DRIVING SUSTAINABILITY

ISCA is commited to:

• Integrating Environmental, Social and Governance (ESG) factors into our strategy and operations
• Driving sustainability within the accountancy community by raising awareness, advocating sustainability reporting in businesses, and building capabilities in accountants to drive sustainable practices within their organisations
• Collaborating with like-minded organisations to achieve mutual sustainability goals

Environmental

ISCA is committed to being environmentally responsible. We seek to reduce the effects our activities have on the environment by supporting initiatives such as:

• Reduction of energy and water consumption
• Waste minimisation
• Recycling of resources

Social

We aim to foster a supportive and inclusive workplace, promote diversity and social mobility within our community and provide opportunities for our members and employees to achieve their career aspirations. Such initiatives include:

• Corporate Social Responsibility (CSR) or volunteering programmes to encourage giving back to the community
• Our charity arm, ISCA Cares, supports youths from disadvantaged backgrounds with quality accountancy education
• Implement socially driven policies to drive increased staff welfare, safety and progression plans
• Collaborate with partner(s) to grow skills-based volunteerism in the accountancy profession

Governance

ISCA is committed to employing sound governance and oversight. We seek to enhance our ESG reporting processes and controls by integrating ESG related disclosures to promote accountability and reporting transparency. Our governance structure is as follows:

• ISCA Council
• Executive Committee
• Audit Committee
• Nominations Committee
• ISCA Sustainability Reporting Taskforce

We will ensure that this policy and all related procedures are understood, implemented and maintained by all ISCA staff.

We will identify opportunities and implement actions which reduce our environmental impact whilst improving the well-being of our staff and wider community:

A. Energy Policy

Implement energy efficient measures and work towards reducing our greenhouse gas (GHG) emissions by using less carbon-intensive fuels, and by improving energy efficiency.

• Promote the use of renewable energy (e.g. switch electricity plan to solar energy solutions)
• Install 100% LED Lighting with motion sensors
• Reduce energy consumed IT equipment (e.g. servers, storage)
• Travel only when necessary and choose a method of travel that minimises impact to the climate
• Encourage the use of virtual collaboration tools where appropriate

B. Water Policy

Monitor and review water consumption by adopting the “Reduce, Replace and Reuse” approach to use water wisely.

• Install water efficient fittings and adopt water efficient flow rates/flush volumes
• Repair leaks promptly
• Choose NEWater, seawater and/or rainwater, instead of potable water, for non-potable use, general washing and cooling tower, when applicable.
• Reuse potable water that is clean enough after one-time use for non-potable use like toilet flushing, etc.

C. Waste Policy

Minimise waste and encourage recycling by promoting the 3Rs (Reduce, Reuse, Recycle).

• Reduce paper usage

• Print on both sides of paper
• Flash reference materials during meetings on screen instead of printing them for distribution
• If print copies are needed, distribute a few copies of a document for sharing
• Proofread documents on screen before printing

• Reduce single-use items

• Avoid the use of disposable items
• Do not ask for plastic carriers if packet food can be held in hand
• Bring own reusable lunchbox and cutlery for takeaways
• Bring own mug to meetings to reduce use of plastic or styrofoam cups

• Reduce food waste

• Order just adequate amount of drinks and food for meeting, seminars, conference and events
• Set up a food waste management system and implement best practices

• Reuse materials

• Reuse used envelopes for sending internal mail
• Remove old documents and reuse files for filing again
• Use unused side of used paper for drafting, printing and taking notes, etc

• Procurement Policy

• Think about the whole life-cycle when purchasing. Apply sustainable procurement duties, choosing goods and services which reduce carbon/waste
• Buy longer-lasting and useful items as corporate gifts
• Source/provide food that is good for the environment and people

Minimising The Environmental Impacts Of Our Physical Operations

While the environmental impacts of our operations are not as significant as other business sectors, we continue to look at ways to minimise our carbon footprint as an organisation.

In 2021, the Institute ventured into new ways of working and operating that led to environmental gains. For instance, with the adoption of digital tools, we digitalised the procurement process. Coupled with ISCA staff being able to work from home, the usage of paper reduced from 500 reams in 2020 to 200 reams in 2021.

Moving forward, we will be adopting a hybrid work arrangement, offering employees greater flexibility while reducing our organisation’s carbon footprint.

In 2021, we also transformed our physical conferences, courses and events into virtual events. While this was mainly to comply with pandemic safe management measures, the virtual format resulted in obliterating waste associated with physical events such as used water bottles, paper cups, lanyards and stationery. We have also reduced the usage of paper by moving our transactions with our members and course participants to the ISCA eServices portal.

At ISCA House, only eco-friendly electrical appliances and energy-efficient LED lights are used. Recycling bins are placed at designated areas and classrooms to encourage recycling of papers and bottles. We are introducing policies for our departments to purchase products from environmental-friendly suppliers. There will also be a campaign to educate staff on reducing consumption of resources and maximising energy efficiency.

We will foster a supportive and inclusive workplace, promote diversity and social mobility within our community, increasing opportunities for more people to achieve their career aspirations:

• Be a welcoming and inclusive organisation which celebrates diversity, recruiting and supporting staff from diverse backgrounds
• Ensure fair, progressive and ethical working practices within the Institute
• Increase opportunities for staff to interact with the wider community and promote volunteering
• Provide youths from disadvantaged backgrounds with opportunities to participate in higher education through financial and non-financial assistance.

