable business practices and
corporate responsibility. (AccountAbility, 2008a, 2008b & 2011) To date, it has
published the following standards for guidance:
1. the AA1000 AccountAbility Principles Standard (2008) (AA1000APS), which
clarifies the roles of the assurance provider and organization;
2. the AA1000 Assurance Standard (2008) (AA1000AS), which provides a
comprehensive method of holding an organization to account for its
management performance and reporting on sustainability issues by evaluating
its adherence to the AccountAbility Principles and the reliability of its associated
performance information; and
3. the AA1000 Stakeholder Engagement Standard (2011) (AA1000SES), which
provides a basis for designing, implementing, evaluating and assuring the quality
of stakeholder engagement in the context of learning, governance and
accountability.
9
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
The Prince’s Accounting for Sustainability Project’s (A4S) Connected Reporting
Framework (CRF) and International Integrated Reporting Framework (IIRF)
In 2007, the Prince’s Accounting for Sustainability Project (A4S)
launched
the Connected Reporting Framework (CRF) to explain how all areas of organizational
performance could be presented in a connected, integrated way, to reflect a more
rounded and balanced picture of its overall strategy and performance.
In particular, the following 5 key environmental indicators were suggested to be
included in the respective organization’s report:
1. greenhouse gas emissions,
2. energy usage,
3. water usage,
4. waste management, and
5. significant use of other finite resources. (A4S, 2008)
Following its success in the UK, an International Integrated Reporting Council (IIRC)
was established by the A4S in collaboration with the International Federation of
Accountants (IFAC) and the GRI in 2010 to oversee the development of an
International Integrated Reporting Framework (IIRF), for which, a prototype framework
is scheduled to be released by the end of 2012. (IIRC, 2012)
10
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
Current Reporting Trends
The foregoing has served to provide an overview of the development of sustainability
reporting guidelines and standards over the past 2 decades, which has led to a growing
general awareness and demand for quality corporate disclosure for building investor
confidence and attracting new investment.
Correspondingly, it has been observed that there has been a significant increase in the
number of companies issuing sustainability reports, for which, KPMG International has
been providing a definitive snapshot of the evolving state of sustainability reporting
through its International Survey of Corporate Responsibility Reporting since 1993.
(KPMG, 1999, 2002, 2005, 2008 & 2011b)
Based on its latest survey conducted in 2011, as shown in Figure 1.0 below, 95% of the
250 largest global companies (G250) now issue sustainability reports; representing a
14% jump over its previous survey conducted in 2008. Sustainability reporting also
increased by 11 percentage points over the past 3 years within the Top 100 (N100)
companies in each of the 34 countries surveyed. (KPMG, 2011b)
Figure 1.0: CR Reporting rates for N100 and G250 companies from 1993-2011
(Source: KPMG, 2011b)
11
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
Figure 2.0: Percentage of companies reporting on CR initiatives: 2008 vs. 2011
(Source: KPMG, 2011b)
United Kingdom (UK), Japan, South Africa and Western Europe Lead the Pack
On an individual country level, as shown in Figure 2.0, the countries that led the survey
in 2008 continue to dominate. Japan, which registered 93% and the UK, with 91%, both
reported near-unanimous adherence in 2011, at 99% and 100%, respectively. The most
notable entry in the Top 3 leader board, however, is South Africa, which registered a
115% increase in reporting rates to 97% to take 3rd placing. This astounding jump may
be fully attributable to the King Committee on Corporate Governance’s release of the
‘King Code of Governance for South Africa 2009’; which requires companies listed on
the Johannesburg Stock Exchange to report on their CR activities from March 2010
onwards. (IDSA, 2009)
12
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
The survey also saw Western European countries improving significantly on their
reporting levels, with France rising by 35 percentage points to 94%; Denmark rising by
67 percentage points to 91%; Spain rising by 25 percentage points to 88%; Finland
rising by 41 percentage points 85%; and the Netherlands rising by 19 percentage points
to 82%; to occupy 4th, 5th, 7th, 8th and 10th placing respectively. Together with the UK,
these countries occupy the 6 out of the Top 10 placing in the leader board.
Slow Growth in America and Eastern Europe
The American continent growth rates rose mainly due to impressive gains by Mexico,
which registered a massive 288% increase in reporting rates to 66% to occupy 17th
placing. And while Brazil (6th placing), the United States(US) (9th placing), and Canada
(11th placing) continued to close the gap; they enjoyed less impressive growth rates.
Likewise, countries in the eastern European region, such as Hungary (14th placing),
Slovakia (19th placing), Russia (22nd placing), Bulgaria (24th placing), Romania (25th
placing) and Ukraine (26th placing), also registered comparatively lower participation
rates than their Western European counterparts.
China shows Promise, but Asia Pacific Lagging Behind
China (21st placing) showed promise as a new entrant by registering 59% in its CR
reporting rates, which is on par with Spain’s and Italy’s achievements just 3 years ago.
This may be attributable to the enactment of mandatory CSR reporting for state-owned
companies and Shanghai Stock Exchange listed companies operating in specific
industry sectors, since 2008. (EIU, 2010)
However, not all markets in the Asia Pacific region have made significant gains in CR
reporting rates. Australia (23rd placing), South Korea (27th placing), Taiwan (29th
placing), New Zealand (32nd placing) and India (33rd placing), all registered
comparatively low reporting rates ranging from 20% to 57%. In particular, Singapore,
often a leader in adopting leading business practices, also saw comparatively low
reporting rates of 43% to take the 28th spot.
Hence, while it is apparent that the growth of CR reporting is highly encouraging
overall, KPMG (2011b) points out that companies in the Asia Pacific region will need to
double their efforts to close the gap with other developing regions.
13
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
Key Motivations
Based on a study conducted by independent think tank and strategy consultancy,
SustainAbility Limited, in collaboration with the United Nations Environment Programme
(UNEP); internal company-specific reasons, as well as societal aspects, such as
credibility and reputation play a determining role in sustainability reporting decisions; for
which, the specific pull and push factors may be summarized as follows:
Pull Factors
1. Enhances ability to track progress against specific targets,
2. Facilitates implementation of environmental strategies,
3. Offers greater awareness of broader environmental issues,
4. Facilitates in clearly conveying the corporate message internally and externally,
5. Offers improved all-round credibility and reputation from greater transparency,
6. Enhances ability to communicate efforts and standards,
7. Offers license to operate and campaign, and
8. Facilitates costs savings identification, increased efficiency, enhanced business
development opportunities and enhanced staff morale.
Push Factors
1. Doubts about the advantages it would bring to the organization,
2. Competitors are neither publishing reports,
3. Customers and society at large are not interested, and it will not improve or
generate more sales revenue,
4. The company already has a good reputation for its sustainability efforts,
5. There are many other ways of communicating environmental issues,
6. It is too expensive, and
7. It is difficult to gather consistent data and to select correct indicators, and
8. It could damage the reputation of the company, have legal implications or
wake up “sleeping dogs” (such as environmental organizations).
The study also revealed that for an increasing number of companies, particularly the
larger multi-national corporations (MNCs), the arguments in favour of reporting prevail
over those against. (SustainAbility and UNEP, 1998)
14
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
Regulatory Drivers
In addition to the foregoing motivations, Kolk (2003 & 2005) posits that the level of
regulatory enforcement in each country has a comparatively larger and direct impact on
corporate sustainability reporting decisions; for which Ioannou and Serafeim (2012) add
that there are various methods regulators may adopt to promote participation.
According to them, one option is for the regulator; usually appointed governing bodies,
to be passive and let sustainability reporting emerge as the result of market forces.
Alternatively, the regulator may choose to introduce a range of measures to supplement
the market forces as follows:
1. through regulations dictating mandatory reporting by firms;
2. by providing incentives for companies to report;
3. governmental endorsement of internationally recognized guidelines and material
encouragement for adoption;
4. by recommending or proposing voluntary guidelines with or without reference to
international standards such as the United Nations Global Compact (UNGC) and
the Global Reporting Initiative (GRI); or
5. by transferring the regulatory power to self-regulating authorities like a stock
exchange, whose statutes may be either voluntary or mandatory.
While different combinations of the above options have been implemented across
countries in recent years, a study by EIU (2010) has observed that most governments,
in recent years, have stepped up the pressure on corporations to measure the impact of
their operations on the environment, for which the most notable shift has been from
voluntary to mandatory sustainability monitoring and reporting.
A review of the development and current extent of regulatory intervention for each of
the following Top 5 CR reporting countries with reporting levels above 90% based on
the KPMG’s recent survey, (KPMG, 2011b) shall serve to illustrate:
15
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
United Kingdom (UK)
At the 1992 UN Earth Summit in Rio, nations began to commit to sustainable
development, and the UK Government was among the first to respond by producing its
national strategy towards sustainability in 1994. A paper entitled ‘A Better Quality of Life
– A Strategy for Sustainable Development for the United Kingdom’ was then published
in 1999 to set out a vision of simultaneously delivering economic, social and
environmental outcomes as measured by a series of headline indicators. This was
updated in 2005; whereby a strategic framework for sustainable development covering
the period up to 2020 was introduced, with an aim “to enable all people throughout the
world to satisfy their basic needs and enjoy a better quality of life, without compromising
the quality of life of future generation.”1 (DETR, 1999; DEFRA, 2005):
Figure 3.0: The UK Government Sustainable Development Strategic Framework.
(Source: DEFRA, 2005)
On the corporate front, the UK Government also recognised the need for contributions
from businesses, in putting into practice the sustainable development commitments
made at 1992 UN Earth Summit in Rio.
1
DEFRA (Department for Environment, Food and Rural Affairs) (2005), The UK Government Sustainable Development Strategy:
Securing Our Future, DEFRA, UK, Ch. 1, pp. 16.
16
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
Hence, the now defunct Department of Trade and Industry (DTI), was then tasked to
promote and mainstream Corporate Social Responsibility (CSR) and Social Reporting
(SR) into management practice. Specifically, its vision was “to see UK businesses
taking account of their economic, social and environmental impacts, and acting to
address the key sustainable development challenges based on their core competences
wherever they operate – locally, regionally and internationally.”2 (DTI, 2004)
In November 2008, the Climate Change Act (2008) was enacted to regulate such
sustainable development practices within and beyond the public sector by setting
targets and institutional frameworks to mitigate climate change. Under the Act, the UK
must reduce total greenhouse gas (GHG) emissions by at least 80% below 1990 levels
by 2050. The Act also required mandatory reporting of GHG emissions by UK
businesses by April 2012. (UK Government, 2008) In line with the Act, the Carbon
Reduction Commitment Energy Efficiency Scheme (CRC), a mandatory carbon
emissions reporting and pricing scheme, which requires large public and private sector
organizations to measure and report their carbon emissions annually was launched in
April 2010. (DECC, 2010)
Since then, the UK Government has been looking more widely at the corporate
reporting framework through its Department for Business Innovation and Skills (BIS),
with a focus on simplifying the narrative reporting framework, and improving the quality
of social and environmental reporting. (BIS, 2011).
In June 2012, Deputy Prime Minister Nick Clegg announced at the 2012 UN Earth
Summit in Rio that all UK businesses listed on the Main Market of the London Stock
Exchange will have to report their levels of GHG emissions, when regulations are
introduced in April 2013. In addition, the Department for Environment, Food and Rural
Affairs (DEFRA) has been tasked to propose new guidance on corporate sustainability
reporting, aimed to help businesses to measure and demonstrate their corporate
sustainability credentials in a clear and concise way, with a focus on performance
reporting in air quality and emissions, water, biodiversity and ecosystem services,
natural materials and waste. At the point of writing, views on these proposals are being
sought through a consultation open until 17 October 2012. (Saltmarsh, 2012a&b)
2
DTI (Department of Trade and Industry), (2004), Corporate Social Responsibility: A Government Update, DTI, UK, pp. 2.
17
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
Japan
Since 2001, the Ministry of the Environment (MOE) of the Japanese Government has
been promoting environmental reporting with various methods; the most current being
the publication of its own “Environmental Reporting Guidelines 2012” and the
“Environmental Accounting Guidelines 2005”. (MOE, 2004, 2005, 2007 & 2012) Key
elements for reporting within the guidelines include the following:
1. Performance benchmarking against major indicators and the like,
2. Recommendation of measures for improving the reliability of environmental
reporting,
3. Recommendation of environmental reporting with more emphasis on the
viewpoints of stakeholders,
4. Promotion of investments and financing that take the environment into
consideration, and
5. Promotion of biodiversity conservation and the sustainable use of biological
resources.
Separately, in 2004, the MOE also launched the “Eco-Action 21 (Environmental Activity
Evaluation Program)”, which aims to enable smaller businesses to design and operate
environmental management programs, to carry out conservation activities, and to
publish environmental reporting with relatively ease, for which its revised guidelines
was published in 2009. (MOE, 2009)
As a result of these plans and promotional activities, it was observed that Japanese
organizations publishing environmental reporting regularly had increased.
However to further increase participation, a law (Law No. 77 of 2004: Environmental
Consideration Law) was enforced in 2005 whereby specified corporations became
legally obliged to publish such environmental reports, and it is perhaps this final
measure which almost single-handedly raised the nation’s sustainability reporting level
to near-unanimous adherence in 2011. (MOE, 2005)
18
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
South Africa
In 1992, the King Committee on Corporate Governance was formed, under the
auspices of the Institute of Directors of South Africa, to consider corporate governance
from a South African perspective. This coincided with profound social and political
transformation at the time with the dawning of democracy and the re-admission of
South Africa into the community of nations and the world economy.
The result was the publication of the “King Report 1994 on Corporate Governance”,
also known as “King I”, which marked the institutionalization of corporate governance in
South Africa. It aimed to promote corporate governance in South Africa and establish
recommended standards of conduct for listed companies, banks, and certain stateowned enterprises; and advocated an integrated approach to good governance, taking
into account stakeholder interests and encouraging the practice of good financial, social,
ethical and environmental practice. (IOD, 2002)
In 2002, the second “King Report on Corporate Governance”, also known as “King II”,
was published. In it, a Code of Corporate Practices and Conduct, that advocated the 7
characteristics of good corporate governance, being discipline, transparency,
independence, accountability, fairness and social responsibility; was introduced.
Although still voluntary at that time, the Johannesburg Securities Exchange (JSE) also
began to request listed companies to comply with the King II recommendations to
annually report on the nature and extent of its social, transformational, ethical, safety,
health and environmental management policies and practices. (IOD, 2002)
In September 2009, the “King Code and Report on Governance for South Africa”, also
known as “King III”, was released with an effective date of 1 March 2010. This update
came about due to changes to the South African legislation, in particular, the
Companies Act, and serves to strengthen previous requirements, clarify issues, expand
on existing recommendations and introduce new concepts and recommendations.
(Ernst and Young, 2009)
19
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
In essence, King III emphasizes on sustainability, whereby directors have accountability
to shareholders and an obligation to all stakeholders to ensure that the company’s
resources are utilized so as to ensure the continuing viability of the company. This
involves not only environmental sustainability (resource management with an eye on
future needs), but also issues such as social responsibility (ensuring a positive impact
on the community within which the company operates), respect for human rights, and
the effective management of stakeholder relationships (including the utilization of
alternative dispute resolution mechanisms to resolve potential disputes efficiently,
expeditiously and inexpensively).
Specifically, some key requirements introduced by King III include:
1. The need for an annual integrated report that focuses on the impact of the
organization in the economic, environmental and social spheres,
2. A statement by the audit committee to the board and shareholders on the
effectiveness of internal financial controls to be included in the integrated report,
3. The consideration of the strategic role of IT and its importance from a
governance perspective,
4. The positioning of internal audit as a strategic function that conducts a riskbased internal audit and provides a written assessment of the company’s system
of internal control, including internal financial controls, and
5. The governance of risk through risk management processes. (PWC, 2009)
In terms of application, in contrast to King I and King II, King III applies to all entities
regardless of the manner and form of incorporation or establishment. Principles are
drafted on the basis that, if they are adhered to, any entity would have practiced good
governance.
In addition, companies are also required to disclose which principles and/or practices
they have decided not to apply or explain. This level of disclosure will allow
stakeholders to comment on and challenge the board to improve the level of
governance within an organization. (Ernst and Young, 2009; KPMG 2010; PWC, 2009)
20
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
France
Prior to 2002, the French stock market regulator, Commission des Opérations de
Bourse (COB) had encouraged French listed companies to disclose voluntarily disclose
a certain amount of environmental information in their annual reports. However, this
became mandatory when the New Economic Regulation or ‘Nouvelles Regulations
Economiques’ (NRE) was passed in May 2001 and implemented in January 2002. The
intent of this measure was to institutionalize the concept of the “triple bottom line”
(economic, environmental, and social performance), and to provide a baseline
sustainability reporting standard that French companies could build upon, with a view
towards gaining competitive advantage against their European and international
contemporaries. (Hoffmann, 2003) Specifically, the NRE required companies to report
on its environmental and social performance, for which the following key aspects are to
be addressed:
Social Performance
1. Number of employees, recruitment and redundancies;
2. Working hours, overtime, and absenteeism;
3. Remuneration policies, social responsibilities, and equality policies;
4. Professional relations and collective agreements;
5. Health and safety conditions;
6. Employee training;
7. Community and charity work; and
8. Use of subcontractors.
Environmental Performance
1. Water, raw material and energy consumption, energy efficiency measures, the
use of renewable energies, and emissions;
2. Measures that limit the company’s impact on the environment;
3. Details of any environmental evaluation and certification;
4. Compliance with environmental regulation and legislation;
5. Details of internal environment management services;
6. Provisions to reduce environmental risk; and
7. Compensation payments awarded relating to environmental issues, action taken
to redress the damage.
