10 Years of Sustainability Research Excellence
The inaugural report on sustainability reporting of Singapore-listed firms published in 2014
2024 marked a significant stage in the progression of the Centre for Governance and Sustainability (CGS), formerly known as Centre for Governance, Institutions and Organisations. This year, CGS commemorates 10 years of research excellence, thought leadership, and outreach achievements under its umbrella on the front of corporate sustainability.
CGS has several milestones it can be proud of achieving. The inaugural publication in 2014 of the biennial sustainability-related research marked the first step in CGS’s research journey on corporate sustainability. Prof Lawrence Loh, CGS’s director, led the study with Singapore Compact and ASEAN CSR Network CEO, Mr Thomas Thomas as co-authors.
From initially covering mainboard-listed companies and Real Estate Investment Trusts (REITs) on the Singapore Exchange (SGX), in a span of 10 years, the scope was widened to cover 6 ASEAN economies, and further enlarged to 14 Asia Pacific (APAC) economies. Such development is all the more remarkable given that corporate sustainability only became mainstream recently. The research was made possible in collaboration with ASEAN CSR Network for the ASEAN reports and PwC for the APAC reports.
CGS expanded research geographic scope beyond Singapore with publications on sustainability reporting of ASEAN in 2016 and APAC in 2022.
Following the pivotal first steps in 2014, from 2015 to 2024, CGS went on to build an immense wealth of corporate sustainability knowledge, including climate-related, nature-related and digital-related research spanning Singapore, ASEAN and the APAC region.
The climate-related and nature-related research reports released in 2022 marked the beginning of studies on the critical challenges the world is facing. Climate change is the non-negotiable existential threat of our time. At the same time, the loss of nature and biodiversity is happening at an alarming rate, but its decline is overshadowed by climate change grabbing headline news.
With the release of 2 biennial reports, we will be able to track companies’ climate and nature-related reporting and efforts through the years with our continued assessments. The first climate-related report covering 6 ASEAN economies was made possible in collaboration with the Global Reporting Initiative. The inaugural nature-related report covering 14 APAC economies in 2022 was made possible with seed funding by CGS’s advisory board member Prof Lutfey Siddiqi. Prof Patrick Loh provided the seed funding for the second nature-related project in 2024.
CGS expanded research topic scope to cover climate-related reporting in ASEAN and nature-related reporting in APAC.
In November 2023, CGS published the report Promoting Best Practices in Online Marketing, An Examination of Greenwashing in Singapore.
CGS also ventured into new areas of research such as digital-related reporting. In June 2023, CGS co-produced a report with Tech for Good Institute (TFGI) on digital economy companies’ sustainability endeavours.
With a comprehensive assessment on the various fronts in sustainability-related reporting, CGS has the pulse on understanding greenwashing on a broad spectrum. CGS was commissioned in April 2022 by the Competition and Consumer Commission of Singapore (CCCS) to conduct a Singapore study on greenwashing in online marketing. The report was published in November 2023 (see left).
Following the April 2022 media announcement by CCCS to award the project to CGS, the United Nations Conference on Trade and Development (UNCTAD) reached out to CGS to do a ‘Consumer Perception Regarding Environmental Claims’ online presentation on 31 May 2022.
In August 2023, CGS was the knowledge partner for the inaugural Sustainability Impact Awards event at The Fullerton Hotel where Ms Grace Fu, Minister for Sustainability and the Environment, was the Guest of Honour. CGS has been commissioned by The Business Times to undertake the Singapore assessment for the second year running in 2024, with a view to expanding it to the ASEAN region in the near future.
November 2023 also marked another historical milestone for CGS. For the launch of the Sustainability Reporting Review 2023 research results, the Deputy Prime Minister (DPM) of Singapore, Heng Swee Keat, graced the event as Guest of Honour. For the first time, the review also included new climate-related and climate transition assessment matrices. This is the third biennial study commissioned by SGX to review sustainability reporting of all Singapore-listed companies since 2019.
Singapore DPM Heng Swee Keat was the Guest of Honour at the Sustainability Reporting Review 2023 forum.
Mr Heng Swee Keat, DPM (5th from left) at the Sustainability Reporting Review 2023 forum with Prof Tan Eng Chye, NUS President (6th from left), Mr Tan Boon Gin, SGX Regulation (Regco) CEO (4th from left), Prof Andrew Rose, Dean and Distinguished Professor, NUS Business School (4th from right), Prof Lawrence Loh, CGS Director, NUS Business School (3rd from left), and members of the CGS Advisory Board: Prof Patrick Loh, Chairman and Co-Founder, Singapore Sciences (1st from left), Ms Juanita Woodward, Principal, Connecting the Dots (2nd from left), Mr Michael Tang, Vice President and Head, Listing Policy and Product Admission, SGX RegCo (3rd from right), Mr Yuelin Yang, Deputy Group Managing Director, IMC Industrial Group (2nd from right), and Prof Kulwant Singh, Professor of Strategy and Policy, NUS Business School (1st from right).
Prof. Lawrence Loh, CGS Director, NUS Business School, sharing highlights of the Sustainability Reporting Review 2023.
In 2024, CGS began its first training programme in governance and sustainability to develop a pipeline of talent for the market. NUS undergraduates from various disciplines were selected to partake in this 6-month programme. The programme is funded by Tee Up Capital.
The casebook is targeted at the general reader who is embarking on a learning journey on sustainability applied to businesses and organisations.
In January 2024, CGS released its first casebook on Cases in Sustainability: Strategy Perspectives and Applications.
CGS has a 10-year record of research excellence but beyond publications, CGS also provides its thought leadership through conferences, outreach events, commentaries and media coverage.
The culmination of sustainability-related knowledge and insights over a decade is not possible without the acknowledgement, engagement and support from industry, regulators and organisations.
With a dedicated team, leadership and recognition from NUS Business School, CGS’s sphere of influence will continue to grow from strength to strength. Without a doubt, CGS has become a critical part of the ecosystem driving governance and sustainability and it will endeavour to maintain its progress for years to come.