ISCA CEO, Mr Lee Fook Chiew, was quoted in The Business Times on the question of "Two predictions for 2020 (in business/industry or global affairs) - one that you wish to see fulfilled - the other that you hope will not materialise." This is what he has to share:
Since the Singapore Exchange mandated sustainability reporting in 2016, the Boards of listed companies would have examined sustainability issues in the course of issuing their first sustainability reports. We hope this will be the catalyst for change towards the sustainable development of businesses as the Boards make sustainability issues a strategic consideration. In 2020, we hope the Boards can incorporate sustainability risks and opportunities into the risk management of their businesses, and embed sustainability values in their business models. As the focus on sustainability spreads throughout the ecosystem, we hope that non-listed companies and other stakeholders integrate sustainability into their business strategy.
The prediction that we hope will not materialise is a further breakdown in trade relations between US and China, which may then result in increased protectionism. We hope to see more open markets and stronger trade ties between the two countries, which will go a long way towards improving the current economic climate.
- Lee Fook Chiew, Chief Executive Officer, Institute of Singapore Chartered Accountants (ISCA)