21
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
Denmark
In December 2008, as part of the government’s “Action plan for corporate social
responsibility”, the Danish parliament adopted a bill amending the Danish Financial
Statements Act (Report on social responsibility for large businesses), making it
mandatory for about 1,100 of the largest businesses, listed companies and state-owned
public limited companies to report on corporate social responsibility (CSR) in their
annual reports. (DCCA, 2009)
Specifically, the businesses must account for the following 3 aspects of CSR:
1.
Its business policies on CSR, which are broadly understood as the business’ inhouse guidelines, objectives, strategies or other documents describing the
business’ work on CSR. The business must also disclose information about any
standards, guidelines or principles for CSR applied by the business.
2.
How the business translates its policies on corporate social responsibility into
action. The business must also report on any systems or procedures in this
respect. These may be management systems, control systems, evaluations or
other procedures systematically reviewing the implementation of the policies.
Also, the business can disclose if it has been certificated under a certification
scheme for either processes or products (labeling schemes).
3.
The business’ opinion on the results achieved resulting from its CSR efforts
during the financial year and on expectations for the future work.
In addition, businesses which did not comply with the above had to provide an
explanation why they did not adopt such policies.
However, the Act did not place businesses under an obligation to work on specific CSR
activities. It is up to the businesses to decide how it makes sense for them to embrace
CSR actively so new possibilities are examined and developed for the benefit of
businesses and society alike. (DCCA, 2009)
22
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
Observations
Based on the foregoing literature review; it can be observed that the proliferation of
sustainability reporting guidelines and standards over the past 2 decades has led to a
growing general awareness and subscription towards quality corporate disclosure for
building investor confidence and attracting new investment.
However, it is also apparent that the strength of the enforcement of government
decisions has, perhaps, been a relatively more significant driver for increased
disclosure. This is consistent with past research, which has revealed that with
mandatory reporting in place, the social responsibility of business leaders increases
and sustainable development becomes a higher priority. (La Porta, et. al., 2006; Hail
and Leuz, 2006)
Steurer (2010) further elaborates on how governments have attempted to influence the
fundamentally voluntary CSR phenomenon through four ‘thematic fields of action’,
namely:
1. raising awareness and building capacities for CSR;
2. improving disclosure and transparency;
3. facilitating socially responsible investment; and
4. leading by example.
A separate study by Markandya and Halsnaes (2002) also revealed that such
mandatory initiatives would have relatively greater significance and impact on increased
reporting for organizations in developing countries compared to developed countries.
Hence, it can be expected that the topic of sustainability reporting will become more
important, in coming years, in which regulatory authorities can be expected to play a
greater role.
23
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
THE SUSTAINABILITY REPORTING LANDSCAPE IN SINGAPORE
Recent Reporting Trends and Guidelines
Although sustainability reporting has been made mandatory in several other countries
as highlighted in the previous chapter, public listed companies in Singapore are
currently not legally obligated to issue such reports.
Based on the prevailing Code of Corporate Governance issued by the Monetary
Authority of Singapore (MAS) and the Singapore Exchange (SGX) on July 2005, full
compliance is not mandatory and public listed companies are only required under the
SGX Listing Rules to disclose their corporate governance practices and give
explanations for deviations from the Code in their annual reports. (MAS & SGX, 2005;
MOF, 2005)
However, the sustainability agenda gathered pace in 2009, when the Singapore
Government released its blueprint for sustainable development covering the period up
to 2030; with a vision “to make Singapore a liveable and lively city state.”3
Based on a four-pronged approach of “boosting our resource efficiency, enhancing our
urban environment, building our capabilities, and fostering community action”4; part of
its strategy, as shown in Figure 4.0, was to foster “environmental responsibility as part
of our people and business culture.” (IMCSD, 2009)
This led to the release of the “Policy Statement on Sustainability Reporting” and “Guide
to Sustainability Reporting for Listed Companies” by the SGX in June 2011, which
underscores the increasing emphasis on holistic disclosure.
Going beyond the regulatory disclosure of the financial and governance aspects, the
guide encourages companies to further voluntarily assess and disclose, the
environmental and social aspects of their organisational performance as well. (SGX,
2011)
3
IMCSD (Inter-Ministerial Committee on Sustainable Development) (2009), A Lively and Liveable Singapore: Strategies for
Sustainable Growth.Ministry of the Environment and Water Resources and Ministry of National Development, Singapore. pp. 2.
4
Ibid, Highlights, pp. 2-3.
24
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
Figure 4.0: The Singapore Government Sustainable Development Strategy.
(Source: IMCSD, 2009)
25
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
In response to the above initiatives, the Singapore Compact, a national CSR society,
embarked on a research in 2011 to find out more about the state of voluntary
sustainability reporting among public listed companies in Singapore.
Based on its research of 562 public listed companies registered with the Singapore
Exchange (SGX), it was found that 79 or 14.06% of them, engaged in sustainability
reporting for the 2010/2011 financial year. While this percentage appears to be low, it
represented a 25% increase over the previous 2009/2010 financial year.
The findings also revealed that out of the 79 companies that engaged in sustainability
reporting, 60% of them were large organisations with a market capitalisation above S$1
billion.
In addition, the agriculture and transport, storage and communication sectors posted
the highest rate of reporting in general, whereas the service and construction industries
had the lowest. (Thomas & Chin, 2011; Thomas & Oh, 2012)
Research Objective
Against this backdrop, the aim of this research paper, therefore, is to build upon the
past research conducted by the Singapore Compact, to gain further insight into the
current sustainability reporting landscape in Singapore.
Specifically, it seeks to understand the current practices and extent of voluntary
disclosure of non-financial reporting to obtain an updated overview of the level of
reporting among public listed companies in Singapore, across the different sectors.
26
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
Research Methodology
Stage 1
Based on the foregoing objective, the first stage of the research process was to conduct
a quantitative survey to ascertain the number of SGX Mainboard listed companies that
voluntarily disclose its sustainability practices across the different market capitalisation
categories and market sectors. It should be noted that only companies that offer
organizational reporting beyond the mandatory obligations of corporate governance and
financial performance, such as its environmental and social impact and performance,
were considered to have contributed to the sustainability reporting landscape.
Stage 2
This stage focused on analyzing and acquiring an overview of the current approaches
towards sustainability reporting undertaken. Specific areas of review include:
1. Reporting Format: To ascertain if the sustainability report was integrated into
companies’ annual reports, or published as a separate report.
2. Reporting Framework: To ascertain if the reports subscribed to any international
reporting guideline or standard.
3. Verification and Assurance: To ascertain if any audit was carried out to verify the
authenticity of sustainability reports published.
Stage 3
The final stage was to conduct a qualitative survey to assess the breadth and depth of
disclosure by reporting companies across the different market sectors, for which,
notable examples would be highlighted.
Research Scope
For the purpose of this study, the research was restricted to the 633 companies5 listed
on the SGX Mainboard as of end June 2012. Companies listed on the SGX Catalist
board, which are not subject to market capitalisation limitations; as well as unlisted
private companies in Singapore, were excluded. (SGX, 2012a)
5
Please refer to Appendix No. 1 for the complete breakdown of company listings (month-end) as of June 2012 on the SGX.
27
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
Data Collection
Data for the research was primarily obtained from the latest publicly available annual
reports and/or sustainability reports published between 2010 and 2012 by the
respective SGX Mainboard listed companies. If no such report was found, the company
would be contacted either through email or by telephone to ascertain its availability.
Companies which could not be contacted for various reasons were assumed not to
have practiced any form of voluntary sustainability reporting. In addition, internally
circulated newsletters, memos or reports on sustainability reporting were excluded from
the data pool based on the rationale that such disclosure had to be made publicly
available to external stakeholders to qualify for inclusion.
Key Definitions and Categorisation
For the purpose of the research, the companies shall be defined and categorized
according to the valuation of its respective market capitalisation (as of end June 2012)
as follows:
1. Large companies:
more than S$1 billion.
2. Medium-sized companies:
S$300 million to S$1 billion
3. Small companies:
less than S$300 million.
The companies shall also be categorized according to the following market sectors
based on the Singapore Standard Industrial Classification (SSIC) Code (MTI, 2010):
1. Agriculture
2. Commerce
3. Construction
4. Electricity, Water and Gas
5. Finance
6. Hotels and Restaurants
7. Manufacturing
8. Mining and Quarrying
9. Multi-Industry
10. Property
11. Services
12. Transport, Storage and Communications
28
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
Research Outcomes
Stage 1 Results6
Out of the 633 companies listed on the SGX Mainboard as of end June 2012, data for
598 companies were obtained. Data for the remaining 35 companies were not made
available for the following reasons: 5 companies were new listings and had not yet
issued any annual report or sustainability report for the financial year, 23 companies
had suspended trading for various reasons, and 7 companies could not be contacted.
Hence, these 35 companies were assumed not to have practised any form of voluntary
sustainability reporting.
As shown in Figure 5.0 below, the study revealed that out of the 633 listed companies,
119 companies were found to have engaged in voluntary sustainability reporting, which
translates into a participation rate of 18.80%. Compared against the survey conducted
by the Singapore Compact in June 2011, for which 79 out of 562 companies surveyed
engaged in sustainability reporting (Thomas & Chin, 2011); this represents a 50.63%
(40 out of 79) increase in the quantity of sustainability reports published and a 4.74%
increase in the overall participation rate. Hence, it can be inferred from the results that
the trend towards voluntary sustainability reporting among SGX Mainboard listed
companies is gaining momentum.
Figure 5.0: Sustainability Reporting among SGX Mainboard Listed Companies:
Year–to–Year Comparison
6
Please refer to Appendix No. 2/1-13 for the complete data compilation.
29
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
Sustainability Reporting among SGX Mainboard Listed Companies:
Breakdown by Market Capitalisation
SGX
Mainboard
Listed
Companies
No. of
Companies
with SR
No. of
Companies
without SR
Total no. of
Companies
Percentage of
Companies
with SR (%)
Large
Companies
64
30
94
68.09
Medium
Companies
25
75
100
25.00
Small
Companies
30
409
439
7.33
Total
119
514
633
18.80
Figure 6.0: Sustainability Reporting among SGX Mainboard Listed Companies –
Breakdown by Market Capitalisation.
The results also revealed that companies with larger market capitalisation posted a
higher rate of reporting. Despite forming just 14.85% (94 out of 633) of all companies
listed on the SGX Mainboard, 68.09% of large companies engage in voluntary
sustainability reporting. Small companies, in stark contrast, posted a low participation
rate of 7.33%, despite outnumbering large companies 4 times over as shown in Figure
6.0 above.
The results are similar to the survey conducted by the Singapore Compact in June
2011, for which, Thomas and Chin (2011) posits that the disparity in reporting rates
may be due to a lack of expertise, manpower and financial resources for the small
companies to embark on voluntary sustainability activities and reporting.
For the large companies with more resources, the potential benefits of improved allround credibility and reputation may have been an added impetus which outweighs the
added cost of engaging in sustainability reporting.
30
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
Sustainability Reporting among SGX Mainboard Listed Companies:
Breakdown by Market Sector
SGX Mainboard
Listed
Companies
No. of
Companies
with SR
No. of
Companies
without SR
Total no. of
Companies
Percentage of
Companies
with SR (%)
Agriculture
6
4
10
60.00
Commerce
10
76
86
11.63
Construction
4
27
31
12.90
Electricity,
Water & Gas
0
3
3
0.00
Finance
8
19
27
29.63
Hotels &
Restaurants
6
10
16
37.50
Manufacturing
24
214
238
10.08
Mining &
Quarrying
2
0
2
100.00
Multi-Industry
9
8
17
52.94
Property
23
42
65
35.38
Services
12
83
95
12.63
Transport,
Storage &
Communications
15
28
43
34.88
Total
119
514
633
18.80
Figure 7.0: Sustainability Reporting among SGX Mainboard Listed Companies –
Breakdown by Market Sector.
In terms of market sector, as shown in Figure 7.0 above, the results reveal that
companies in the Mining and Quarrying, Agriculture and Multi-Industry sectors posted
the highest participation rate of 100.00%, 60.00% and 52.94% respectively. This may
have stemmed from the business environment in which these companies operate in, for
which, sustainability activities and reporting are required to address operational issues.
On the other end of the spectrum, the Electricity, Water and Gas; Manufacturing and
Commerce sectors play laggards, posting the lowest participation rate of 0.00%,
10.08% and 11.63% respectively.
31
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
Stage 2 Results7
Figure 8.0: Reporting Formats of Sustainability Reports.
As shown in Figure 8.0 above, out of the 119 companies that engaged in voluntary
sustainability reporting, the study revealed that the majority of their sustainability reports
(106 out of 119), were integrated as a dedicated chapter, or section, into their
respective annual reports. Correspondingly, only 13 companies, which constituted
10.92% of the reporting companies, issued separate reports, for which, the title varied
from “Sustainability Report” to “CSR Report” to “Environmental Report”.
It was also noted that with the exception of one medium-sized company, these were
large companies with market capitalisations exceeding S$4 billion; which reinforces the
view that the potential benefits of improved all-round credibility and reputation
outweighed the resources required to publish separate reports.
In terms of absolute quantity of separate reporting, the same result was posted in the
previous study conducted by the Singapore Compact. (Thomas & Chin, 2011)
7
Please refer to Appendix No. 3/1-3 for the complete data compilation.
32
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
Sustainability Reporting (SR) among SGX Mainboard Listed Companies:
Reporting Framework of Sustainability Reports
Type of
Reporting
Guideline /
Framework
No. of
Subscribing
Co.(s)*
%age
(%)**
No. of
Certifications
verified by
issuer
%age
(%)**
No. of
Certifications
externally
audited
%age
(%)**
GRI
17
14.26
8
6.72
8
6.72
RSPO
5
4.20
0
0.00
0
0.00
UNGC
3
2.52
0
0.00
0
0.00
Earthcheck
1
0.84
1
0.84
1
0.00
23 (10)***
19.32
9 (4)***
7.56
9(6)***
7.56
Total
Figure 9.0: Reporting Frameworks and Assurance of Sustainability Reports.
Notes:
*Some companies have used more than 1 framework, with consequent overlap.
**Percentage is calculated based on 119 companies that engaged in voluntary sustainability reporting.
***Figures in brackets are corresponding results from study conducted by the Singapore Compact (Thomas & Chin, 2011).
The study also revealed 23 companies used established frameworks for reporting, for
which 2 companies, Golden Agri-Resources Limited, a palm oil plantation company;
and property firm Keppel Land Limited, subscribed to more than one reporting
framework to compile their respective reports. (GAR, 2011; Keppel Land, 2011).
As shown in Figure 9.0 above, the most commonly used reporting framework was the
Global Reporting Initiative (GRI) Sustainability Reporting Guidelines, for which 8 out of
the 17 subscribing companies sought further verification and assurance from the issuer
and external auditors respectively. Other reporting frameworks used were the United
Nations Global Compact (UNGC) framework; the industry-specific Roundtable on
Sustainable Palm Oil (RSPO) Certification System, (RSPO, 2007a&b); and Earthcheck8,
which specializes in the travel and tourism industry.
Compared to the results of the previous study conducted by the Singapore Compact
(Thomas & Chin, 2011), it is apparent that while the overall participation rates for the
subscription and assurance of reporting guidelines have improved, it continues to
remain low at 19.32% and 7.56% respectively.
8
EarthCheck is a leading benchmarking, certification and environmental management programme in the travel and tourism
industry. Specifically, it helps operators to monitor, measure and manage their environmental, social and economic impacts.
This includes the reporting of Greenhouse Gas emissions (GHG) and consumption of natural resources. (Source:
http://www.earthcheck.org/company.aspx, accessed September 2012)
33
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
Stage 3 Results
Based on a qualitative literature review of all 119 reports available, the general
observation is that reporting companies in differing market sectors tend to place more
emphasis on sustainability indicators which have greater impact on its nature of
business. A review of each sector is summarized as follows:
1. Agriculture
The sustainability reports from this sector are generally well balanced, providing
fairly equal disclosure in all categories, with particular emphasis on
environmental disclosure. This is likely to be due to the direct impact that
agricultural activities have on the environment and the sector’s reliance on
natural resources, hence the greater potential for detailed exploration of
environmental impact and policies.
In this regard, the standalone sustainability report issued by Golden AgriResources Limited (GAR, 2011) stood out as a notable example for its level of
detail and breadth of environmental concerns considered.
