On the evening of Sunday 18 August, Singapore’s Prime Minister Lawrence Wong delivered his first National Day Rally speech, captivating the nation with his fluency in Malay, Mandarin and English. His address was a poignant and inspirational message grounded in personal experiences with a strong vision for Singapore’s future. The themes of resilience, endurance and community resonated deeply as he outlined four key areas: Economy, Families, Housing and Education, all of which form the foundation of a refreshed ‘Singapore Dream’.
As we reflect on the significance of PM Wong’s address, it becomes clear that the insights he shared extend beyond the national context. They offer valuable lessons for businesses, particularly in the realm of stakeholder communications and corporate reporting. Here are some key takeaways from his speech that can be applied to the corporate world:
Geopolitical tensions, such as the intensifying rivalry between the United States and China, coupled with the upcoming US presidential election, are reshaping the global landscape. Trends like advancements in Artificial Intelligence and the impacts of climate change add to this complex environment. These forces, while beyond Singapore's control, will affect the nation, the region and the world, significantly.
Similarly, businesses navigate an ever-changing environment influenced by factors they cannot control, including economic shifts, regulatory changes, and societal expectations. In such a landscape, staying attuned to these external developments and adapting swiftly is crucial… Understanding stakeholder perspectives becomes essential. Materiality assessments serve as a vital tool to identify what truly matters, helping companies remain responsive and relevant in a dynamic business environment.
Black Sun’s approach to conducting (double) materiality assessments enables our clients to cut through complex issues and attitudes to uncover what’s truly material to their stakeholders. Additionally, by overlaying a communications lens we help shape stakeholder understanding of material issues through impactful messaging and storytelling.
Watch our video on the importance of materiality assessments and the processes involved.
PM Wong highlighted the challenges faced by small and medium enterprises (SMEs) in navigating the complex web of regulatory compliance. As regulators tighten rules to ensure accountability, there is a pressing need to streamline processes to avoid overwhelming businesses, especially smaller ones. This concern is mirrored in the corporate reporting landscape, where companies are constantly confronted with a myriad of regulatory requirements as well as international frameworks and standards. The introduction of the International Sustainability Standards Board (ISSB) in January 2024 provides a welcome shift towards reducing this complexity by establishing a global baseline for sustainability disclosure standards.
With mandatory reporting of ISSB-aligned climate-related disclosures required for listed issuers in Singapore starting from FY2025, companies must prioritise building awareness and understanding, and preparedness for these standards. Benchmarking current disclosures against the ISSB framework will be crucial for organisations to stay ahead of the curve, ensuring they are well-prepared to meet these new requirements and streamline their reporting processes.
At Black Sun we keep our clients ahead of the curve on navigating the regulatory landscape and we are well prepared for the introduction of the ISSB. Through our ISSB Preparedness Assessments we evaluate where your business stands in terms of fulfilling the ISSB requirements and position you ahead of the curve.
Read more about ISSB and the focus areas moving forward here.
A significant enhancement to parental leave policies was introduced, now allowing fathers of newborns to take more paid leave. This progressive move reflects a broader commitment to building a society that supports families at every stage, recognising the evolving dynamics of modern households. This shift towards more inclusive family policies highlights the importance of creating a supportive work environment. Embracing diversity, equity and inclusion (DE&I) is not just about meeting societal expectations, it’s a strategic imperative that brings a variety of perspectives, enhances employee engagement and fosters innovation. Companies must ensure that DE&I practices are embedded in their organisational culture.
We see current and prospective employees as an increasingly vital stakeholder group to engage. Whether it be through corporate and careers websites, intranets or bespoke employee campaigns around purpose, culture, values and DE&I, we help our clients to attract, engage and retain their top talent.
Nurturing diverse abilities and ensuring that every individual has the opportunity to grow and realise their full potential is a fundamental principle in education. Recognising that one-size-fits-all approaches are not effective, Singapore’s education system is rooted in understanding and supporting different learning trajectories, allowing each individual to reach their full potential in their own unique way. This philosophy applies equally well to corporate reporting. Just as every child is unique, so too is every company – and by extension, every report. In a landscape where corporate and sustainability reporting can often seem formulaic and uniform, the challenge lies in telling an equity story that is uniquely yours. Companies should focus on crafting a narrative that not only stands out but also deeply resonates with your key stakeholders.
For over 25 years, Black Sun has been strategically guiding, creating and delivering award-winning reports that go beyond compliance, transforming them into strategic communication tools that engage your audiences across different channels.
Listen to how we can use storytelling to truly engage stakeholders here.
If you'd like to chat to one of our APAC team about how we can help you with your strategic communication challenges, please get in touch with our Marketing and Development Manager, Beryl Leong.
Black Sun Global is an international stakeholder engagement agency that’s been helping global brands drive change for more than 30 years. At the forefront of corporate communications, we offer integrated solutions, covering strategy, reporting, ESG advisory and digital activation – all powered by insights, technology, and market-leading expertise.
By addressing stakeholder interests, we turn one-way communications into engaging two-way dialogues that deepen relationships, fuel innovation, and drive more sustainable business practices.
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