From 2023 onwards, managers of retail ESG funds in Singapore will be required to make detailed disclosures as part of the city-state's ongoing efforts to tackle greenwashing.
Fund managers will be required to disclose the investment strategies, metrics, criteria and associated risks of retail funds with the environmental, social and governance (ESG) label, according to the Monetary Authority of Singapore (MAS), as of January 1 next year. The new guidelines state that at least two-thirds of the fund’s net asset value should be in sustainability investments while ongoing disclosures will be required alongside an annual report.
When asked about how to achieve enforcement, MAS managing director Ravi Menon said that contact by the regulator is a sufficient signal.
«Let me assure you, if the MAS calls up a fund manager to a meeting here, that usually sends a message across. We don’t have to take any other action besides that,» Menon said separately in a «Business Times» report citing a press conference.