Its report offered accounts of past conflicts with environmental groups, and
details conservation and management plans, including the disclosure of the
region and size of conservation areas, as well as respective lists of endangered
species under the International Union for Conservation of Nature (IUCN) affected
by their agricultural activities. Water, energy and waste management measures;
and other measures to control chemical pollution, pesticide use, greenhouse
gases and carbon emissions, were also outlined with findings and figures
disclosed in the report. (GAR, 2011)
2. Commerce
Reports from this sector tend to focus more on the economic, community and
social reporting; with less emphasis placed on labour and environmental
disclosure. This may stem from business driven motivations to strengthen direct
consumer ties for which acquiring greater exposure through socially driven
initiatives may be more relevant.
34
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
For instance, in Olam International Limited’s sustainability report, there is a clear
consideration and connection between the economic value the company’s core
products and the impact on the areas the company operates in.
Programmes such as a rice farming initiative in Nigeria, cocoa crop training in
Sumatra and finance options for farmers in Cote d’Ivoire are briefly summarized
with figures for the past and current years provided, to exemplify its commitment
towards community engagement and development. (Olam International Limited,
2011)
3. Construction
As labour is a key component of its business operations, reports from this sector
displayed a strong emphasis on labour rights and practices.
In particular, disclosure on Total Employment, Occupational Health and Safety
(OHS) and Training and Education are the main areas of focus as it directly
relates to the company’s prospects and operations, with many reports having
specific sections on acquiring and retaining talent and safety risks, measures
and controls. The integrated report issued by Ryobi Kiso Holdings Limited serves
as a notable example. (Ryobi Kiso Holdings Limited, 2011)
However, it was also observed that these companies in this sector are lagging in
reporting on anti-discriminatory policies and relations with employees.
4. Electricity, Water and Gas
This utility sector is represented by only 3 companies in the SGX Main board Asia Power Corporation Limited, Cityspring Infrastructure Trust and SP Ausnet.
However, all 3 companies did not offer any disclosure beyond the mandatory
obligations of corporate governance and financial performance. (Asia Power,
2011; CIT, 2012; SP Ausnet, 2012)
35
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
5. Finance
Companies in the finance sector displayed a strong overriding emphasis on
corporate governance practices and policies, particularly with regard to the
prevailing Singapore Code of Corporate Governance (MAS & SGX, 2005) and
stakeholder engagement and involvement. This could be partly due to its
business nature, as well as the tight regulations and investor scrutiny the sector
faces, especially in light of the recent global financial crisis.
In this regard, the report issued by the Singapore Exchange (SGX, 2012b), stood
out for the level of detail and disclosure. Its report included briefs on the
educational and employment background for board members, and further
tabulated their respective dates of appointment and latest re-election, present
and past directorships and serving committees, and the various board and
committee meetings attended by each individual member.
The companies’ corporate governance reports, in their annual report, further
detail the level of remuneration for board members and senior management,
going so far as to list details of exercise prices and expiry dates. SGX also
included performance level and performance shares granted to committee
members over several years based on key performance indicators. The
corporate governance report further includes accountability and audit processes
and outlines internal controls such as its whistle-blowing policy. (SGX, 2012b)
Apart from governance issues, community and social reporting was also well
covered, with many companies giving accounts of numerous community
engagements and fund raising programs. While this may be in part due to the
finance industry’s availability of resources, the business driven motivations
behind to strengthen consumer ties and enhance reputation cannot be
disregarded.
However, environment reporting was muted, perhaps because the business
generally involves more services than products, and thus has a lesser impact on
the environment.
36
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
6. Hotels and Restaurants
The companies in this sector tended to place more emphasis on community and
social reporting; perhaps due to the constant importance of interaction and
engagement with customers, as well as the communities within which these
companies operate.
Hence, for the majority of the sustainability reports in this sector, much of the
reporting coverage is accorded to the company’s charitable contributions or
community engagement and development programs such as employee
volunteerism or educational scholarships.
As labour is a key component of its business operations, reports from this sector
on labour rights and practices was also given due coverage, with an emphasis
on training and development practices, whilst environmental issues were given
the lesser coverage.
However, the standalone sustainability report issued by Banyan Tree Holdings
(2011), which is the only report based on the EarthCheck certification
programme; stood out for its level of detail and breadth in disclosing its triple
bottom line objectives and strategies toward achieving economic, social and
environmental success.
7. Mining and Quarrying
This sector is represented by only 2 companies in the SGX Main board Malaysia Smelting Corporation Berhad (MSC) and Sakari Resources Limited.
Whilst both companies reported beyond the mandatory obligations of corporate
governance and financial performance, MSC placed greater emphasis on
environmental and social impact and performance (MSC, 2011); whereas Sakari
Resources regarded workplace health and safety for its employees, contractors
and local communities as its primary CSR priority. (Sakari Resources, 2011)
37
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
8. Manufacturing
Generally, the reporting contents from this sector are well balanced, providing
fairly equal disclosure across all categories, with a slight emphasis on
governance and investment in non-core infrastructure.
Reports issued by
Sembcorp Marine Limited (2011) and Fraser and Neave Limited (F&N, 2011)
serve as a notable examples.
However, it was observed that the sustainability reports from the manufacturing
sector do not provide as much information as reports from the other sectors. For
instance, there is a general lack of disclosure on product responsibility and
minimizing the negative impacts of their business activities.
9. Multi Industry
Companies, such as Keppel Corporation (2011), in the multi-industry sector
generally also offered well balanced reports, according reasonable and almost
equal level of disclosure in all aspects. This may be due to the broader scope of
concerns and considerations facing multi-industry companies, which have to
address a broader range of stakeholder interests.
10. Property
It was observed that companies in the property sector generally offered more
breadth and depth in their reporting compared to its counterparts in the other
sectors, with particular emphasis on environmental performance.
In this regard, the sustainability report issued by City Developments Limited
(CDL, 2012); was by far the most detailed in providing concrete figures, which
included energy and water usage across various divisions and sub-categories of
developments dating back to 2005. In addition, recycling and waste generation
quantities were measured and reported, along with some consideration of
biodiversity and figures on noise pollution - an area neglected by almost all other
companies in the study.
38
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
The firm was one of the first in Singapore to disclose its information
systematically using the Global Reporting Initiative (GRI) Sustainability Reporting
Guidelines, and its latest report has been rated “A+” under the GRI Application
Level requirements. It also follows the latest standards, such as the ISO 26000
“Guidance on Social Responsibility”, a key part of its sustainability strategy; and
has been, to date, the only Singaporean company to make it to the Global 100
Most Sustainable Corporations list three years in a row. (CDL, 2012)
11. Service
Whilst companies in the sector displayed a strong reporting emphasis on
economic indicators, the overall level of disclosure across all other categories,
particularly in the environment category, were relatively weak.
This suggests that organizations whose core businesses do not revolve around
environmental concerns tend not to give this priority in their sustainability
practices and reporting. Hence, they may not have much to report compared to
other categories of reporting.
12. Transport, Storage and Communication
Companies in this sector generally offered well balanced reports, providing equal
level of disclosure in all aspects. Technological development, constant updates
in regulation and standards as well as the importance of community engagement
are possible motivations behind reporting initiatives.
Limitations of Research
Whilst the research has attempted to offer an overview of the sustainability reporting
landscape, particularly in terms of its breadth and depth of disclosure by reporting
companies across the different market sectors; a key challenge for this qualitative
aspect of assessment lay in reducing the ambiguity and subjectivity when assessing
such information.
In this regard, it is suggested that a more robust framework, to weed out mere
branding, and “greenwashing of fluff”, can be developed to provide a more accurate
assessment for future research.
39
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
DISCUSSION
The preceding pages have sought to research into the state of voluntary sustainability
reporting among Mainboard listed companies in Singapore. From its findings, it is
apparent that while the sustainability reporting scene in Singapore is still very much in
its infancy, there has been considerable growth in reporting and awareness.
A significant milestone in its development was the release of the “Policy Statement on
Sustainability Reporting” and “Guide to Sustainability Reporting for Listed Companies”
by the Singapore Exchange (SGX, 2011) in June 2011, which encouraged holistic
disclosure.
Results of the study show that 119 out of 633 Mainboard listed companies engaged in
voluntary sustainability reporting, which represents a 50.63% increase in participation
rate compared against a previous survey conducted by the Singapore Compact in June
2011. (Thomas & Chin, 2011)
Of this 119, more than half of the reports (64 out of 119) came from large companies,
even though they made up the smallest group of companies by market capitalisation.
This reinforces the view that the potential benefits of improved all-round credibility and
reputation outweighs the added cost of engaging in sustainability reporting.
In terms of market sector, companies in the Mining and Quarrying, Agriculture and
Multi-Industry sectors posted the highest participation rate. This may be due to the
direct impact that its business operations have on the environment, hence the greater
impetus for detailed exploration of environmental impact and policies.
The subscription and assurance of reporting guidelines have also increased, for which,
the Global Reporting Initiative (GRI) Sustainability Reporting Guidelines remains the
most commonly used framework. This supports the view that companies are
recognising that independent assurance enhances the transparency and credibility of
their sustainability reporting; and delivers value to the reporting company and its
stakeholders.
40
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
Finally, in terms of reporting content, reporting companies in differing market sectors
tend to place more emphasis on sustainability indicators which have greater impact on
its nature of business.
However, the report issued by City Developments Limited (CDL) deserves special
mention for its holistic disclosure. It has been rated “A+” under the GRI Application
Level requirements, and the company is the only Singaporean firm to make it to the
Global 100 Most Sustainable Corporations list three years in a row. (CDL, 2012)
Looking Ahead
The findings suggest that while there several main aspects of sustainability are wellreported by companies, the potential for reporting remains considerably untapped.
Based on the prevailing low reporting rates, it is apparent that companies are not fully
capitalising on the opportunities to communicate their CSR actions and efforts to
stakeholders even if they may have been performing well in certain aspects.
This gap between action and reporting has to be filled in order to benefit both
companies and their stakeholders and while there has been concerted effort to promote
sustainability reporting by the Singapore Compact and the Singapore Exchange, more
has to be done to broaden the base for collaboration and practical project
implementation in Singapore.
In the immediacy, there is a dire need establish uniformity and standardisation in the
local reporting culture, as it has been observed that the current crop of reports adhere
to diverse structures. There is currently no standard or common reporting framework
used across a majority, although the Global Reporting Initiative (GRI) Sustainability
Reporting Guidelines is gaining popularity.
Moving forward, Hodgson and Burke (2012) have observed that changes in information
technology have also become a dominant driver in sustainability reporting, for which
there is also a growing consensus that online reporting is likely to be the future direction.
This may even include multimedia and interactive dialogue to facilitate real time
interaction between the company and its stakeholders. (Hodgson and Burke, 2012),
41
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
CONCLUSION
The foregoing has served to establish the current state of voluntary sustainability
reporting among Singapore Mainboard listed companies in comparison with its global
counterparts.
From the study, the paper recognises that Singaporean companies are not fully
capitalising on the opportunities to communicate their CSR actions and efforts to
stakeholders; and the potential for reporting remains considerably untapped.
As more investors are beginning to pay more attention to how business address
environmental issues, while consumers seek environmentally friendly products and
services; there is an immediacy to broaden the base for collaboration in promoting
sustainability reporting; and to establish uniformity and standardisation in the local
reporting culture.
The preceding analysis is by no means conclusive. At best, the underlying value of this
paper lies in its contribution to portray the current complexity of the sustainability
reporting agenda; and to act as a primer for further research.
Therein lays the excitement and potential for future development.
42
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
REFERENCES
A4S (Accountability for Sustainability), (2008), Connected Reporting in Practice: A
Consolidated Case Study, A4S, London, UK.
http://www.accountingforsustainability.org/wp-content/uploads/2011/10/ConsolidatedCase-Study-FINAL.pdf, accessed August 2012.
AccountAbility, (2008a), AA1000 Accountability Principles Standard 2008 (AA1000 APS
2008), AccountAbility, London UK.,
http://www.accountability.org/images/content/0/7/074/AA1000APS%202008.pdf,
accessed August 2012.
AccountAbility, (2008b), AA1000 Assurance Standard 2008 (AA1000 AS 2008),
AccountAbility, London, UK.
http://www.accountability.org/images/content/0/5/056/AA1000AS%202008.pdf,
accessed August 2012.
AccountAbility, (2011), AA1000 Stakeholder Engagement Standard 2011(AA1000 SES
2011), AccountAbility, London, UK.
http://www.accountability.org/images/content/5/4/542/AA1000SES%202010%20PRINT.
pdf, accessed August 2012.
Asia Power, (2011), Annual Report 2011: Renewable Hydro Energy, Asia Power
Corporation Limited, Singapore. http://asiapower.listedcompany.com/misc/ar2011.pdf,
accessed August 2012.
BIS (Business for Innovation and Skills), (2011), The Future of Narrative Reporting:
Consulting
on
a
New
Reporting
Framework,
BIS,
London,
UK.
http://www.bis.gov.uk/assets/biscore/business-law/docs/f/11-945-future-of-narrativereporting-consulting-new-framework.pdf, accessed August 2012.
Banyan Tree Holdings, (2011), Banyan Tree Holdings Limited Sustainability Report
2011: Sustaining New Heights, BTH, Singapore. http://media.corporateir.net/Media_Files/IROL/20/200797/bth_csrsgx.pdf, accessed September 2012.
Block, R.N., Roberts, K., Ozeki, C., and Roomkin, M.J., (2001), Models of International
Labor Standards. Industrial Relations, Vol. 40, no. 2, pp. 258-292.
Brorson, T., and Larsson, G., (1999), Environmental Management: How to Implement
an Environmental Management System within a Company or Other Organization, EMS
AB, Stockholm, Sweden.
CDL (City Developments Limited), (2012), City Developments Limited Sustainability
Report 2012: Ideas, Initiatives, Impacts, CDL, Singapore. http://media.corporateir.net/media_files/IROL/60/60774/CDL_Sustainability_Report_2012_Final.pdf,
accessed September 2012.
CIT (Cityspring Infrastructure Trust), (2012), Annual Report 2012: Providing Essential
Services, Cityspring Infrastructure Trust Management Pte Ltd, Singapore.
http://www.cityspring.com.sg/pdf/Cityspring%20Infrastruct%20Trust%20AR12.pdf,
accessed August 2012.
43
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
Clements, R.B., (1996), Complete Guide to ISO 14000, Prentice Hall, Upper Saddle
River, New Jersey, USA.
Crowther, D., (2000), Social and Environmental Accounting, Financial Times, Prentice
Hall, UK.
DCCA (Danish Commerce and Companies Agency), (2009), Reporting on Corporate
Social Responsibility – An Introduction for Supervisory and Executive Boards, DCCA,
Denmark.http://www.CSRgov.dk, accessed August 2012.
DECC (Department of Energy and Climate Change), (2010), CRC Energy Efficient
Scheme, DECC, UK.
http://www.decc.gov.uk/en/content/cms/emissions/crc_efficiency/crc_efficiency.aspx,
accessed August 2012.
DEFRA (Department for Environment, Food and Rural Affairs), (2005), The UK
Government Sustainable Development Strategy: Securing Our Future, DEFRA, UK.
DETR (Department for Environment, Transport and the Regions), (1999), A Better
Quality Of Life – A Strategy for Sustainable Development for the United Kingdom,
DETR, UK.
DTI (Department of Trade and Industry), (2004), Corporate Social Responsibility: A
Government Update, DTI, UK.
Dierkes, M., and Antal, A.B., (1986), Whither Corporate Social Reporting: Is it time to
legislate? California Management Review, Vol. 28, no. 3, pp. 106-121.
EIU (Economist Intelligence Unit), (2010), Global trends in Sustainability Performance
Management,EIU,
London,
UK.
http://fm.sap.com/data/UPLOAD/files/EIU__Sustainability_Performance_Management%5B1%5D.pdf, accessed August 2012.
Epstein, M., Flamholtz, E. And McDonough, J.J., (1976), Corporate Social Accounting
in the United States of America: State of the Art and Future Prospects, Accounting,
Organizations and Society, Vol. 1, no. 1, pp. 23-42.
Ernst and Ernst, (1978), Social Responsibility Disclosure: 1978 Survey, Cleveland, USA.
Ernst and Young, (2009), Final King III Synopsis, Ernst and Young, South Africa.
https://www.saica.co.za/Portals/0/Technical/EY%20Final%20King%20III%20Synopsis.p
df, accessed August 2012.
F&N (Fraser and Neave, Limited), (2011), Annual Report 2011: Strength, F&N,
Singapore. http://www.fraserandneave.com/library/F&N-AR2011.pdf, accessed August
2012.
GAR (Golden Agri-Resources), (2011), Sustainability Report 2011: Preservng the
Present, Ensuring the Future, Golden Agri-Resources Limited,Singapore.
http://www.goldenagri.com.sg/pdfs/Sustainability/2011/GAR_SR2011%20FSC.pdf,
accessed September 2012.
44
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
GRI (Global Reporting Initiative), (2011a), Sustainability Reporting Guidelines, Version.
3.1, GRI, Amsterdam, The Netherlands.
https://www.globalreporting.org/resourcelibrary/G3.1-Sustainability-ReportingGuidelines.pdf, accessed August 2012.
