Going green to win the best annual report awards
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For first time, firms assessed on how they report on environmental duties |
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THE Green Movement is beginning to make its mark on corporate reporting.
In fact, for the first time, companies and statutory boards were assessed on how they reported on their environmental responsibilities in this year’s competition for the best annual reports.
Disclosing this yesterday, Dr Richard Eu, chairman of the 20th Annual Report Awards (ARA) Committee, said the judges would like to see more of such reporting in the year ahead.
Dr Eu said at the 20th ARA presentation last night that listed companies have improved noticeably their provision of information on directors and managers, operational reviews, corporate plans and structures.
But the expectations of annual report users are changing, and environmental reporting now figures as a new criterion in deciding on the best reports among listed firms and statutory boards.
Dr Eu, who is also chairman of listed LC Development (formerly Eu Yan Sang Holdings), said: "Even the smallest company can have an environmental policy — even if it is just recycling paper. We would like to see the policy disclosed."
Emphasis this year was also placed on companies providing more information on directors and managers, and staff training/welfare.
Dr Eu recommended that listed companies table their half year summaries and provide more information on operational productivity and the non-statutory activities of their audit committee.
He added that statutory boards did not disclose sufficient productivity information and many did not publish value-added statements.
"From the general public’s point of view, it would be helpful if they could disclose more information about how they have contributed to the overall well-being of the population," he said.
Dr Eu noted that the number of companies that qualified for special commendation more than doubled this year — 11 against five last year —despite the more stringent screening. Altogether, 19 reports were shortlisted for this year’s final selection round, compared to 33 in 1992.
The ARA, an annual competition to encourage greater voluntary disclosure, is jointly organised by the Institute of Certified Public Accountants of Singapore, the stock exchange and the Singapore Institute of Management.
This year’s winners received their awards from Cdre (Res) Teo Chee Hean, Minister of State for Finance and Communications, last night. They include:
THE Port of Singapore Authority, which came in first again among statutory boards.
DBS Land, in the multi-industry category which covers diversified companies. The main business segment of these companies makes up less then 90 per cent of their total revenue.
DBS Land, which won the award for the single-industry category last year, was among those reclassified this year into the multi-industry category.
HOTEL Plaza, which topped the award for the second year in a row for hotels.
DBS Bank, which won the award for the finance sector for the sixth consecutive year.
JURONG Shipyard, which won the Best Annual Report in the single-industry category. Maritime companies featured strongly in the winners’ list.
Among those commended were companies in the Keppel Group, Sembawang Shipyard, Sembawang Maritime, Neptune Orient Lines and Singapore Press Holdings.
There were no winners for the Grand Award given to companies that win three consecutive annual report awards. Singapore Airlines, Straits Steamship and Singapore National Printers were excluded from the running this year because of a new moratorium on companies which have won the Grand Award twice in a row.
Source : The Straits Times, December 1, 1993
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