Expanding Duty of Directors in Companies Act 1967 to Include Environmental Impact of Company Operations

Debated in Parliament on 3 Oct 2023.

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Murali Pillai proposed expanding the duty of company directors under the Companies Act 1967 to include considering the environmental impact of their company's operations, citing the Singapore Green Plan 2030 and practices in the United Kingdom.
Lawrence Wong acknowledged the proposal and noted that a public consultation on advancing sustainability reporting in Singapore, including expanding directors' duties for climate-related disclosures, had recently concluded.
The Ministry of Finance will study the feedback from the public consultation and consider practices from other jurisdictions before introducing changes suitable for Singapore's context.

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Murali Pillai

Mr Murali Pillai asked the Deputy Prime Minister and Minister for Finance in light of the Government’s objective of transitioning Singapore into a climate-friendly nation through the Singapore Green Plan 2030, whether the duty of company directors set out in the Companies Act 1967 may be expanded to require directors to consider the impact of their company’s operations on the environment, as is done in the United Kingdom.

Lawrence Wong

A public consultation to advance sustainability reporting by companies in Singapore was recently concluded. One of the proposals is to expand directors’ duties to cover climate-related disclosures by companies.

The Ministry of Finance will study the feedback received from the public consultation and carefully consider the practices and experiences in other reputable jurisdictions, before introducing changes appropriate for Singapore’s context.

Summary written by AI (learn more)

Murali Pillai proposed expanding the duty of company directors under the Companies Act 1967 to include considering the environmental impact of their company's operations, citing the Singapore Green Plan 2030 and practices in the United Kingdom.
Lawrence Wong acknowledged the proposal and noted that a public consultation on advancing sustainability reporting in Singapore, including expanding directors' duties for climate-related disclosures, had recently concluded.
The Ministry of Finance will study the feedback from the public consultation and consider practices from other jurisdictions before introducing changes suitable for Singapore's context.

Questions identified by AI (learn more)

Expanding Duty of Directors in Companies Act 1967 to Include Environmental Impact of Company Operations | PAPERCUTS

Expanding Duty of Directors in Companies Act 1967 to Include Environmental Impact of Company Operations

Debated in Parliament on 3 Oct 2023.

Summary written by AI (learn more)

Murali Pillai proposed expanding the duty of company directors under the Companies Act 1967 to include considering the environmental impact of their company's operations, citing the Singapore Green Plan 2030 and practices in the United Kingdom.
Lawrence Wong acknowledged the proposal and noted that a public consultation on advancing sustainability reporting in Singapore, including expanding directors' duties for climate-related disclosures, had recently concluded.
The Ministry of Finance will study the feedback from the public consultation and consider practices from other jurisdictions before introducing changes suitable for Singapore's context.

Questions identified by AI (learn more)

Full Transcript

Murali Pillai

Lawrence Wong

Summary written by AI (learn more)

Murali Pillai proposed expanding the duty of company directors under the Companies Act 1967 to include considering the environmental impact of their company's operations, citing the Singapore Green Plan 2030 and practices in the United Kingdom.
Lawrence Wong acknowledged the proposal and noted that a public consultation on advancing sustainability reporting in Singapore, including expanding directors' duties for climate-related disclosures, had recently concluded.
The Ministry of Finance will study the feedback from the public consultation and consider practices from other jurisdictions before introducing changes suitable for Singapore's context.

Questions identified by AI (learn more)

Expanding Duty of Directors in Companies Act 1967 to Include Environmental Impact of Company Operations

Summary

Questions Identified

Full Transcript

Murali Pillai

Lawrence Wong

Summary

Questions Identified

Expanding Duty of Directors in Companies Act 1967 to Include Environmental Impact of Company Operations

Summary

Questions Identified

Full Transcript

Murali Pillai

Lawrence Wong

Summary

Questions Identified