GRI (Global Reporting Initiative), (2011b), GRI’s Year in Review: 2010/11: A New
Phase: The Growth of Sustainability Reporting, GRI, Amsterdam, The Netherlands.
https://www.globalreporting.org/resourcelibrary/GRI-Year-In-Review-2010-2011.pdf,
accessed August 2012.
GoodCorporation, (2010), The GoodCorporation Standard (Revised July 2010),
GoodCorporation in association with the Institute of Business Ethics (IBE), London, UK.
http://www.goodcorporation.com/documents/Standard_000.pdf, accessed August 2012.
Gray, R.H, Owen D.L. and Maunders K.T., (1987), Corporate Social Reporting:
Accounting and Accountability, Prentice Hall, UK.
Hail, L., and C. Leuz., (2006), International Differences in the Cost of Equity Capital: Do
Legal Institutions and Securities Regulation Matter? Journal of Accounting Research,
Vol. 44, no. 3, pp. 485-531.
Hodgson, S., and Burke, P., (2012), Multiple Messages: Sustainability Reporting in
Transparent Times, Acona, London, UK.
http://www.acona.co.uk/reports/Multiple%20Messages.pdf, accessed September 2012.
Hoffman, E., (2003), Environmental Reporting and Sustainability Reporting in Europe,
IGES Kansai Discussion Paper 2003, Vol. 2003, no. 2, pp. 44-76.
IDSA (Institute of Directors in South Africa), (2009), King Code of Governance for South
Africa 2009, IDSA, Johannesburg, South Africa.
http://www.iodsa.co.za/Portals/0/IoDSA_King_Code_Flip_Book/IoDSA_King_Code_Flip
_Book.html, accessed August 2012.
IIRC (International Integrated Reporting Council), (2012), Draft Framework Outline:
IIRC Releases Draft Outline of Integrated Reporting Framework, News Article in IIRC
Website, July 11, 2012. http://www.theiirc.org/2012/07/11/draft-framework-outline,
accessed August 2012.
IMCSD (Inter-Ministerial Committee on Sustainable Development), (2009), A Lively and
Liveable Singapore: Strategies for Sustainable Growth. Ministry of the Environment and
Water Resources and Ministry of National Development, Singapore.
IOD (Institute of Directors in South Arfrica), (2002), Executive Summary of the King
Report 2002, IOD, Parktown, South Africa.
http://www.ecgi.org/codes/documents/executive_summary.pdf, accessed August 2012.
ISO (International Organization for Standardization), (2004), International Standard ISO
14001: Environmental Management Systems - Requirements with Guidance for Use
(ISO 14001:2004), 2nd Ed., ISO, Geneva, Switzerland.
45
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
ISO (International Organization for Standardization), (2010), ISO 9001 Certifications
Top One Million Mark, Food Safety and Information Security Continue Meteoric
Increase,
News
Article
in
ISO
Website,
October
25,
2010.
http://www.iso.org/iso/news.htm?refid=Ref1363, accessed August 2012.
Ioannou, I., and Serafeim, G., (2012), The Consequences of Mandatory Corporate
Sustainability Reporting, Unpublished paper in Harvard Business School, May 9, 2012.
http://www.hbs.edu/research/pdf/11-100.pdf, accessed August 2012.
KPMG (1999), KPMG International Survey of Environmental Reporting 1999. KPMG
Environmental Consulting, September 1999, ISBN 90-69190-131-5.
http://dare.uva.nl/document/343, accessed August 2012.
KPMG (2002). KPMG International Survey of Corporate Responsibility Reporting 2002,
KPMG Global Sustainability Services, June 2002, ISBN 90-6990-133-1.
http://www.gppi.net/fileadmin/gppi/KPMG2002.pdf, accessed August 2012.
KPMG (2005). KPMG International Survey of Corporate Responsibility Reporting 2005,
KPMG International, June 2005, ISBN 90-5522-031-0.
http://www.kpmg.com.au/Portals/0/Kpmg%20Survey%202005_3.pdf, accessed August
2012.
KPMG (2008). KPMG International Survey of Corporate Responsibility Reporting 2008,
KPMG International, October 2008, No. RRD-105984.
http://www.kpmg.com/EU/en/Documents/KPMG_International_survey_Corporate_respo
nsibility_Survey_Reporting_2008.pdf, accessed August 2012.
KPMG, (2010), King III Summary, Department of Professional Practice, KPMG
International,https://www.saica.co.za/Portals/0/documents/KPMG%20King%20III%20S
ummary.pdf, accessed August 2012.
KPMG, (2011a), Corporate Sustainability – A Progress Report, KPMG International,
April 2011, No. 314644.
http://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/cor
porate-sustainability-v2.pdf, accessed August 2012.
KPMG (2011b). KPMG International Survey of Corporate Responsibility Reporting
2011. KPMG International, November 2011, No. 110973.
http://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/corporateresponsibility/Documents/2011-survey.pdf, accessed August 2012.
Kaplan, R. S., and Norton, D. P., (1992), The Balanced Scorecard - Measures That
Drive Performance, Harvard Business Review, Vol. 70, Jan/Feb, pp. 71-79.
Kell, G., (2005) The Global Compact: Selected Experiences and Reflection, Journal of
Business Ethics, Vol. 59, pp. 69–79.
Keppel Corporation, (2011), Sustainability Report 2011: Definitively Keppel, Keppel
Corporation, Singapore. http://www.kepcorp.com/en/content.aspx?sid=2935, accessed
September 2012.
46
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
Keppel Land, (2011), Sustainability Report 2011: Definitively Keppel, Keppel Land,
Singapore.
http://www.keppelland.com.sg/sr2011/eMag/pdf/KLL_SR2011.pdf,
accessed September 2012.
Kolk, A., (2003), Trends in Sustainability Reporting by the Fortune Global 250,
Business Strategy and Environment, Vol. 12, no. 5, pp. 279-291.
Kolk, A., (2005), Environmental Reporting by Multinationals from the Triad:
Convergence or Divergence?, Management International Review, Vol. 45, no. 2005/1,
pp. 145-166.
La Porta, R., Lopez-De-Silanes, F., and Shleifer, A, (2006), What Works in Securities
Laws? Journal of Finance, Vol. 61, pp. 1–32.
MAS (Monetary Authority of Singapore) and SGX (Singapore Exchange Limited),
(2005), Code of Corporate Governance 2005, Corporate Governance Committee, MAS
and SGX, Singapore.
http://www.mas.gov.sg/en/Regulations-and-Financial-Stability/Regulatory-andSupervisory-Framework/Corporate-Governance/Corporate-Governance-of-ListedCompanies/~/media/resource/fin_development/corporate_governance/CG%20Code%2
02005%20Code.ashx, accessed September 2012.
MAS (Monetary Authority of Singapore) and SGX (Singapore Exchange Limited),
(2012), Code of Corporate Governance 2012, Corporate Governance Committee, MAS
and SGX, Singapore.
http://www.mas.gov.sg/en/Regulations-and-Financial-Stability/Regulatory-andSupervisory-Framework/Corporate-Governance/Corporate-Governance-of-ListedCompanies/~/media/resource/fin_development/corporate_governance/CGCRevisedCo
deofCorporateGovernance3May2012.ashx, accessed September 2012.
MOE (Ministry of Environment), (2004), Environmental Reporting Guidelines: Fiscal
Year 2003 Version, Tentative Translation, MOE, Government of Japan,
http://www.env.go.jp/policy/j-hiroba/PRG/pdfs/e_guide.pdf, accessed August 2012.
MOE (Ministry of Environment), (2005), Environmental Accounting Guidelines 2005,
MOE, Government of Japan, http://www.env.go.jp/en/policy/ssee/eag05.pdf, accessed
August 2012.
MOE (Ministry of Environment), (2007), Environmental Reporting Guidelines: Towards
a Sustainable Society: Fiscal Year 2007 Version, Provisional Translation, MOE,
Government of Japan, http://www.env.go.jp/en/policy/economy/erg2007.pdf, accessed
August 2012.
MOE (Ministry of Environment), (2009), EcoAction 21 Guidelines 2009, MOE,
Government of Japan, http://www.env.go.jp/policy/j-hiroba/ea21/guideline2009_en.pdf,
accessed August 2012.
MOE (Ministry of Environment), (2012), Publication of Environmental Reporting
Guidelines 2012, News Headline in MOE, Government of Japan website.
http://www.env.go.jp/en/headline/headline.php?serial=1825, accessed August 2012.
47
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
MOF (Singapore Ministry of Finance), (2005), Code of Corporate Governance 2005,
Council on
Corporate
Disclosure
and
Governance,
MOF,
Singapore.
http://www.mas.gov.sg/en/Regulations-and-Financial-Stability/Regulatory-andSupervisory-Framework/Corporate-Governance/Corporate-Governance-of-ListedCompanies/~/media/resource/fin_development/corporate_governance/CG%20Code%2
02005%20Code.ashx, accessed August 2012.
MSC (Malaysia Smelting Corporation Berhad), (2011), Annual Report 2011: Building on
Success:
Developing
Resources
for
the
Future,
MSC,
Singapore.
http://ir.chartnexus.com/msmelt/pdf/ar2011.pdf, accessed August 2012.
MTI (Ministry of Trade and Industry), (2010), Singapore Industrial Classification 2010,
Deptartment of Statistics, MTI, Singapore.
http://www.singstat.gov.sg/statsres/ssc/ssic/ssic2010.pdf, accessed September 2012.
Markandya, A., and Halsnaes, K., (2002), Climate Change and Sustainable
Development: Prospects for Developing Countries, Earthscan, London, UK.
McWilliam, R.C., (2001). BSI: The First Hundred Years. Thanet Press, London, UK.
Nicholson-Lord, D., (1996), Stake-out at the Body Shop, Press Article in The
Independent, January 21, 1996. http://www.independent.co.uk/news/business/stakeoutat-the-body-shop-1324992.html, accessed August 2012.
Olam International Limited, (2011), Today and Tomorrow: Corporate Responsibility and
Sustainability
Report
2011,
Olam
International
Limited,
Singapore,
http://olamonline.com/wp-content/files_mf/1321954651olam_csr_2011.pdf,
accessed
September 2012.
PWC (Price Waterhouse Coopers), (2009), Corporate Governance: Executive Guide to
King III: King’s Counsel: Understanding and Unlocking the Benefits of Sound
Governance, PWC, South Africa.
https://www.saica.co.za/Portals/0/documents/PWC%20Exec%20Guide%20to%20KING
%20III.pdf, accessed August 2012.
Porritt, J., (2007), “Sustainable Development for Real” in Capitalism: as if the world
matters. UK: Earthscan, pp. 33-53.
RSPO (Rountable on Sustainable Palm Oil), (2007a), RSPO Certification Systems:
Final document approved by RSPO Executive Board: 26 June 2007, RSPO, Zurich,
Switzerland. http://www.rspo.org/sites/default/files/RSPOcertification-systems.pdf,
accessed September 2012.
RSPO (Rountable on Sustainable Palm Oil), (2007b), RSPO Principles and Criteria for
Sustainable Palm Oil Production: Including Indicators and Guidance: October 2007,
RSPO, Zurich, Switzerland.
http://www.rspo.org/sites/default/files/RSPO%20Principles%20&%20Criteria_0.pdf,
accessed September 2012.
Rappaport, A., (1998), Creating Shareholder Value - A Guide for Managers and
Investors. The Free Press, New York, USA.
48
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
Rasche, A., and Kell, G., (2010), The United Nations Global Compact: Achievement,
Trends and Challenges. Cambridge University Press. Cambridge, UK.
Ryobi Kiso Holdings Limited, (2011), Annual Report 2011: Rising Towards Excellence,
Ryobi Kiso Holdings Limited, Singapore.
http://ryobi.listedcompany.com/misc/ar2011.pdf, accessed Augusrt 2012.
SAI (Social Accountability International), (2008), Social Accountability 8000 (SA8000:
2008), SAI, New York, USA http://www.saintl.org/_data/n_0001/resources/live/2008StdEnglishFinal.pdf, accessed August 2012.
SAI (Social Accountability International), (2012), Social Accountability International:
Huam Rights at Work, SAI Corporate Brochure. SAI, New York, USA. http://saintl.org/_data/n_0001/resources/live/SAI_brochure_2012.pdf, accessed August 2012.
SES (The Stock Exchange of Singapore), (1998), Best Practices Guide, SES,
Singapore.
SGX (Singapore Exchange), (1999), Best Practices Guide, SGX, Singapore.
SGX (Singapore Exchange), (2011), Guide to Sustainability Reporting for Listed
Companies, SGX, Singapore.
http://rulebook.sgx.com/net_file_store/new_rulebooks/s/g/SGX_Sustainability_Reportin
g_Guide_and_Policy_Statement_2011.pdf, accessed August 2012.
SGX (Singapore Exchange), (2012a), Statistical Report: June 2012, SGX, Singapore.
http://www.sgx.com/wps/wcm/connect/1b3948004bda0f32bd6dff56f36a3a48/SGX+Mon
thly+Statistics+%28June+2012%29.pdf?MOD=AJPERES&CACHEID=1b3948004bda0f
32bd6dff56f36a3a48, accessed September 2012.
SGX (Singapore Exchange), (2012b), Singapore Exchange Annual Report 2012, SGX,
Singapore.
http://www.sgx.com/wps/wcm/connect/0b7bbe804c5794f1919d939e11f9419c/SGX_An
nual+Report+2012.pdf?MOD=AJPERES&CACHEID=0b7bbe804c5794f1919d939e11f9
419c, accessed August 2012.
SGX-FT (Stock Exchange Securities Trading Limited), (2002), Best Practices Guide,
SGX-ST, Singapore.
SP Ausnet, (2012), Statutory Annual Report 2012: Transformation Starts Here, SP
Ausnet,
Victoria,
Australia,
http://www.spausnet.com.au/CA2575630006F222/Lookup/ASX2012/$file/StatutoryAnnualReport%20
2012.pdf, accessed August 2012.
Sakari Resources Limited, (2011), Annual Report 2011, Sakari Resources Limited,
Singapore,
http://www.sakariresources.com/annual-reports/annual-report-2011/,
accessed August 2012.
49
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
Saltmarsh, N., (2012a), Compulsory Greenhouse Gas Emissions Reporting for Listed
Businesses, Website Article in Sustainable Development in Government, June 27, 2012.
http://sd.defra.gov.uk/2012/06/compulsory-greenhouse-gas-emissions-reporting-forlisted-businesses/, accessed August 2012.
Saltmarsh, N., (2012b), New Guidance for Businesses to report their Sustainability
Credentials, Website Article in Sustainable Development in Government, August 2,
2012. http://sd.defra.gov.uk/2012/06/compulsory-greenhouse-gas-emissions-reportingfor-listed-businesses/, accessed August 2012.
Sembcorp Marine Limited, (2011), Sembcorp Marine Annula Report 2011: Towards
Sustanable
Growth,
Sembcorp
Marine
Limited,
Singapore.
http://www.sembcorpmarine.com.sg/uploads/Annual%20Report/AR2011/ar2011.pdf,
accessed August 2012
Stewart, G. B., (1999), The Quest For Value: A Guide For Senior Managers. Harper
Collins, New York, USA.
Steurer, R., (2010), The role of Governments in Corporate Social Responsibility:
Characterising Public Policies on CSR in Europe, Policy Sciences, Vol. 43, no. 1, pp.
49–72.
SustainAbility and UNEP (United Nations Environment Programme), (1998), Engaging
Stakeholders 1998: The Non=Reporting Report, SustainaAbility Limited and UNEP,
London, UK. http://www.sustainability.com/search?term=the+non-reporting+report,
accessed August 2012.
Sveiby, K. E., (1997), The Intangible Assets Monitor. Journal of Human Resource
Costing and Accounting. Vol. 2, pp. 73-97.
Thomas, T. and Chin H.L., (2011), Sustainability Reporting in Singapore: Non-Financial
Reporting among Mainboard Listed Companies in Singapore: A View of the
Sustainability Reporting Landscape in 2010-2011, Singapore Compact for CSR,
Singapore. http://www.csrsingapore.org/c/resources/publications, accessed August
2012.
Thomas, T. and Oh, P., (2012), Why Sustainability Reporting Matters, Press Article in
TODAY, June 25, 2012, pp.26.
UK Government, (2008), Climate Change Act 1985 (Chapter 27), London, UK.
http://www.legislation.gov.uk/ukpga/2008/27/pdfs/ukpga_20080027_en.pdf, accessed
August 2012.
UNCTAD (United Nations Conference on Trade and Development), (2002), Guidance
Manual: Accounting and Financial Reporting for Environmental Costs and Liabilities,
UNCTAD, New York and Geneva. http://archive.unctad.org/en/docs/iteeds4_en.pdf,
accessed August 2012.
50
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
UNCTAD (United Nations Conference on Trade and Development), (2004), A Manual
for the Preparers and Users of Eco-efficiency Indicators: Version 1.1, UNCTAD, New
York and Geneva. http://unctad.org/en/docs/iteipc20037_en.pdf, accessed August
2012.