Our People

In 2021, we supported our employees’ well-being by organising workout classes and a mental wellness talk “Effective Stress Management for a Happy Work-Life Balance”. We will be offering more flexible work arrangements, such as flexible hours and working from home as part of our talent attraction and retention strategy.

We have in place a rigorous performance review system to evaluate staff performance, identify employee development needs and enforce a performance-driven reward structure. We provide training and development opportunities to upskill employees for increased productivity and prepare them for higher responsibilities. We are also reviewing our policies on attracting and retaining talent and fair employment practices.

In 2021, we formed a staff welfare committee, comprising staff from different departments to provide feedback to senior management, with the aim of improving employee engagement and enhancing HR policies.

The total number of full-time employees as at 31 December 2021 is 97 (as at 31 December 2020: 107).

The age and gender diversity of our full-time employees are set out below:

Succession Planning

The Institute recognises the importance of succession planning to prevent potential disruptions to workplace processes. This is done through creating a talent pipeline and preparing our employees to fill vacancies within the organisation as others retire or move on. By having a succession plan in place, the Institute aims to identify critical management positions to ensure business continuity and growth, respond to talent scarcity and demographic changes and retain key talents by providing development, and rewarding opportunities.

Giving Back To The Community

As the national accountancy body, ISCA aims to galvanise the profession towards making a difference to the community.

Via our charity arm, ISCA Cares, we provide youths from financially challenged backgrounds with quality accountancy education through financial and non-financial assistance. We have awarded close to $650,000 to more than 230 ISCA Cares Ambassadors (our student beneficiaries) since the inception of ISCA Cares. ISCA Cares represents a collective effort of the accountancy profession to give back to society which supported them in achieving success. It also signifies the efforts of the Institute, in its role as the national accountancy body, to provide a platform for the profession to support worthy and meaningful causes.

In 2021, ISCA Cares disbursed over $133,000 to 40 accountancy students from financially challenged families. BDO, EY, JKhoo Consultancy and RSM Chio Lim were some of the largest corporate donors in 2021. EY also offered its office - EY Wavespace - for the ISCA Cares Bursary Awards Ceremony held in December 2021, with close to 80 guests attending in person and virtually.

Fostering a Culture of Giving

In May 2021, ISCA signed an MoU with the Ministry of Community, Culture and Youth (MCCY) ’s SG Cares Office to grow skills-based volunteerism in the accountancy profession. As a key national intermediary, ISCA will, through SG Cares Office and SG Cares Volunteer Centres, deploy skills-based volunteers from ISCA’s membership base to benefit non-profit organisations in Singapore.

To encourage volunteering and for the Institute to give back to the community, we will provide more opportunities for our staff to do good in the community by establishing a corporate volunteer programme such as an Institute-wide volunteer work day.

In conjunction with SG Cares Giving Week in December 2021, ISCA partnered four Bazaar Sponsors - Deloitte, EY, KPMG and PwC - and Outreach Partners from 14 accounting firms to organise the “Counting on You” Giving Bazaar. Held online via Fairmarch, an online marketplace for socially and environmentally responsible businesses, the bazaar’s proceeds go directly to the supported social enterprises and charities.

The Institute’s sustainability reporting taskforce is responsible for overseeing the progress in implementing the sustainability plan on behalf of ISCA Council, as well as monitoring and reviewing.

At the Institute level, monitoring of strategic objectives will be undertaken via the following governance structure.

ISCA Council

The ISCA Council oversees and directs all strategies to establish ISCA as a world-class accountancy body, advance our members’ interests, as well as manage our risks and establish high standards of governance practice.

The Council usually meets seven times a year to review ISCA’s operations and the effectiveness of the Institute’s strategies and policies. Reflecting our diverse membership base, the Council comprises leaders from the corporate sector, the public accounting profession and academia. These highly regarded members, with their wide range of experiences and professional networks, provide valuable counsel during council meetings and serve on various committees, offering their expert opinions.

Council members volunteer their time to serve the Institute and the profession, and they do not receive any payment for service on the Council. However, a Council member will be reimbursed for out-of-pocket expenses or other direct expenses incurred in connection with the performance of their duties. New Council members take part in an induction session, where they are informed of the Institute’s mission, strategic priorities, role of the Council, code of conduct of Council members and the Institute governance/management structure. Council members are also required to sign an annual confidentiality agreement and a declaration of interest.

Executive Committee

The Executive Committee (EXCO) is made up of the office bearers – president, vice president, treasurer, secretary – and another Council member appointed by the Council. Its key role is to serve as the executive arm of the Council, overseeing ISCA’s initiatives, and operational and financial matters.

Audit Committee

The Council appoints the Audit Committee, which comprises three Council members who are non-office bearers. Its role is to ensure the integrity of financial statements through a system of internal controls and due financial reporting process. The Committee is also tasked to review the appointment of internal and external auditors, appraise their audit plans, and review their findings. It also has oversight of ISCA’s risk management policies and practices. In addition, the Audit Committee addresses significant findings that arise from the audit of the financial statements before the Council approves these statements.

Nominations Committee

The Nominations Committee is appointed by Council and comprises seven members, the majority of whom are Council members. Its role is to assist the Council in identifying suitable candidates for both internal and external appointments. It reviews and makes recommendations to the Council about the appointment of individuals to the various ISCA Committees. The members of the ISCA Committees are central to the effective functioning of ISCA. When considering candidates for the ISCA Committees, the Nominations Committee reviews a variety of factors including gender, age, skill sets, experience and membership mix of the Institute. The Nominations Committee also spearheads the succession planning process and embeds diversity in the selection of Committee members.