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SGSustainability GuidePublished by GreenCo ESG Singapore
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Materiality

Use the right materiality lens—and explain it clearly

SGX, GRI and ISSB do not use materiality in exactly the same way. A sound process distinguishes the lenses, then connects them where appropriate.

SGX materialityGRI impactsISSB materialityBoard validation
01

Three related questions

01

SGX business relevance

Which ESG factors are material to the continuity, performance and prospects of the issuer?

02

GRI impact materiality

Where does the organisation have its most significant actual or potential impacts on the economy, environment and people?

03

ISSB information materiality

Which sustainability-related financial information could reasonably influence decisions of primary users?

02

A defensible process

  1. Understand the business model, value chain, locations and stakeholder groups.
  2. Build a long list from standards, laws, peers, risk registers, due diligence and engagement.
  3. Assess impacts, risks and opportunities using defined criteria and evidence.
  4. Challenge ratings across business functions and avoid averaging away severe issues.
  5. Prioritise topics, document the rationale and validate with management and the Board.
  6. Map outcomes to disclosures, metrics, targets, controls and action plans.
03

Common weaknesses

  • Treating a stakeholder survey as the whole assessment.
  • Using one matrix without explaining which materiality lens it represents.
  • Changing topic names annually and losing trend comparability.
  • Excluding value-chain impacts because data is difficult.
  • Publishing a matrix without showing management response.
  • Failing to retain the evidence and judgement trail behind ratings.
Research basis

Official sources used for this guide

Official sourceSGX Practice Note 7.6 Sustainability Reporting Guide Official sourceGRI Standards Official sourceIFRS Sustainability Disclosure Standards

Source position reviewed 2 August 2026. Always confirm the latest rule, standard and implementation guidance for your organisation.