UNCTAD (United Nations Conference on Trade and Development), (2006), Guidance
on Good Practices in Corporate Governance Disclosure, UNCTAD, New York and
Geneva. http://unctad.org/en/docs/iteteb20063_en.pdf, accessed August 2012.
UNCTAD (United Nations Conference on Trade and Development), (2008), Guidance
on Corporate Responsibility Indicators in Annual Reports, UNCTAD, New York and
Geneva. http://unctad.org/en/docs/iteteb20076_en.pdf, accessed August 2012.
UNGC (United Nations Global Compact), (2011), United Nations Global Compact:
Corporate Sustainability in the World Economy, UNGC Corporate Brochure. UNGC,
New York, USA.
http://www.unglobalcompact.org/docs/news_events/8.1/GC_brochure_FINAL.pdf,
accessed August 2012.
US Department of Commerce, (1979), Corporate Social Reporting in the United States
and Western Europe. Task Force on Corporate Social Performance, Washington, USA.
WCED (World Commission on Environment and Development), (1987), Our Common
Future, The Brundtland Report, Oxford University Press, Oxford, UK.
Waddock, S., (2004), Parallel Universes: Companies, Academics, and the Progress of
Corporate Citizenship. Society and Business Review, Vol. 109, no. 1, pp.5-24.
White, A.L., (1999), Sustainability and the Accounting Corporation, Environment, Vol.
41, no. 8, pp. 3-43.
Willis, A., (2003), The Role of the Global Reporting Initiative’s Sustainability Reporting
Guidelines in the Social Screening of Investments, Journal of Business Ethics, Vol. 43,
no. 3, pp. 233–237.
51
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
APPENDICES
Appendix No. 1:
SGX Mainboard: Number of Listings (month-end) as of June 2012.
Source: SGX (Singapore Exchange), (2012a), Statistical Report: June 2012, SGX,
Singapore, pp. 21.
http://www.sgx.com/wps/wcm/connect/1b3948004bda0f32bd6dff56f36a3a48/SGX+Mon
thly+Statistics+%28June+2012%29.pdf?MOD=AJPERES&CACHEID=1b3948004bda0f
32bd6dff56f36a3a48, accessed September 2012.
52
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
Appendix No. 2/1: Data Compilation for Stage 1 of Research
SGX MainBoard
Company Name
1
8TELECOM INTL HOLDINGS CO LTD
MFG
Market
Capitalisation
as of 29 Jun 12
$
66.1
2
AAT CORPORATION LIMITED
COMMERCE
$
14.4
ABR HOLDINGS LIMITED
ABTERRA LTD
ACE ACHIEVE INFOCOM LIMITED
ACHIEVA LIMITED
ACTION ASIA LIMITED
ADDVALUE TECHNOLOGIES LTD
ADV INTEGRATED MFG CORP LTD
ADVANCE SCT LIMITED
ADVANCED HOLDINGS LTD.
AEI CORPORATION LTD
AEM HOLDINGS LTD
AIMS AMP CAP INDUSTRIAL REIT
ALLIED TECHNOLOGIES LIMITED
AMARA HOLDINGS LTD
AMPLEFIELD LIMITED
AMTEK ENGINEERING LTD
ANCHUN INTERNATIONAL HLDGS LTD
ANNAIK LIMITED
ANWELL TECHNOLOGIES LIMITED
AP OIL INTERNATIONAL LIMITED
ARA ASSET MANAGEMENT LIMITED
ARMSTRONG INDUSTRIAL CORP LTD
ASCENDAS INDIA TRUST
ASCENDAS REAL ESTATE INV TRUST
ASCOTT RESIDENCE TRUST
ASIA ENTERPRISES HOLDING LTD
ASIA FASHION HOLDINGS LIMITED
ASIA PACIFIC BREWERIES LTD
ASIA POWER CORP LTD
ASIASONS CAPITAL LIMITED
ASIASONS WFG FINANCIAL LTD.
ASJ HOLDINGS LTD
ASL MARINE HOLDINGS LTD
A-SONIC AEROSPACE LIMITED
ASPIAL CORPORATION LIMITED
ASTI HOLDINGS LIMITED
AURIC PACIFIC GROUP LIMITED
AUSGROUP LIMITED
AUSSINO GROUP LTD
AVIC INTL INVESTMENTS LIMITED
AVI-TECH ELECTRONICS LIMITED
AZEUS SYSTEMS HOLDINGS LTD.
AZTECH GROUP LTD.
BAKER TECHNOLOGY LIMITED
BAN LEONG TECHNOLOGIES LIMITED
BANYAN TREE HOLDINGS LIMITED
BBR HOLDINGS (S) LTD
BENG KUANG MARINE LIMITED
HOTELS/RST
MFG
TPT/STOR/COM
COMMERCE
MFG
SERVICES
MFG
SERVICES
SERVICES
MFG
MFG
PROPERTIES
MFG
HOTELS/RST
MFG
MFG
SERVICES
MFG
MFG
MFG
FINANCE
MFG
PROPERTIES
PROPERTIES
PROPERTIES
COMMERCE
MFG
MFG
ELECT/GAS/WATER
SERVICES
FINANCE
MFG
MFG
SERVICES
COMMERCE
MFG
COMMERCE
SERVICES
COMMERCE
MFG
SERVICES
SERVICES
MFG
MFG
COMMERCE
HOTELS/RST
CONSTRUCTION
SERVICES
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
165.7
152.1
18.9
24.6
57.2
104.9
36.9
23.4
51.2
24.6
38.3
535.2
23.7
210.6
11.8
337.4
40.4
19.4
65.4
25.8
1,094.9
138.3
619.8
5,074.4
1,224.8
91.8
20.3
8,908.4
36.3
494.0
25.1
8.2
240.6
28.6
557.4
35.7
81.7
165.7
43.0
75.7
26.3
21.3
48.3
203.1
16.4
418.8
66.3
70.3
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
Sector
(SSIC Standard)
.
53
Annual Report
Year of
Records
Report
Found
2011
1
Not
Trading
Available
Suspended
2011
1
2010
1
2011
1
2011
1
2011
1
2012
1
2011
1
2011
1
2011
1
2011
1
2011
1
2012
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2012
1
2012
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2012
1
2011
1
2011
1
2012
1
2011
1
2011
1
2011
1
SR
Found
1
1
1
1
1
1
1
1
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
Appendix No. 2/2: Data Compilation for Stage 1 of Research
SGX MainBoard
Company Name
51
BERGER INTERNATIONAL LIMITED
MFG
Market
Capitalisation
as of 29 Jun 12
$
7.8
52
BERJIANLAJU
TPT/STOR/COM
$
311.9
53
54
55
56
57
58
59
60
61
62
63
64
65
BEST WORLD INTERNATIONAL LTD
BH GLOBAL MARINE LIMITED
BIOSENSORS INT'L GROUP, LTD.
BLUMONT GROUP LTD.
BOARDROOM LIMITED
BONVESTS HOLDINGS LTD
BOUSTEAD SINGAPORE LIMITED
BRC ASIA LIMITED
BREADTALK GROUP LIMITED
BRITISH & MALAYAN TRUSTEES LTD
BROADWAY INDUSTRIAL GROUP LTD
BROTHERS (HOLDINGS) LIMITED
BUKIT SEMBAWANG ESTATES LTD
COMMERCE
COMMERCE
MFG
SERVICES
SERVICES
PROPERTIES
SERVICES
MFG
MFG
FINANCE
MFG
PROPERTIES
PROPERTIES
$
$
$
$
$
$
$
$
$
$
$
$
$
36.1
92.6
1,956.0
37.9
92.1
374.0
479.0
103.6
140.9
47.3
149.9
77.5
1,211.7
66
BUMITAMA AGRI LTD.
AGRICULTURE
$
1,722.4
67
68
69
70
71
72
73
74
75
76
77
78
79
BUND CENTER INVESTMENT LTD
C&G ENV PROTECT HLDGS LTD
CACHE LOGISTICS TRUST
CACOLA FURNITURE INTL LIMITED
CAMBRIDGE INDUSTRIAL TRUST
CAPITACOMMERCIAL TRUST
CAPITALAND LIMITED
CAPITAMALL TRUST
CAPITAMALLS ASIA LIMITED
CAPITARETAIL CHINA TRUST
CASA HOLDINGS LIMITED
CDL HOSPITALITY TRUSTS
CDW HOLDING LIMITED
CEI CONTRACT MANUFACTURING
LTD
PROPERTIES
MFG
PROPERTIES
MFG
PROPERTIES
PROPERTIES
PROPERTIES
PROPERTIES
PROPERTIES
PROPERTIES
COMMERCE
PROPERTIES
MFG
$
$
$
$
$
$
$
$
$
$
$
$
$
532.3
112.9
734.9
8.8
683.5
3,590.5
11,528.8
6,363.2
6,080.2
904.5
24.1
1,884.2
45.1
MFG
$
35.2
80
Sector
(SSIC Standard)
81
CELESTIAL NUTRIFOODS LIMITED
MFG
$
108.2
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
CENTURION CORPORATION LIMITED
CEREBOS PACIFIC LIMITED
CH OFFSHORE LTD
CHALLENGER TECHNOLOGIES LTD
CHANGJIANG FERTILIZER HLGS LTD
CHANGTIAN PLASTIC & CHEM LTD
CHEMICAL INDUSTRIES (F.E.) LTD
CHEMOIL ENERGY LIMITED
CHEUNG WOH TECHNOLOGIES LTD
CHINA ANIMAL HEALTHCARE LTD.
CHINA AUTO CORPORATION LTD.
CHINA AUTO ELECTRONICS GRP LTD
CHINA AVIATION OIL(S) CORP LTD
CHINA BEARING (SINGAPORE) LTD.
CHINA DAIRY GROUP LTD
CHINA ENERGY LIMITED
CHINA ENVIRONMENT LTD.
CHINA ENVIRONMENTAL RES GP
LTD
CHINA ESSENCE GROUP LTD.
MFG
MFG
TPT/STOR/COM
COMMERCE
MFG
MFG
MFG
COMMERCE
MFG
MFG
MULTI-IND
MFG
COMMERCE
MFG
COMMERCE
MFG
SERVICES
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
139.9
1,675.6
292.6
134.6
67.3
42.9
31.9
407.2
62.6
437.6
91.6
48.4
712.0
6.9
52.8
67.7
64.0
MFG
$
12.8
MFG
$
24.6
99
100
54
Annual Report
Year of
Records
Report
Found
2012
1
Not
Trading
Available
Suspended
2011
1
2011
1
2012
1
2011
1
2011
1
2011
1
2012
1
2011
1
2011
1
2011
1
2011
1
2012
1
2012
1
Not
IPO Apr
Available
2012
2011
1
2011
1
2011
1
2010
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
Not
Available
2011
2011
2011
2011
2011
2011
2012
2011
2012
2011
2011
2011
2011
2011
2011
2011
2011
Not
Available
2012
Trading
Suspended
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
Trading
Suspended
1
SR
Found
1
1
1
1
1
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
Appendix No. 2/3: Data Compilation for Stage 1 of Research
SGX MainBoard
Company Name
101
102
103
104
CHINA FARM EQUIPMENT LIMITED
CHINA FIBRETECH LTD.
CHINA FISHERY GROUP LIMITED
CHINA FLEXIBLE PACK HLDG LTD
MFG
SERVICES
SERVICES
MFG
$
$
$
$
Market
Capitalisation
as of 29 Jun 12
60.5
13.4
895.3
25.4
105
CHINA GAOXIAN FIBREFAB HLDGLTD
MFG
$
387.6
106
107
108
CHINA GREAT LAND HOLDINGS LTD.
CHINA HAIDA LTD.
CHINA HONGCHENG HOLDINGS LTD
CONSTRUCTION
MFG
MFG
$
$
$
2.4
7.4
6.2
109
CHINA HONGXING SPORTS LIMITED
MFG
$
322.0
110
111
112
113
114
CHINA INTERNATIONAL HLDGS LTD
CHINA JISHAN HOLDINGS LIMITED
CHINA KANGDA FOOD COMPANY LTD
CHINA KUNDA TECH HOLDINGS LTD
CHINA MERCHANTS HLDGS(PACIFIC)
CHINA MERCHANTS PROP
DEVTCOLTD
TPT/STOR/COM
SERVICES
MFG
MFG
TPT/STOR/COM
$
$
$
$
$
41.7
29.8
26.5
14.8
495.3
COMMERCE
$
5,825.7
116
CHINA MILK PRODUCTS GROUP LTD
MFG
$
177.3
117
118
119
120
121
122
123
CHINA MINING INTERNATIONAL LTD
CHINA MINZHONG FOOD CORP LTD
CHINA NEW TOWN DEVT CO LIMITED
CHINA OILFIELD TEC SVCS GRPLTD
CHINA PAPER HOLDINGS LIMITED
CHINA POWERPLUS LIMITED
CHINA PRINT POWER GROUP LTD
PROPERTIES
MFG
PROPERTIES
SERVICES
MFG
MFG
MFG
$
$
$
$
$
$
$
44.0
323.3
215.2
29.1
35.4
15.3
15.9
124
CHINA SKY CHEM FIBRE CO., LTD.
MFG
$
89.2
125
CHINA SPORTS INTL LIMITED
MFG
$
39.4
126
CHINA SUN BIOCHEM TECH GP CO.
MFG
$
44.6
127
128
129
130
131
132
133
134
135
136
137
CHINA SUNSINE CHEM HLDGS LTD.
CHINA TAISAN TECH GRP HLDGSLTD
CHINA XLX FERTILISER LTD.
CHINA YUANBANG PROP HLDGS LTD
CHINASING INVESTMENT HLDG LTD
CHINAVISION MEDIA GRP LIMITED
CHIP ENG SENG CORPORATION LTD
CHOSEN HOLDINGS LIMITED
CHUAN HUP HOLDINGS LIMITED
CITY DEVELOPMENTS LIMITED
CITYNEON HOLDINGS LIMITED
$
$
$
$
$
$
$
$
$
$
$
122.9
103.6
305.0
39.3
6.2
35.0
267.0
28.7
239.5
10,184.2
17.7
138
CITYSPRING INFRASTRUCT TRUST
MFG
MFG
MFG
PROPERTIES
SERVICES
MFG
CONSTRUCTION
MFG
TPT/STOR/COM
PROPERTIES
SERVICES
ELECT/GAS/WAT
ER
$
607.6
139
CIVMEC LIMITED
SERVICES
$
450.9
140
141
142
SERVICES
SERVICES
MFG
$
$
$
28.3
55.0
25.9
TPT/STOR/COM
$
3,232.2
144
145
146
CNA GROUP LTD.
COGENT HOLDINGS LIMITED
COMBINE WILL INTL HLDGS LTD
COMFORTDELGRO CORPORATION
LTD
COMPACT METAL INDUSTRIES LTD
CONSCIENCEFOOD HOLDING LIMITED
CONTEL CORPORATION LIMITED
MFG
MFG
MFG
$
$
$
28.0
69.3
22.3
147
CORDLIFE GROUP LIMITED
SERVICES
$
126.8
148
149
150
CORTINA HOLDINGS LIMITED
COSCO CORPORATION (S) LTD
COSMOSTEEL HOLDINGS LIMITED
COMMERCE
TPT/STOR/COM
COMMERCE
$
$
$
92.7
2,194.5
44.9
115
143
Sector
(SSIC Standard)
55
Annual Report
Year of
Records
Report
Found
2011
1
2011
1
2011
1
2011
1
Not
Trading
Available
Suspended
2011
1
2011
1
2011
1
Not
Trading
Available
Suspended
2011
1
2011
1
2011
1
2012
1
2011
1
Not
Uncontacta
Available
ble
Not
Trading
Available
Suspended
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
Not
Trading
Available
Suspended
2011
1
Not
Trading
Available
Suspended
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2012
1
Not
Available
2011
2011
2011
IPO Apr
2012
1
1
1
2011
1
2011
2011
2011
Not
Available
2012
2011
2011
1
1
1
IPO Mar
2012
1
1
1
SR
Found
1
1
1
1
1
1
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
Appendix No. 2/4: Data Compilation for Stage 1 of Research
SGX MainBoard
Company Name
151
152
COUGAR LOGISTICS CORPN LTD
COURAGE MARINE GROUP LIMITED
TPT/STOR/COM
TPT/STOR/COM
Market
Capitalisation
as of 29 Jun 12
$
33.5
$
87.9
153
CREATIVE MASTER BERMUDA LTD
MFG
$
2.6
154
155
156
157
158
159
CREATIVE TECHNOLOGY LTD
CSC HOLDINGS LTD
CSE GLOBAL LTD
CWT LIMITED
DAIRY FARM INT'L HOLDINGS LTD
DAPAI INTL HLDG CO. LTD.
