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Wednesday’s awards ceremony came as hazy conditions persisted in parts of Singapore due to smoke from fires in Indonesia.<\/p>\n
In his speech, Mr Gerald urged investors to think carefully about where they put their money, urging them to avoid companies with poor environmental records, particularly those linked to the haze.<\/p>\n
\u201cThis applies especially to those linked to the haze, which causes massive destruction of forests and green spaces and causes harm to public health, disrupts daily life and businesses, and damages the region’s environment and reputation,\u201d he said.<\/p>\n
The government has named 10 companies in Indonesia that may have contributed to haze in Singapore. Of them, three have also been under investigation for their potential links to the haze in 2015.<\/p>\n
“Investors who fund such companies, even indirectly, share some responsibility for these outcomes,” said Mr Gerald.<\/p>\n
\u201cSIAS will continue to raise awareness among investors about environmental, social and governance risks, and encourage them to check a company’s sustainability practices before investing,\u201d he said.<\/p>\n
\u201cCompanies that disregard the environment also face real financial risks, including regulatory penalties, legal liabilities, reputational damage and declining investor confidence,\u201d he added.\u00a0<\/p>\n
Minister for National Development Chee Hong Tat, who was guest-of-honour at the awards ceremony, also addressed the haze in his address.<\/p>\n
He said conducting business responsibly and within the law should be a basic expectation of all listed companies.<\/p>\n
\u201cCompanies should not engage in illegal activities, nor should they work with or support other companies involved in such activities \u2013 including unlawful burning that causes transboundary haze.\u201d<\/p>\n
Mr Chee, who is also deputy chairman of the Monetary Authority of Singapore, warned that the government would take action against errant firms and individuals.<\/p>\n
He added that listed companies carry responsibilities to their shareholders, stakeholders and the wider community.<\/p>\n
\u201cI am sure everyone agrees with me that upholding these responsibilities is an important part of maintaining public and investor trust.\u201d<\/p>\n<\/div>\n
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