LMS Compliance Steps Up Sustainability Practices with New ESG Reporting Service
The Group’s new ESG reporting service will be made available to global market subject to the laws, regulations and guidelines of each respective country.
The whole ESG report, which will also include recommendations for improvement, is estimated to take approximately 45 days to complete.
The Group’s certification division provides existing ISO audits that could be added to its new ESG reporting service to enhance a client’s sustainability practices.
Laboratory testing and certification services provider, LMS Compliance Ltd. (SGX: LMS) (“LMS Compliance” or the “Company” , and together with its subsidiaries consisting of MY CO2 group of companies, Empiric Science Sdn. Bhd. and LMS Compliance International Pte. Ltd., the “Group”) is pleased to announce the launch of its new Environmental, Social, and Governance (“ESG”) reporting service. The addition of this new suite of solutions, including ESG data collection, impact assessment, reporting and advisory, will help businesses meet evolving sustainability standards and targets. This new ESG reporting service will be made available globally and will be highly attuned to the laws, regulations and guidelines of the client’s country of operation.
Under the new offering, the Group’s certification division will oversee environmental and social impact reporting in collaboration with a team of legal experts, who will be responsible for assessing legal compliance and the adequacy of a company’s existing ESG practices. The scope will include, but will not be limited to, drafting, reviewing and commenting on employee handbooks, personal data protection policies, as well as whistleblowing policies and anti-bribery policies. In addition, the Group will enlist the help of a chartered accountant to assess ESG expenditure under the year of reporting. The Group estimates to turnaround each report within 45 days.
The Group’s testing division is able to provide relevant environmental testing data and workplace safety assessment data related to carbon footprint, water quality, air quality, noise pollution, workplace safety and hygiene to enhance ESG reporting services. Additionally, the Group could offer clients with solutions and recommendations should the data fail to comply with relevant laws and requirements. The Group also provides digital solutions which include, but not limited to, real-time data acquisition systems and real-time self-surveillance systems.
To date, the Group’s certification division is able to provide a number of ISO audits1 related to ESG compliance, such as ISO45001 (Workplace safety), ISO14001 (Environmental protection), ISO37001 (Anti-bribery), SA8000/SEDEX (Social audit) and SMETA (Supply chain audit). The abovementioned certifications1 could be included in ESG reports as a resource for companies to improve their sustainability standards.
The launch follows the introduction of an enhanced regulatory framework for sustainability reporting by Bursa Malaysia, the stock exchange of Malaysia, in September 2022. The new requirements for main market listed issuers will be rolled out in phases, beginning with the disclosure of the common sustainability matters for financial year ending (“FYE”) on or after 31 December 2023 and culminating with the TCFD2-aligned disclosures for FYE on or after 31 December 2025.
"Independent data assessment is essential to ensure the integrity of ESG reporting and to drive positive change. We are confident that our proven track record in Malaysia makes us an ideal partner for companies that are becoming increasingly aware of the link between environmental sustainability and business growth. For this reason, expanding into the ESG reporting market is a natural progression for our business.", said Dr. Louis Ooi, Executive Director and CEO of LMS Compliance.
- While such ISO audits are conducted by the Group, only the audit of ISO45001 (Workplace safety) is certified by the Group and the audits of ISO14001 (Environmental protection), ISO37001 (Anti-bribery), SA8000/SEDEX (Social audit) and SMETA (Supply chain audit) are certified by third-party laboratories.
- Task Force on Climate-Related Financial Disclosures