MFG
CONSTRUCTION
SERVICES
TPT/STOR/COM
COMMERCE
MFG
$
$
$
$
$
$
368.0
123.0
407.7
711.4
18,210.7
19.8
160
DARCO WATER TECHNOLOGIES LTD
SERVICES
$
16.0
161
162
MFG
FINANCE
$
$
112.7
33,592.7
PROPERTIES
$
126.0
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
DATAPULSE TECHNOLOGY LIMITED
DBS GROUP HOLDINGS LTD
DEBAO PROPERTY DEVELOPMENT
LTD
DEL MONTE PACIFIC LIMITED
DELONG HOLDINGS LIMITED
DESIGN STUDIO FURNITURE MFRLTD
DEVOTION ENERGY GROUP LIMITED
DIGILAND INTERNATIONAL LTD
DMX TECHNOLOGIES GROUP LTD
DRAGON GROUP INTL LIMITED
DUKANG DISTILLERS HLDGS LTD
DUTECH HOLDINGS LIMITED
DYNA-MAC HOLDINGS LTD.
DYNAMIC COLOURS LIMITED
EASTERN HOLDINGS LTD
EASTGATE TECHNOLOGY LTD
ECOWISE HOLDINGS LIMITED
ECS HOLDINGS LIMITED
ELEC & ELTEK INT CO LTD
ELITE KSB HOLDINGS LIMITED
ELLIPSIZ LTD
ENGRO CORPORATION LIMITED
ENVIRO-HUB HOLDINGS LTD
ERATAT LIFESTYLE LIMITED
ETIKA INTERNATIONAL HLDGS LTD
EU YAN SANG INTERNATIONAL LTD
EUCON HOLDING LIMITED
EUROPTRONIC GROUP LTD
EXCELPOINT TECHNOLOGY LTD
EZION HOLDINGS LIMITED
EZRA HOLDINGS LIMITED
F J BENJAMIN HOLDINGS LTD
FABCHEM CHINA LIMITED
FALCON ENERGY GROUP LIMITED
FDS NETWORKS GROUP LTD
FEDERAL INT(2000) LTD
MFG
MFG
MFG
MFG
COMMERCE
SERVICES
COMMERCE
MFG
MFG
SERVICES
MFG
MFG
MFG
SERVICES
SERVICES
MFG
COMMERCE
SERVICES
MFG
MFG
MFG
MFG
COMMERCE
SERVICES
MFG
COMMERCE
SERVICES
TPT/STOR/COM
COMMERCE
MFG
COMMERCE
SERVICES
COMMERCE
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
497.6
184.3
147.0
15.1
30.7
256.1
11.5
191.6
39.6
355.6
24.8
54.0
39.5
82.3
183.0
497.3
61.6
48.1
106.7
104.7
42.7
123.2
269.9
13.7
12.3
26.5
783.4
1,041.5
182.0
42.1
171.0
1.9
38.5
197
FIBRECHEM TECHNOLOGIES LIMITED
MFG
$
93.6
198
199
200
FIRST REAL ESTATE INV TRUST
FIRST RESOURCES LIMITED
FIRST SHIP LEASE TRUST
PROPERTIES
AGRICULTURE
TPT/STOR/COM
$
$
$
576.7
3,041.4
123.7
163
Sector
(SSIC Standard)
56
Annual Report
Year of
Records
Report
Found
2012
1
2011
1
Not
Trading
Available
Suspended
2011
1
2012
1
2011
1
2011
1
2011
1
2011
1
Not
Trading
Available
Suspended
2011
1
2011
1
2011
1
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2012
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2012
2011
2011
2011
Not
Available
2011
2011
2011
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
Trading
Suspended
1
1
1
SR
Found
1
1
1
1
1
1
1
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
Appendix No. 2/5: Data Compilation for Stage 1 of Research
SGX MainBoard
Company Name
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
222
FISCHER TECH LTD
FOOD EMPIRE HOLDINGS LIMITED
FOOD JUNCTION HOLDINGS LIMITED
FORELAND FABRICTECH HLDS LTD
FORTUNE REAL ESTATE INV TRUST
FRAGRANCE GROUP LIMITED
FRASER AND NEAVE, LIMITED
FRASERS CENTREPOINT TRUST
FRASERS COMMERCIAL TRUST
FREIGHT LINKS EXPRESS HOLDINGS
FRENCKEN GROUP LIMITED
FU YU CORPORATION LTD
FULL APEX (HOLDINGS) LIMITED
FUNG CHOI MEDIA GROUP LIMITED
FUXING CHINA GROUP LIMITED
G. K. GOH HOLDINGS LIMITED
GALLANT VENTURE LTD.
GEMS TV HOLDINGS LIMITED
GENTING SINGAPORE PLC
GLOBAL INVESTMENTS LIMITED
GLOBAL LOGISTIC PROP LIMITED
GLOBAL PALM RESOURCES HLGS
LTD
Sector
(SSIC Standard)
MFG
MFG
HOTELS/RST
MFG
PROPERTIES
PROPERTIES
MFG
PROPERTIES
PROPERTIES
TPT/STOR/COM
MFG
MFG
MFG
MFG
MFG
FINANCE
MULTI-IND
COMMERCE
SERVICES
FINANCE
PROPERTIES
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Market
Capitalisation
as of 29 Jun 12
24.0
206.5
23.3
130.8
7,716.4
1,646.4
9,961.1
1,608.0
640.9
154.2
82.8
43.9
88.3
79.8
41.1
234.7
687.6
21.7
17,200.7
111.4
9,606.8
AGRICULTURE
$
82.6
Annual Report
Year of
Records
Report
Found
2012
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2012
1
2011
1
Not
Available
2011
2011
2012
2011
2011
2011
2011
2012
2012
2011
2011
2011
2011
2011
Not
Available
2011
2011
2011
2011
2011
IPO Apr
2012
1
1
1
1
1
1
1
1
1
1
1
1
1
1
Trading
Suspended
1
1
1
1
1
223
GLOBAL PREMIUM HOTELS LIMITED
HOTELS/RST
$
263.0
224
225
226
227
228
229
230
231
232
233
234
235
236
237
GLOBAL TECH (HLDGS) LIMITED
GLOBAL TESTING CORPORATION LTD
GLOBAL YELLOW PAGES LIMITED
GMG GLOBAL LTD
GOLDEN AGRI-RESOURCES LTD
GOLDEN OCEAN GROUP LIMITED
GOODPACK LIMITED
GP BATTERIES INT LTD
GP INDUSTRIES LIMITED
GRAND BANKS YACHTS LIMITED
GREAT EASTERN HLDGS LTD
GREAT GROUP HOLDINGS LIMITED
GRP LTD
GSH CORPORATION LIMITED
GUANGZHAO IND FOREST
BIOGRPLTD
GUL TECHNOLOGIES SINGAPORE LTD
GUOCOLAND LIMITED
GUOCOLEISURE LIMITED
GUTHRIE GTS LTD
HAI LECK HOLDINGS LIMITED
HANKORE ENVIRONMENT TEC
GRPLTD
HANWELL HOLDINGS LIMITED
HAW PAR CORP LTD
HEALTH MANAGEMENT INTL LTD
HEETON HOLDINGS LIMITED
HENGXIN TECHNOLOGY LTD.
HERSING CORPORATION LTD
COMMERCE
SERVICES
MFG
AGRICULTURE
AGRICULTURE
TPT/STOR/COM
SERVICES
MFG
MFG
MFG
FINANCE
MFG
COMMERCE
COMMERCE
$
$
$
$
$
$
$
$
$
$
$
$
$
$
20.5
68.3
68.2
936.5
8,132.9
441.0
859.5
108.8
225.0
19.2
6,034.8
27.6
30.0
147.9
AGRICULTURE
$
11.5
MFG
PROPERTIES
MULTI-IND
COMMERCE
SERVICES
$
$
$
$
$
57.7
1,922.7
814.0
619.8
55.9
SERVICES
$
145.7
2011
1
COMMERCE
MULTI-IND
SERVICES
PROPERTIES
MFG
SERVICES
$
$
$
$
$
$
165.1
1,251.9
59.5
91.8
58.2
122.8
2011
2011
2011
2011
2011
2011
1
1
1
1
1
1
238
239
240
241
242
243
244
245
246
247
248
249
250
57
SR
Found
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
Appendix No. 2/6: Data Compilation for Stage 1 of Research
SGX MainBoard
Company Name
Sector
(SSIC Standard)
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
HG METAL MANUFACTURING LTD
HIAP HOE LIMITED
HIAP SENG ENGINEERING LTD
HI-P INTERNATIONAL LIMITED
HISAKA HOLDINGS LTD.
HL GLOBAL ENTERPRISES LIMITED
HLH GROUP LIMITED
HLN TECHNOLOGIES LIMITED
HO BEE INVESTMENT LIMITED
HOCK LIAN SENG HOLDINGS LTD
HOE LEONG CORPORATION LTD.
HONG FOK CORPORATION LTD
HONG LEONG ASIA LTD.
HONG LEONG FINANCE LIMITED
HONGKONG LAND HOLDINGS LIMITED
COMMERCE
PROPERTIES
CONSTRUCTION
MFG
MFG
HOTELS/RST
CONSTRUCTION
MFG
PROPERTIES
CONSTRUCTION
COMMERCE
PROPERTIES
MFG
FINANCE
PROPERTIES
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Market
Capitalisation
as of 29 Jun 12
88.5
254.1
85.1
718.6
59.7
54.9
83.1
31.1
860.9
124.9
53.5
348.2
617.9
1,044.9
16,993.6
266
HONGWEI TECHNOLOGIES LIMITED
MFG
$
45.3
267
268
269
270
271
272
273
274
275
276
277
278
279
HOR KEW CORPORATION LIMITED
HOTEL GRAND CENTRAL LTD
HOTEL PROPERTIES LTD
HOTEL ROYAL LTD
HOTUNG INVESTMENT HLDGS LTD
HTL INT'L HOLDINGS LIMITED
HU AN CABLE HOLDINGS LTD.
HUAN HSIN HOLDINGS LTD
HUPSTEEL LTD
HUTCHISON PORT HOLDINGS TRUST
HWA HONG CORPORATION LIMITED
HYFLUX LTD
IFS CAPITAL LIMITED
CONSTRUCTION
HOTELS/RST
MULTI-IND
HOTELS/RST
FINANCE
MFG
MFG
MFG
COMMERCE
TPT/STOR/COM
MULTI-IND
SERVICES
FINANCE
$
$
$
$
$
$
$
$
$
$
$
$
$
37.5
409.3
959.0
194.9
171.6
135.4
121.5
28.0
119.2
6,183.3
232.0
1,160.6
60.2
280
INCH KENNETH KAJANG RUBBER PLC
AGRICULTURE
281
282
283
284
285
286
287
288
INDIABULLS PROPERTIES INVTRUST
INDOFOOD AGRI RESOURCES LTD.
INFORMATICS EDUCATION LTD.
INNO-PACIFIC HOLDINGS LTD
INNOTEK LIMITED
INNOVALUES LIMITED
INTERNET TECHNOLOGY GRP LTD
INTRACO LIMITED
PROPERTIES
MFG
SERVICES
FINANCE
MFG
MFG
SERVICES
MULTI-IND
289
INVESTMENT BEVER BUSINESS FUND
FINANCE
290
291
292
293
294
295
296
297
298
299
300
IPC CORPORATION LIMITED
IPCO INT'L LIMITED
ISDN HOLDINGS LIMITED
ISETAN (SINGAPORE) LTD
JACKS INTERNATIONAL LIMITED
JACKSPEED CORPORATION LIMITED
JADASON ENTERPRISES LTD
JARDINE CYCLE & CARRIAGE LTD
JARDINE MATHESON HLDGS LTD
JARDINE STRATEGIC HLDGS LTD
JASPER INVESTMENTS LIMITED
PROPERTIES
CONSTRUCTION
SERVICES
COMMERCE
COMMERCE
MFG
COMMERCE
COMMERCE
COMMERCE
COMMERCE
SERVICES
Not Available
$
$
$
$
$
$
$
$
372.9
2,077.6
118.0
42.3
96.2
21.6
14.2
61.7
Not Available
58
$
$
$
$
$
$
$
$
$
$
$
90.4
37.5
34.7
136.1
13.5
42.2
35.6
16,306.8
41,032.7
43,045.5
262.3
Annual Report
Year of
Records
Report
Found
2011
1
2011
1
2012
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
Not
Trading
Available
Suspended
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
Not
Trading
Available
Suspended
2012
1
2011
1
2012
1
2011
1
2011
1
2011
1
2011
1
2011
1
Not
Uncontactable
Available
2011
1
2011
1
2011
1
2011
1
2012
1
2012
1
2011
1
2011
1
2011
1
2011
1
2012
1
SR
Found
1
1
1
1
1
1
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
Appendix No. 2/7: Data Compilation for Stage 1 of Research
SGX MainBoard
Company Name
Sector
(SSIC Standard)
301
302
JAYA HOLDINGS LTD
JES INTERNATIONAL HOLDINGS LTD
TPT/STOR/COM
MFG
Market
Capitalisation
as of 29 Jun 12
$
458.2
$
185.4
303
JETS TECHNICS INTL HLDGS LTD
MFG
$
0.7
304
305
306
307
308
309
310
311
312
313
314
315
316
317
318
319
320
321
322
323
324
325
326
JIUTIAN CHEMICAL GROUP LIMITED
JOYAS INTERNATIONAL HLDGS LTD
JUKEN TECHNOLOGY LIMITED
K-REIT ASIA
K1 VENTURES LIMITED
KARIN TECHNOLOGY HLDGS LIMITED
KENCANA AGRI LIMITED
KEPPEL CORPORATION LIMITED
KEPPEL LAND LIMITED
KEPPEL TELE & TRAN
K-GREEN TRUST
KHONG GUAN FLOUR MILLING LTD
KIAN ANN ENGINEERING LTD
KIAN HO BEARINGS LTD
KING WAN CORPORATION LIMITED
KINGBOARD COPPER FOIL HDGS LTD
KINGSMEN CREATIVES LTD
KODA LTD
KOH BROTHERS GROUP LIMITED
KOON HOLDINGS LIMITED
KS ENERGY LIMITED
KSH HOLDINGS LIMITED
KTL GLOBAL LIMITED
MFG
MFG
MFG
PROPERTIES
FINANCE
SERVICES
AGRICULTURE
MULTI-IND
PROPERTIES
SERVICES
SERVICES
COMMERCE
COMMERCE
COMMERCE
CONSTRUCTION
MFG
SERVICES
MFG
CONSTRUCTION
CONSTRUCTION
COMMERCE
CONSTRUCTION
COMMERCE
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
81.1
7.7
41.6
2,725.5
288.0
57.1
384.6
18,462.1
4,967.7
608.2
626.6
43.4
96.4
59.7
61.8
119.2
132.0
11.3
98.3
32.2
365.5
82.8
27.1
327
KXD DIGITAL ENTERTAINMENT LTD
MFG
$
9.4
328
329
330
331
332
333
334
335
336
337
338
339
340
341
342
343
344
345
346
347
348
349
350
L.C.DEVELOPMENT LTD
LAFE CORPORATION LIMITED
LANKOM ELECTRONICS LIMITED
LANTROVISION (S) LTD
LEADER ENVIRONMENTAL TECH LTD
LEE KIM TAH HLDGS LIMITED
LEE METAL GROUP LTD
LH GROUP LIMITED
LHT HOLDINGS LIMITED
LI HENG CHEM FIBRE TECH LTD
LIAN BENG GROUP LTD
LIFEBRANDZ LTD.
LINDETEVES-JACOBERG LTD
LION ASIAPAC LTD
LION TECK CHIANG LTD
LIONGOLD CORP LTD
LIPPO MALLS INDO RETAIL TRUST
LIZHONG WHEEL GROUP LTD.
LMA INTERNATIONAL N.V.
LONGCHEER HOLDINGS LIMITED
LONZA GROUP LTD
LORENZO INTERNATIONAL LIMITED
LOTTVISION LIMITED
PROPERTIES
MFG
MFG
SERVICES
SERVICES
CONSTRUCTION
COMMERCE
MFG
MFG
MFG
CONSTRUCTION
COMMERCE
MFG
MFG
COMMERCE
MFG
PROPERTIES
MFG
MFG
SERVICES
SERVICES
MFG
SERVICES
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
149.9
84.0
5.2
68.5
44.2
338.6
102.0
31.6
25.8
249.9
198.7
12.8
16.3
73.8
75.9
1,014.5
873.3
42.3
252.7
40.9
4,232.0
25.8
22.9
59
Annual Report
Year of
Records
Report
Found
2011
1
2011
1
Not
Trading
Available
Suspended
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2012
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2012
1
2011
1
Not
Trading
Available
Suspended
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2012
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2012
1
SR
Found
1
1
1
1
1
1
1
1
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
Appendix No. 2/8: Data Compilation for Stage 1 of Research
SGX MainBoard
Company Name
Sector
(SSIC Standard)
CONSTRUCTION
CONSTRUCTION
MFG
MFG
MFG
$
$
$
$
$
MFG
$
36.4
2011
1
357
358
359
360
LOW KENG HUAT (SINGAPORE) LTD
LUM CHANG HOLDINGS LIMITED
LUNG KEE (BERMUDA) HLDGS LTD
LUXKING GROUP HOLDINGS LIMITED
LUYE PHARMA GROUP LTD.
LUZHOU BIO-CHEM TECHNOLOGY
LTD
M DEVELOPMENT LTD.
