What is the OCBC SGX complaint about?

The OCBC SGX complaint was filed by Market Forces, asking the exchange to review whether OCBC’s climate disclosures understate exposure to coal-powered nickel operations in Indonesia. It points to captive coal plants and alleged links to Harita Nickel financing. The group argues investors need clearer financed-emissions data, exposure mapping, and scenario analysis. If SGX responds, it could clarify disclosure expectations for banks reporting on transition risks tied to high-emitting assets.

Does the complaint mean OCBC breached SGX rules?

Not necessarily. A complaint triggers a review request, not a finding. SGX may evaluate whether current disclosures meet listing and climate-reporting expectations. OCBC may also provide clarifications in future reports or statements. The core question is whether potential exposure to captive coal plants in nickel operations is materially described. Any SGX feedback would guide how banks present financed-emissions, use-of-proceeds information, and transition risk under emerging standards.

How do ISSB disclosure rules affect Singapore banks?

ISSB rules push consistent, decision-useful climate reporting. For banks, that means clearer governance, risk management, metrics, and targets. Expectations include financed-emissions measurement, scenario analysis, and better explanations of exposure to high-emitting sectors like coal-powered industrial assets. As ISSB-aligned reporting phases in for SGX issuers, investors should see improved comparability, stronger assurance scopes, and more timely updates on portfolio alignment, sector policies, and interim decarbonisation targets.

What should investors watch for after the OCBC SGX complaint?

Focus on three areas. First, any SGX reply or guidance that sharpens disclosure requirements for coal-linked financing. Second, OCBC’s next sustainability report for enhanced financed-emissions data, sector policies on captive coal plants, and scenario results. Third, portfolio signals such as shifts in nickel and coal-adjacent exposures, green and transition finance growth, and timelines for client engagement milestones that indicate credible decarbonisation pathways.

Global Market Insights

OCBC February 25: SGX Complaint Flags Coal Risk Disclosure Gaps

ByHuzaifa Zahoor February 25, 2026February 25, 2026

OCBC SGX complaint is drawing attention to how banks disclose climate and transition risks. Market Forces asked the exchange to review whether OCBC understated exposure tied to Harita Nickel financing and captive coal plants in Indonesia. With ISSB disclosure rules taking hold in Singapore, investors want clarity on financed emissions, project links, and scenario analysis. We explain what the complaint could mean for regulatory risk, cost of capital, and ESG narratives across local banks, and what signals to watch in upcoming sustainability reports and SGX guidance.