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MAS publishes Code of Conduct for ESG Rating and Data Product Providers

Posted on December 18, 2023

Posted in Environmental, Social, and Governance

The voluntary code aims to enhance transparency and improve comparability and reliability of ESG data and scores.

By Paul A. Davies, Farhana Sharmeen, Michael D. Green, James Bee, and Kevin Mak

The Monetary Authority of Singapore (MAS) has published a Code of Conduct for Providers of Environmental, Social, and Governance (ESG) Rating and Data Products (Code), and an accompanying compliance checklist for providers (Checklist), following a public consultation conducted from June to August 2023. The Code covers best practices on governance, management of conflicts of interest, and transparency of methodologies and data sources, including disclosure on how forward-looking elements are taken into account in data products. This disclosure is intended to allow users to better consider transition risks and opportunities when determining capital allocation.

For more details on the initial consultation, please see this Latham article.

MAS Launches Singapore-Asia Taxonomy

Posted on December 12, 2023

Posted in Environmental, Social, and Governance

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The Taxonomy aims to define green and transition economic activities to identify and allocate capital to sustainable projects and initiatives.

By Paul A. Davies, Farhana Sharmeen, Michael D. Green, James Bee, and Kevin Mak

On 3 December 2023, the Monetary Authority of Singapore (MAS) unveiled the Singapore-Asia Taxonomy for Sustainable Finance (Taxonomy) at the United Nations COP28 climate conference in Dubai. The Taxonomy sets out detailed thresholds and criteria for defining green and transition activities that contribute to climate change mitigation across eight focus sectors: energy, industrial, carbon capture and sequestration, agriculture and forestry, construction and real estate, waste and circular economy, information and communications technology, and transportation.

Singapore: MAS Proposes Guidelines for Financial Institutions to Support Financing for Decarbonisation

Posted on June 22, 2023

Posted in Environmental, Social, and Governance

The forthcoming guidelines will set supervisory expectations to steer financial institutions’ transition planning processes to facilitate decarbonisation efforts by their clients.

By Paul A. Davies, Farhana Sharmeen, Michael D. Green, and Shi Cheng Chong

On 8 June 2023, the Monetary Authority of Singapore (MAS) announced that it will set guidelines to steer financial institutions’ transition planning processes to facilitate, in turn, their clients’ credible decarbonisation efforts.

The guidelines will cover financial institutions’ governance frameworks and client engagement processes in order to manage climate-related financial risks and enable transition towards net zero.

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