ICMA to host list of adopters of the Singapore Code of Conduct for ESG Rating and Data Product Providers
7 December 2023 The Singapore Code of Conduct for ESG Rating and Data Product Providers was co-created by the Monetary Authority of Singapore (MAS) with industry players and aims to establish baseline industry standards of transparency in methodologies and data sources, governance, and management of conflicts of interest that may compromise the reliability and independence of the products. It builds upon the International Organisation of Securities Commissions’ (“IOSCO”) recommendations for good practices for such providers.
ICMA has announced it is working with MAS to host the list of ESG Rating and Data Product Providers on its website which adopt the Singapore Code of Conduct.
Mr Bryan Pascoe, Chief Executive Officer, ICMA, said, “ICMA looks forward to hosting a list of organisations which adopt the Singapore Code of Conduct. ICMA has considerable experience in promoting industry-led standards, and a global membership base which are also users of such ESG ratings and data products. We are thus pleased to be partner to MAS in its efforts.”
Mr Lim Tuang Lee, Assistant Managing Director (Capital Markets), MAS, said, “The Code of Conduct will help build market confidence in the use of ESG rating and data products. Its baseline transparency standards for rating methodologies and data sources will improve the comparability of ratings and data products. The Code also encourages disclosures on how forward-looking elements are considered in such products, which will improve investors’ assessments of investee entities’ responses to transition risks and opportunities. Overall, the Code will support informed decision making by investors keen on funding the climate transition. We welcome adoption by ESG rating and data product providers as soon as they are ready.”Providers are encouraged to disclose their adoption of the Singapore Code of Conduct by publishing their completed Checklists within 12 months of publication of the Code and inform ICMA via the contact details listed below. Please note that ICMA does not investigate or confirm adoption of the Singapore Code of Conduct for ESG Rating and Data Product Providers, nor does it recommend, endorse or make any representations regarding the Providers who are listed.
For further information, please contact ICMA at SingaporeESGCode@icmagroup.org
