In June 2016, the Singapore Exchange (SGX) introduced sustainability reporting on a 'comply or explain' basis. To assist and encourage the maritime sector to embrace the new requirement for Sustainability / Integrated reporting, MPA organised a Maritime Sustainability Workshop and announced a co-funding initiative to assist SGX-listed maritime companies in Singapore with the production of their Sustainability Report. MPA will co-fund 50% of the qualifying costs, up to $50,000 per company. The funding to the first 10 approved applications is on a reimbursement basis.
The companies' initiatives in social causes, corporate governance and reducing negative environmental impact will also be part of the co-funding considerations. Companies who take up this co-funding must publish their sustainability report using world standards such as, but not limited to, Global Reporting Initiative Guidelines. This co-funding initiative is part of the Green Awareness Programme under the enhanced Maritime Singapore Green Initiative which was announced in July 2016. The Green Awareness Programme's objective is to create greater awareness on possible avenues towards sustainable shipping.
We are glad to announce that Jason Marine Group Limited has published their Annual Report incorporating their Sustainability Report under the co-funding initiative. Jason Marine is a leading marine electronic systems integrator and support services provider for the marine and offshore oil & gas industries. The company has chosen the Global Reporting Initiative (GRI) framework as the company decided it is the most established international sustainability reporting standard and in respect of the extent to which such framework is applied, this report has been prepared in accordance with the GRI Standards: Core Option.
Jason Marine's Executive Chairman, Mr Foo Chew Tuck said in his statement: "The reporting is a company wide effort that requires the involvement of every function and level in the organisation. The process of putting together the report has given us better comprehension of the GRI framework and how it integrates all the management systems in our organisation for managing and coordinating sustainability efforts. In essence, it provides a holistic way of consolidating of information and outcomes from ERM, BCM, Quality Management Systems and other risks assessments through an integrated approach to ensuring a coordinated effort towards a sustainable future for all stakeholders."
Do give their Sustainability Report a look!
