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Singapore Takes Lead in Sustainability Reporting

Singapore

By MarEx 2015-06-05 01:27:23

The Maritime and Port Authority of Singapore (MPA) has achieved a first in the maritime industry and public sector with its inaugural Sustainability and Integrated Report titled "Towards a Future Ready Maritime Singapore". The report follows the Global Reporting Initiative (GRI) G4's Comprehensive Guidelines for Sustainability Reporting as well as Integrated Reporting adhering to the International Integrated Reporting Council's (IIRC) Framework.

For Financial Year 2014, MPA has departed from its previous reporting format and adopted a more holistic approach in reporting its performance to its stakeholders, covering both internal and external stakeholders comprising its customers and partners, suppliers and vendors as well as its employees.

This shift reflects the move by MPA to adopt a more integrated approach in discharging its roles and responsibilities, whereby beyond promoting and regulating the maritime industry and ensuring the smooth operations at the port, it will also champion broader efforts with the maritime community in ensuring the maritime industry creates a positive impact on society, economy and environment.

Recent initiatives include setting up the MPA Sustainability Office last year to drive programs such as the Maritime Singapore Green Initiative (MSGI) in encouraging more members of the shipping community to adopt eco-friendly ship designs and construction and operations. The office has also spearheaded initiatives such as the installation of solar panels at MPA's piers and facilities, use of more energy efficient lighting at its premises, promotion of recycling, as well as driving the safety, risk and sustainability management initiatives for the maritime industry such as through the Singapore Registry of Ships Forum and Enterprise Risk Management Forum.

Andrew Tan, Chief Executive of MPA, said, "MPA is proud to be among the first public sector agencies to achieve this significant milestone with our inaugural Sustainability and Integrated Report. As one of the world's busiest ports and a leading international maritime center, it is important that MPA takes the lead in promoting good practices within the maritime community that will enhance our position as a clean, efficient and safe port. We hope the maritime community will continue to support MPA's initiatives as we work towards building a Future Ready Maritime Singapore that is competitive as it is sustainable."

Paul Druckman, CEO, International Integrated Reporting Council said, "I congratulate MPA on the publication of their first integrated report and for their leadership in embarking on their journey. Companies in the maritime sector around the world, and especially port authorities, should use this as a leading example for corporate reporting in the sector, and I urge them to follow MPA's example by raising the quality of their reporting to this high standard. MPA's report provides relevant information about the company, its corporate structure, strategic themes, performance and operations in a visually appealing way. It is a further example of the innovation in corporate reporting emerging from South East Asia and Singapore in particular."

MPA, as an early mover towards Sustainability and Integrated Reporting, hopes to encourage companies in the maritime industry and organizations in the public sector to follow suit. With its holistic and systems-wide perspective, Integrated Reporting resonates with MPA's philosophy that the sum of the whole is greater than its individual parts. MPA therefore values its close partnership with its stakeholders and believes that working together is essential to tackling many of the complex challenges facing the industry today. MPA continues to score highly on the Pro-Enterprise Ranking Survey for its business-friendly practices and this initiative will take the efforts further.

The report is available here.