M1 LIMITED
MACARTHURCOOK PROP SEC FUND
MACQUARIE INT'L INFRA FUND LTD
Market
Capitalisation
as of 29 Jun 12
310.3
114.0
252.5
3.8
522.3
$
$
$
$
14.0
2,333.1
21.0
752.2
2011
2011
2011
2011
1
1
1
1
361
MALAYSIA SMELTING CORP BHD 100
$
145.5
2011
1
362
363
364
365
366
367
368
369
370
371
372
373
374
375
376
377
378
379
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
1,290.5
339.3
1,830.5
1,971.4
2,377.8
114.2
7.2
74.2
12.3
132.8
164.7
54.0
127.0
150.2
196.2
28.1
661.1
633.0
2011
2011
2012
2012
2012
2011
2011
2011
2012
2011
2011
2011
2011
2012
2011
2011
2012
2011
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
MFG
$
18.3
2011
1
381
382
383
384
385
386
387
388
389
390
391
MANDARIN ORIENTAL INTL LTD
MANHATTAN RESOURCES LIMITED
MAPLETREE COMMERCIAL TRUST
MAPLETREE INDUSTRIAL TRUST
MAPLETREE LOGISTICS TRUST
MARCO POLO MARINE LTD.
MATEX INTERNATIONAL LIMITED
MDR LIMITED
MEGHMANI ORGANICS LIMITED
MEIBAN GROUP LTD
MEMSTAR TECHNOLOGY LTD.
MEMTECH INTERNATIONAL LTD
MENCAST HOLDINGS LTD.
MERCATOR LINES (SINGAPORE) LTD
MERMAID MARITIME PUBLIC CO LTD
METECH INTERNATIONAL LIMITED
METRO HOLDINGS LIMITED
MEWAH INTERNATIONAL INC.
MFG INTEGRATION TECHNOLOGY
LTD
MFS TECHNOLOGY LTD
MICRO-MECHANICS (HOLDINGS) LTD
MIDAS HLDGS LIMITED
MIRACH ENERGY LIMITED
MIYOSHI PRECISION LIMITED
MTQ CORPORATION LIMITED
MULTI-CHEM LIMITED
MUN SIONG ENGINEERING LIMITED
MURATA MFG CO. LTD 100
NAM CHEONG LIMITED
NAM LEE PRESSED METAL INDS LTD
SERVICES
TPT/STOR/COM
PROPERTIES
TPT/STOR/COM
MINING/QUARRY
ING
HOTELS/RST
TPT/STOR/COM
PROPERTIES
PROPERTIES
PROPERTIES
TPT/STOR/COM
MFG
SERVICES
MFG
MFG
MFG
MFG
MFG
TPT/STOR/COM
SERVICES
MFG
COMMERCE
MFG
MFG
MFG
MFG
SERVICES
MFG
MFG
MFG
SERVICES
MFG
MFG
MFG
$
$
$
$
$
$
$
$
$
$
$
65.3
55.6
340.9
46.4
21.5
77.2
40.0
42.9
130.7
352.5
58.0
392
NEL GROUP LTD.
COMMERCE
$
12.6
393
394
395
396
397
398
399
400
NEPTUNE ORIENT LINES LIMITED
NERATELECOMMUNICATIONS LTD
NEW TOYO INT HLDGS LTD
NEXT-GEN SATELLITE COMM LTD
NICO STEEL HOLDINGS LIMITED
NIPPECRAFT LIMITED
NOBEL DESIGN HOLDINGS LTD
NOBLE GROUP LIMITED
TPT/STOR/COM
SERVICES
MFG
COMMERCE
COMMERCE
MFG
SERVICES
COMMERCE
$
$
$
$
$
$
$
$
2,859.1
161.0
116.4
57.7
9.2
14.1
66.8
7,261.5
2011
2011
2011
2011
2011
2012
2011
2011
2012
2011
2011
Not
Available
2011
2011
2011
2011
2012
2011
2011
2011
1
1
1
1
1
1
1
1
1
1
1
Trading
Suspended
1
1
1
1
1
1
1
1
351
352
353
354
355
356
380
60
Annual Report
Year of
Records
Report
Found
2012
1
2011
1
2011
1
2011
1
2011
1
SR
Found
1
1
1
1
1
1
1
1
1
1
1
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
Appendix No. 2/9: Data Compilation for Stage 1 of Research
SGX MainBoard
Company Name
Sector
(SSIC Standard)
401
402
403
404
405
406
407
408
409
NOEL GIFTS INTERNATIONAL LTD
NOMURA HOLDINGS, INC
NORDIC GROUP LIMITED
NOVO GROUP LTD.
NSL LTD.
OCEAN SKY INTERNATIONAL LTD
OCEANUS GROUP LIMITED
OKP HOLDINGS LIMITED
OLAM INTERNATIONAL LIMITED
COMMERCE
FINANCE
SERVICES
COMMERCE
MULTI-IND
MFG
COMMERCE
CONSTRUCTION
COMMERCE
$
$
$
$
$
$
$
$
$
Market
Capitalisation
as of 29 Jun 12
19.0
6,186.4
33.2
29.7
493.1
58.0
125.0
165.1
4,420.8
410
OMEGA NAVIGATION ENT,INC.
TPT/STOR/COM
$
7.1
411
412
413
414
415
416
417
418
419
420
421
422
423
424
425
426
427
428
429
430
431
ORCHARD PARADE HOLDINGS LTD
OSIM INTERNATIONAL LTD
OSSIA INTERNATIONAL LTD
OTTO MARINE LIMITED
OUHUA ENERGY HOLDINGS LIMITED
OVERSEA-CHINESE BANKING CORP
OVERSEAS UNION ENTERPRISE LTD
PACIFIC ANDES RESOURCES DEVLTD
PACIFIC CENTURY REGIONAL DEVTS
PACIFIC HEALTHCARE HLDGS LTD
PAN HONG PROPERTY GROUP LTD
PAN PACIFIC HOTELS GRP LIMITED
PAN-UNITED CORPORATION LTD
PARKSON RETAIL ASIA LIMITED
PARKWAYLIFE REIT
PCA TECHNOLOGY LIMITED
PCI LTD
PEC LTD.
PENGUIN INTERNATIONAL LIMITED
PEOPLE'S FOOD HOLDINGS LIMITED
PERENNIAL CHINA RETAIL TRUST
PROPERTIES
COMMERCE
COMMERCE
MFG
COMMERCE
FINANCE
HOTELS/RST
MFG
FINANCE
SERVICES
PROPERTIES
HOTELS/RST
COMMERCE
COMMERCE
PROPERTIES
MFG
MFG
SERVICES
TPT/STOR/COM
MFG
PROPERTIES
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
765.6
963.2
31.3
258.0
14.2
30,247.3
2,100.6
718.6
526.4
41.6
153.1
1,077.0
319.8
948.2
1,136.2
22.4
95.5
149.3
50.9
565.2
528.0
432
PERTAMA HOLDINGS LIMITED
COMMERCE
$
126.4
433
434
435
436
437
438
439
440
441
442
443
444
445
446
447
448
449
450
PETRA FOODS LIMITED
PHARMESIS INTERNATIONAL LTD.
PLASTOFORM HOLDINGS LIMITED
PNE INDUSTRIES LTD
POH TIONG CHOON LOGISTICS LTD
POPULAR HOLDINGS LIMITED
POWERMATIC DATA SYSTEMS LTD
PRUDENTIAL PLC
PSL HOLDINGS LTD
PTERIS GLOBAL LIMITED
Q & M DENTAL GROUP (S) LIMITED
QAF LTD
QIAN HU CORPORATION LIMITED
QINGMEI GROUP HOLDINGS LIMITED
R H ENERGY LTD.
RADIANCE
RAFFLES EDUCATION CORP LTD
RAFFLES MEDICAL GROUP LTD
MFG
MFG
MFG
MFG
TPT/STOR/COM
COMMERCE
MFG
FINANCE
CONSTRUCTION
MFG
SERVICES
MFG
SERVICES
MFG
SERVICES
SERVICES
SERVICES
SERVICES
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
1,527.9
2.8
44.6
21.8
88.5
172.4
19.9
38,829.2
127.6
56.4
211.9
390.0
39.5
51.7
36.5
22.4
336.6
1,187.6
61
Annual Report
Year of
Records
Report
Found
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
Not
Uncontactable
Available
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2012
1
2011
1
2011
1
2010
1
2011
1
2012
1
2011
1
2011
1
2011
1
2011
1
2011
1
Not
Trading
Available
Suspended
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2012
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
SR
Found
1
1
1
1
1
1
1
1
1
1
1
1
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
Appendix No. 2/10: Data Compilation for Stage 1 of Research
SGX MainBoard
Company Name
Sector
(SSIC Standard)
451
452
453
454
455
456
457
458
459
460
461
462
RAMBA ENERGY LIMITED
RH PETROGAS LIMITED
RICKMERS MARITIME
RIVERSTONE HOLDINGS LIMITED
ROTARY ENGINEERING LIMITED
ROWSLEY LTD.
ROXY-PACIFIC HOLDINGS LIMITED
RYOBI KISO HOLDINGS LTD.
S I2I LIMITED
SABANA SHARI'AH COMPLIANT REIT
SAIZEN REAL ESTATE INV TRUST
SAKAE HOLDINGS LTD.
463
SAKARI RESOURCES LIMITED
464
465
466
467
468
469
470
471
472
473
474
475
476
477
478
479
480
481
482
483
484
485
486
487
488
489
490
491
492
493
494
495
496
497
498
499
500
SAMKO TIMBER LIMITED
SAMUDERA SHIPPING LINE LTD
SAN TEH LIMITED
SAPPHIRE CORPORATION LIMITED
SARIN TECHNOLOGIES LTD
SATS LTD.
SBS TRANSIT LTD
SC GLOBAL DEVELOPMENTS LTD
SCINTRONIX CORPORATION LTD.
SECOND CHANCE PROPERTIES LTD
SEE HUP SENG LIMITED
SEMBCORP INDUSTRIES LTD
SEMBCORP MARINE LTD
SERIAL SYSTEM LTD
SEROJA INVESTMENTS LIMITED
SHANGHAI ASIA HOLDINGS LIMITED
SHANGHAI TURBO ENTERPRISES LTD
SHANGRI-LA ASIA LIMITED
SHENG SIONG GROUP LTD
SIA ENGINEERING CO LTD
SILVERLAKE AXIS LTD
SIM LIAN GROUP LIMITED
SIN GHEE HUAT CORPORATION LTD.
SIN HENG HEAVY MACHINERY LTD
SINARMAS LAND LIMITED
SING HOLDINGS LIMITED
SING INVESTMENTS & FINANCE LTD
SINGAPORE AIRLINES LTD
SINGAPORE EXCHANGE LIMITED
SINGAPORE LAND LIMITED
SINGAPORE POST LIMITED
SINGAPORE PRESS HLDGS LTD
SINGAPORE REINSURANCE COR LTD
SINGAPORE SHIPPING CORP LTD
SINGAPORE TECH ENGINEERING LTD
SINGAPORE WINDSOR HOLDINGS LTD
SINGAPURA FINANCE LTD
TPT/STOR/COM
MFG
TPT/STOR/COM
MFG
CONSTRUCTION
SERVICES
PROPERTIES
CONSTRUCTION
TPT/STOR/COM
PROPERTIES
PROPERTIES
HOTELS/RST
MINING/QUARRY
ING
MFG
TPT/STOR/COM
MFG
MFG
SERVICES
SERVICES
TPT/STOR/COM
PROPERTIES
MFG
COMMERCE
CONSTRUCTION
MULTI-IND
MFG
COMMERCE
TPT/STOR/COM
MFG
MFG
HOTELS/RST
COMMERCE
SERVICES
SERVICES
PROPERTIES
COMMERCE
SERVICES
PROPERTIES
PROPERTIES
FINANCE
TPT/STOR/COM
FINANCE
PROPERTIES
TPT/STOR/COM
MFG
FINANCE
TPT/STOR/COM
MULTI-IND
MFG
FINANCE
62
$
$
$
$
$
$
$
$
$
$
$
$
Market
Capitalisation
as of 29 Jun 12
91.7
201.0
135.6
143.0
292.4
81.7
401.0
98.7
161.5
622.5
206.5
34.1
Annual Report
Year of
Records
Report
Found
2011
1
2011
1
2011
1
2011
1
2011
1
2012
1
2012
1
2011
1
2011
1
2011
1
2011
1
2011
1
$
1,552.0
2011
1
1
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
181.9
77.1
102.5
104.6
401.1
2,927.3
475.3
403.2
16.4
216.1
85.1
9,179.1
9,980.6
104.3
72.2
154.4
22.0
7,211.4
588.0
4,387.2
794.6
541.6
57.7
94.2
912.6
124.3
157.1
12,442.6
6,762.1
2,309.9
2,038.1
6,223.8
144.8
82.8
9,457.2
20.8
119.8
2011
2011
2011
2011
2011
2012
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2012
2011
2011
2011
2011
2011
2011
2011
2012
2011
2011
2012
2011
2011
2012
2011
2012
2011
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
SR
Found
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
Appendix No. 2/11: Data Compilation for Stage 1 of Research
SGX MainBoard
Company Name
501
502
503
SINGTEL
SINO CONSTRUCTION LIMITED
SINO GRANDNESS FOOD IND GP LTD
TPT/STOR/COM
CONSTRUCTION
MFG
Market
Capitalisation
as of 29 Jun 12
$
52,580.4
$
37.7
$
108.7
504
SINO TECHFIBRE LIMITED
MFG
$
83.7
505
SINOBEST TECHNOLOGY HLDGS LTD.
SERVICES
$
15.6
506
SINOPIPE HOLDINGS LIMITED
MFG
$
33.2
507
508
509
510
511
512
513
514
SINOSTAR PEC HOLDINGS LIMITED
SINOTEL TECHNOLOGIES LTD.
SINWA LIMITED
SKY CHINA PETROLEUM SVCS LTD.
SMRT CORPORATION LTD
SOUND GLOBAL LTD.
SOUP RESTAURANT GROUP LIMITED
SOUTHERN PACKAGING GROUP LTD
$
$
$
$
$
$
$
$
99.2
42.3
45.1
35.1
2,569.2
735.3
37.3
24.5
515
SP AUSNET
$
4,359.0
2012
1
516
517
518
519
$
$
$
$
34.0
34.0
768.0
483.8
2011
2011
2011
2012
1
1
1
1
COMMERCE
$
70.4
2011
1
521
SP CORPORATION LIMITED
SPINDEX INDUSTRIES LIMITED
SRI TRANG AGRO-INDUSTRY PCL
STAMFORD LAND CORPORATION LTD
STAMFORD TYRES
CORPORATIONLTD
STAR PHARMACEUTICAL LIMITED
MFG
SERVICES
COMMERCE
SERVICES
TPT/STOR/COM
SERVICES
HOTELS/RST
MFG
ELECT/GAS/WAT
ER
COMMERCE
MFG
AGRICULTURE
HOTELS/RST
MFG
$
6.3
1
522
STARHILL GLOBAL REIT
PROPERTIES
$
1,291.3
523
524
525
526
527
528
529
530
STARHUB LTD
STATS CHIPPAC LTD
STRACO CORPORATION LIMITED
STRAITS TRADING CO. LTD
STRATECH SYSTEMS LIMITED
STX OSV HOLDINGS LIMITED
STX PAN OCEAN CO., LTD.
SUN EAST GROUP LIMITED
TPT/STOR/COM
MFG
SERVICES
MULTI-IND
SERVICES
TPT/STOR/COM
TPT/STOR/COM
COMMERCE
$
$
$
$
$
$
$
$
6,620.2
880.9
158.1
1,054.9
22.6
1,758.2
1,066.3
74.1
531
SUNMART HOLDINGS LIMITED
MFG
$
46.2
532
533
534
535
536
SUNMOON FOOD COMPANY LIMITED
SUNNINGDALE TECH LTD
SUNPOWER GROUP LTD.
SUNRAY HOLDINGS LIMITED
SUNRIGHT LTD
COMMERCE
MFG
MFG
MFG
MFG
$
$
$
$
$
23.6
88.7
65.8
2.3
14.1
537
SUNTAR ECO-CITY LIMITED
MFG
$
43.9
538
539
540
541
542
543
SUNTEC REAL ESTATE INV TRUST
SUNVIC CHEMICAL HOLDINGS LTD
SUPER GROUP LTD.
SUPERBOWL HOLDINGS LIMITED
SUPERIOR MULTI-PACKAGING LTD
SURFACE MOUNT TECH (HLDGS) LTD
PROPERTIES
MFG
MFG
SERVICES
MFG
MFG
$
$
$
$
$
$
3,020.5
208.2
1,181.3
98.1
41.8
5.0
544
SWEE HONG LIMITED
CONSTRUCTION
$
97.7
545
546
547
548
549
550
SWIBER HOLDINGS LIMITED
SWING MEDIA TECHNOLOGY GRP LTD
SYNEAR FOOD HOLDINGS LIMITED
TA CORPORATION LTD
TAI SIN ELECTRIC LIMITED
TAT HONG HOLDINGS LTD
SERVICES
MFG
MFG
CONSTRUCTION
MFG
COMMERCE
$
$
$
$
$
$
347.4
35.7
184.3
111.6
83.3
501.6
2011
Not
Available
2011
2011
2011
2011
2012
2011
2011
2011
Not
Available
2011
2011
2011
2012
2011
Not
Available
2011
2011
2011
2011
2011
2012
Not
Available
2011
2012
2011
2011
2011
2012
520
Sector
(SSIC Standard)
63
Annual Report
Year of
Records
Report
Found
2012
1
2011
1
2011
1
Not
Trading
Available
Suspended
2011
1
Not
Trading
Available
Suspended
2011
1
2010
1
2011
1
2011
1
2012
1
2011
1
2011
1
2011
1
SR
Found
1
1
1
Uncontactable
1
1
1
1
1
1
1
1
Trading
Suspended
1
1
1
1
1
1
1
1
Uncontactable
1
1
1
1
1
1
IPO May 2012
1
1
1
1
1
1
1
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
Appendix No. 2/12: Data Compilation for Stage 1 of Research
SGX MainBoard
Company Name
Sector
(SSIC Standard)
551
552
553
554
555
556
557
558
559
560
561
562
TAT SENG PACKAGING GROUP LTD
TECHCOMP (HOLDINGS) LIMITED
TECHNICS OIL & GAS LIMITED
TECKWAH INDUSTRIAL CORP LTD
TEE INTERNATIONAL LIMITED
TELECHOICE INTERNATIONAL LTD
TELEDATA (SINGAPORE) LTD
TEXCHEM-PACK HOLDINGS (S) LTD.
THAI BEVERAGE PUBLIC CO LTD
THAI VILLAGE HOLDINGS LTD
THAKRAL CORPORATION LTD
THE HOUR GLASS LIMITED
MFG
MFG
SERVICES
MFG
CONSTRUCTION
COMMERCE
SERVICES
MFG
MFG
HOTELS/RST
COMMERCE
COMMERCE
$
$
$
$
$
$
$
$
$
$
$
$
Market
Capitalisation
as of 29 Jun 12
35.4
98.8
210.9
65.4
87.2
97.8
16.3
14.6
8,537.4
24.5
73.1
298.5
563
TIANJIN ZHONG XIN PHARM GROUP
MFG
$
141.0
564
565
566
567
568
TIGER AIRWAYS HOLDINGS LIMITED
TIONG SENG HOLDINGS LIMITED
TIONG WOON CORP HOLDING LTD
TOTAL ACCESS COMM PUB CO LTD
TPV TECHNOLOGY LIMITED
TPT/STOR/COM
CONSTRUCTION
TPT/STOR/COM
TPT/STOR/COM
MFG
$
$
$
$
$
570.0
153.2
125.4
5,374.9
586.5
569
TRANSCU GROUP LIMITED
SERVICES
$
140.6
570
571
572
573
574
575
576
577
578
579
580
581
582
583
584
585
586
587
588
589
590
591
592
593
594
595
596
597
598
599
600
TRANSIT-MIXED CONCRETE LTD
TRANSPAC INDUSTRIAL HLDGS LTD
TRANSVIEW HOLDINGS LIMITED
TRAVELITE HOLDINGS LTD.
TREASURY CHINA TRUST
TREK 2000 INT'L LTD
TSIT WING INTL HOLDINGS LTD
TT INTERNATIONAL LIMITED
TTJ HOLDINGS LIMITED
TUAN SING HOLDINGS LIMITED
TYE SOON LTD
UE E&C LTD.
ULTRO TECHNOLOGIES LIMITED
UMS HOLDINGS LIMITED
UNI-ASIA FINANCE CORPORATION
UNIFIED COMMUNICATIONS HLDGLTD
UNION STEEL HOLDINGS LIMITED
UNIONMET (SINGAPORE) LIMITED
UNITED ENGINEERS LTD ORD
UNITED ENVIROTECH LTD
UNITED FIBER SYSTEM LIMITED
UNITED FOOD HOLDINGS LIMITED
UNITED INDUSTRIAL CORP LTD
UNITED INTL SECURITIES LTD
UNITED OVERSEAS AUSTRALIA LTD
UNITED OVERSEAS BANK LTD
UNITED OVERSEAS INSURANCE LTD
UOB-KAY HIAN HOLDINGS LIMITED
UOL GROUP LIMITED
UPP HOLDINGS LIMITED
VALUETRONICS HOLDINGS LIMITED
MFG
FINANCE
COMMERCE
COMMERCE
PROPERTIES
SERVICES
MFG
COMMERCE
MFG
MULTI-IND
COMMERCE
CONSTRUCTION
COMMERCE
MFG
FINANCE
SERVICES
SERVICES
MFG
MULTI-IND
SERVICES
CONSTRUCTION
MFG
MULTI-IND
FINANCE
PROPERTIES
FINANCE
FINANCE
FINANCE
PROPERTIES
MFG
MFG
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
21.2
331.2
18.8
13.2
420.1
91.3
39.6
98.0
66.5
325.2
53.7
153.9
9.1
166.1
76.6
9.9
37.4
17.2
651.0
150.2
204.6
55.6
3,527.9
232.5
461.4
29,678.6
207.9
1,137.8
3,787.7
235.2
91.4
64
Annual Report
Year of
Records
Report
Found
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2012
1
Not
Uncontactable
Available
2012
1
2011
1
2011
1
2011
1
2011
1
Not
Trading
Available
Suspended
2012
1
2011
1
2011
1
2012
1
2011
1
2011
1
2011
1
2012
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2012
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2011
1
2012
1
SR
Found
1
1
1
1
1
1
1
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
Appendix No. 2/13: Data Compilation for Stage 1 of Research
SGX MainBoard
Company Name
MFG
COMMERCE
MFG
$
12.8
2011
1
SERVICES
MFG
MFG
MULTI-IND
CONSTRUCTION
MFG
PROPERTIES
COMMERCE
MFG
PROPERTIES
MFG
MFG
SERVICES
MFG
$
$
$
$
$
$
$
$
$
$
$
$
$
$
362.5
29.3
212.7
899.3
188.5
166.7
2,058.1
55.5
23,113.4
106.1
184.0
335.7
65.2
57.3
2011
2011
2011
2011
2011
2011
2011
2012
2011
2011
2011
2011
2011
2011
1
1
1
1
1
1
1
1
1
1
1
1
1
1
AGRICULTURE
$
70.7
2011
1
619
620
621
622
623
624
625
626
627
628
VENTURE CORPORATION LIMITED
VGO CORPORATION LIMITED
VIBROPOWER CORPORATION
LIMITED
VICOM LTD
VICPLAS INTERNATIONAL LTD
VIZ BRANZ LIMITED
WBL CORPORATION LIMITED
WEE HUR HOLDINGS LTD.
WEIYE HOLDINGS LIMITED
WHEELOCK PROPERTIES (S) LTD
WILLAS-ARRAY ELEC (HLDGS) LTD
WILMAR INTERNATIONAL LIMITED
WING TAI HLDGS LTD
WORLD PRECISION MACHINERY LTD
XINREN ALUMINUM HOLDINGS LTD
XMH HOLDINGS LTD.
XPRESS HOLDINGS LTD
YAMADA GREEN RESOURCES
LIMITED
YANGZIJIANG SHIPBLDG HLDGS LTD
YANLORD LAND GROUP LIMITED
YEO HIAP SENG LTD
YHI INTERNATIONAL LIMITED
YING LI INTL REAL ESTATE LTD
YOMA STRATEGIC HOLDINGS LTD
YONG XIN INTL HOLDINGS LTD.
YONGMAO HOLDINGS LIMITED
YONGNAM HOLDINGS LIMITED
YOUCAN FOODS INTERNATIONAL LTD
Market
Capitalisation
as of 29 Jun 12
$
2,144.8
$
6.9
MFG
PROPERTIES
MFG
COMMERCE
PROPERTIES
PROPERTIES
MFG
MFG
CONSTRUCTION
MFG
$
$
$
$
$
$
$
$
$
$
3,753.5
2,369.4
918.6
181.2
679.9
365.7
4.9
45.7
290.2
4.1
1
1
1
1
1
1
1
1
1
1
629
YOUYUE INTERNATIONAL LIMITED
MFG
630
631
632
633
YUEXIU PROPERTY CO LIMITED
ZAGRO ASIA LIMITED
ZIWO HOLDINGS LTD.
Z-OBEE HOLDINGS LIMITED
MULTI-IND
MFG
MFG
SERVICES
2011
2011
2011
2011
2011
2012
2011
2012
2011
2011
Not
Available
2011
2011
2011
2012
TOTAL
601
602
603
604
605
606
607
608
609
610
611
612
613
614
615
616
617
618
Sector
(SSIC Standard)
Not Available
65
$
$
$
$
4,882.9
67.3
28.7
74.4
Annual Report
Year of
Records
Report
Found
2011
1
2011
1
SR
Found
1
1
1
Uncontactable
1
1
1
1
598
1
119
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
Appendix No. 3/1: Data Compilation for Stage 2 of Research
SGX MainBoard
Company Name
Integrated
Report
1
1
1
1
1
0
1
0
1
0
1
1
1
1
1
1
0
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
Separate
Report
0
0
0
0
0
1
0
1
0
1
0
0
0
0
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
ANWELL TECHNOLOGIES LIMITED
ARMSTRONG INDUSTRIAL CORP LTD
ASCENDAS INDIA TRUST
ASCENDAS REAL ESTATE INV TRUST
ASCOTT RESIDENCE TRUST
ASIA PACIFIC BREWERIES LTD
AUSGROUP LIMITED
BANYAN TREE HOLDINGS LIMITED
CAPITACOMMERCIAL TRUST
CAPITALAND LIMITED
CAPITAMALL TRUST
CEREBOS PACIFIC LIMITED
CHINA AVIATION OIL(S) CORP LTD
CHINA FISHERY GROUP LIMITED
CHINA XLX FERTILISER LTD.
CHOSEN HOLDINGS LIMITED
CITY DEVELOPMENTS LIMITED
COMFORTDELGRO CORPORATION LTD
CONSCIENCEFOOD HOLDING LIMITED
CWT LIMITED
DBS GROUP HOLDINGS LTD
DEL MONTE PACIFIC LIMITED
ECOWISE HOLDINGS LIMITED
ENGRO CORPORATION LIMITED
EU YAN SANG INTERNATIONAL LTD
FIRST RESOURCES LIMITED
FOOD JUNCTION HOLDINGS LIMITED
FORTUNE REAL ESTATE INV TRUST
FRASER AND NEAVE, LIMITED
FRASERS CENTREPOINT TRUST
FRASERS COMMERCIAL TRUST
GENTING SINGAPORE PLC
GLOBAL LOGISTIC PROP LIMITED
GLOBAL PALM RESOURCES HLGS LTD
GLOBAL YELLOW PAGES LIMITED
GMG GLOBAL LTD
37
GOLDEN AGRI-RESOURCES LTD
0
1
38
39
40
41
42
43
44
45
46
47
48
49
50
GP BATTERIES INT LTD
GREAT EASTERN HLDGS LTD
GUL TECHNOLOGIES SINGAPORE LTD
GUOCOLAND LIMITED
HANWELL HOLDINGS LIMITED
HAW PAR CORP LTD
HEALTH MANAGEMENT INTL LTD
HONGKONG LAND HOLDINGS LIMITED
HUTCHISON PORT HOLDINGS TRUST
HYFLUX LTD
INDOFOOD AGRI RESOURCES LTD.
JARDINE CYCLE & CARRIAGE LTD
JARDINE MATHESON HLDGS LTD
1
1
1
1
1
1
1
0
1
1
1
1
1
0
0
0
0
0
0
0
1
0
0
0
0
0
66
Sustainability Report
Reporting
Externally
Framework
Verified
Own
0
Own
0
Own
0
Own
0
Own
0
GRI
0
Own
0
Earthcheck
1
Own
0
GRI
1
Own
0
GRI
0
Own
0
Own
0
Own
0
Own
0
GRI
1
Own
0
Own
0
Own
0
Own
0
GRI
0
Own
0
Own
0
Own
0
GRI
0
Own
0
Own
0
Own
0
Own
0
Own
0
Own
0
Own
0
RSPO
0
Own
0
Own
0
GRI, RSPO,
0
UNGC
Own
0
Own
0
Own
0
Own
0
Own
0
Own
0
Own
0
Own
0
Own
0
Own
0
RSPO
0
Own
0
Own
0
Externally
Audited
0
0
0
0
0
1
0
1
0
1
0
0
0
0
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1(GRI only)
0
0
0
0
0
0
0
0
0
0
0
0
0
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
Appendix No. 3/2: Data Compilation for Stage 2 of Research
SGX MainBoard
Company Name
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
K-REIT ASIA
KENCANA AGRI LIMITED
KEPPEL CORPORATION LIMITED
KEPPEL LAND LIMITED
KEPPEL TELE & TRAN
K-GREEN TRUST
KOH BROTHERS GROUP LIMITED
KS ENERGY LIMITED
M1 LIMITED
MACQUARIE INT'L INFRA FUND LTD
MALAYSIA SMELTING CORP BHD 100
MAPLETREE COMMERCIAL TRUST
MAPLETREE INDUSTRIAL TRUST
MAPLETREE LOGISTICS TRUST
MENCAST HOLDINGS LTD.
MERCATOR LINES (SINGAPORE) LTD
MEWAH INTERNATIONAL INC.
NAM CHEONG LIMITED
NOBLE GROUP LIMITED
NOMURA HOLDINGS, INC
OCEAN SKY INTERNATIONAL LTD
OKP HOLDINGS LIMITED
OLAM INTERNATIONAL LIMITED
OVERSEA-CHINESE BANKING CORP
OVERSEAS UNION ENTERPRISE LTD
PAN PACIFIC HOTELS GRP LIMITED
PARKWAYLIFE REIT
PEC LTD.
PETRA FOODS LIMITED
PRUDENTIAL PLC
QIAN HU CORPORATION LIMITED
RICKMERS MARITIME
ROXY-PACIFIC HOLDINGS LIMITED
RYOBI KISO HOLDINGS LTD.
SAKAE HOLDINGS LTD.
SAKARI RESOURCES LIMITED
SAMKO TIMBER LIMITED
SATS LTD.
SBS TRANSIT LTD
SEMBCORP INDUSTRIES LTD
SEMBCORP MARINE LTD
SERIAL SYSTEM LTD
SHANGRI-LA ASIA LIMITED
SIA ENGINEERING CO LTD
SINGAPORE AIRLINES LTD
SINGAPORE EXCHANGE LIMITED
SINGAPORE LAND LIMITED
SINGAPORE POST LIMITED
SINGAPORE PRESS HLDGS LTD
SINGAPORE TECH ENGINEERING LTD
Integrated
Report
1
1
0
0
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
1
0
1
1
1
1
1
67
Separate
Report
0
0
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
1
0
0
0
0
0
Sustainability Report
Reporting
Externally
Framework
Verified
Own
0
RSPO
0
GRI
1
GRI, UNGC
1(GRI only)
GRI
1
Own
0
Own
0
Own
0
Own
0
Own
0
Own
0
Own
0
Own
0
Own
0
Own
0
Own
0
RSPO
0
Own
0
UNGC
0
Own
0
Own
0
Own
0
Own
0
Own
0
Own
0
Own
0
Own
0
Own
0
Own
0
Own
0
Own
0
Own
0
Own
0
Own
0
Own
0
Own
0
Own
0
Own
0
Own
0
GRI
0
GRI
0
Own
0
GRI
1
Own
0
Own
0
GRI
0
Own
0
Own
0
Own
0
Own
0
Externally
Audited
0
0
0
1(GRI only)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
0
0
0
0
0
0
TEO SOON PIANG, LINCOLN
SEPTEMBER 2012
Appendix No. 3/3: Data Compilation for Stage 2 of Research
SGX MainBoard
Company Name
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
SINGAPURA FINANCE LTD
SINGTEL
SMRT CORPORATION LTD
SRI TRANG AGRO-INDUSTRY PCL
STARHUB LTD
STRAITS TRADING CO. LTD
STX OSV HOLDINGS LIMITED
SWIBER HOLDINGS LIMITED
TEE INTERNATIONAL LIMITED
THAI BEVERAGE PUBLIC CO LTD
TOTAL ACCESS COMM PUB CO LTD
TREASURY CHINA TRUST
TUAN SING HOLDINGS LIMITED
UNITED ENGINEERS LTD ORD
UOL GROUP LIMITED
WBL CORPORATION LIMITED
WILMAR INTERNATIONAL LIMITED
YOMA STRATEGIC HOLDINGS LTD
YUEXIU PROPERTY CO LIMITED
TOTAL
Integrated
Report
1
0
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
1
1
106
68
Separate
Report
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
0
13
Sustainability Report
Reporting
Externally
Framework
Verified
Own
0
GRI
1
Own
0
Own
0
GRI
0
Own
0
Own
0
Own
0
Own
0
Own
0
Own
0
Own
0
Own
0
Own
0
Own
0
Own
0
GRI
1
Own
0
Own
0
23
9
Externally
Audited
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
0
9