SINGAPORE - Media OutReach Newswire - 11 May 2026 - The Institute of Singapore Chartered Accountants (ISCA) has launched a new Taskforce to strengthen financial reporting and investor confidence in Singapore, amid growing focus on corporate transparency, financial controls and trust in capital markets.
The Strengthening Financial Reporting Taskforce was launched today at the ISCA Value Unlock Forum held in partnership with Singapore Exchange (SGX). Chaired by Ms Euleen Goh, ISCA Distinguished Lifetime Member and Chairman of Singapore Institute of Management Group Ltd, the Taskforce will bring together leaders from business, finance, academia and investor groups to review Singapore's financial reporting ecosystem and recommend ways to strengthen the quality, integrity and usefulness of corporate reporting.
The Taskforce comes at a timely moment as Singapore continues efforts to strengthen its capital markets and business ecosystem. Recent national initiatives, including the Accountancy Workforce Review Committee and the Monetary Authority of Singapore's Equities Market Review, have highlighted the importance of strong financial reporting, professional capabilities and investor trust.
The launch also comes amid ongoing discussions on reducing compliance costs for smaller companies, including ACRA's review of Singapore's audit exemption framework. Regardless of how the framework evolves, strong financial reporting practices, competent finance professionals and effective financial controls remain fundamental to upholding confidence among investors, lenders and stakeholders.
The Taskforce will study how companies can improve the way they communicate financial performance, business risks and long-term value creation to investors and stakeholders. It will also examine how Singapore can continue to uphold high standards of governance, transparency and accountability in a rapidly evolving business environment.
Ms Euleen Goh, Chairperson of the Strengthening Financial Reporting Taskforce, said: "Financial reporting has always been the language of business. As markets evolve, it must speak more clearly and more usefully to the stakeholders who rely on it. The Taskforce will take a practical and holistic look at how Singapore can raise the bar so that companies communicate value and insights with the confidence and clarity that investors and the market expect."
The Taskforce comprises leaders from across the financial ecosystem:
- Mr Liew Nam Soon, Deputy Regional Managing Partner, EY Asia East; Managing Partner, EY Asean; Managing Partner, EY Singapore & Brunei
- Mr Leong Yung Chee, Group CFO, United Overseas Bank Limited
- Professor Lawrence Loh, Director, Centre for Governance and Sustainability, NUS Business School, National University of Singapore
- Ms Belinda Tan, CA (Singapore), Managing Director of Finance, Temasek International
- Mr Ang Hao Yao, Vice President, Securities Investors Association (Singapore)
- Ms Karen Loon, Member, Governing Council of the Singapore Institute of Directors
- Mr Tan Boon Gin, CEO, Singapore Exchange Regulation (Observer)
- Mrs Chia-Tern Huey Min, CE, Accounting and Corporate Regulatory Authority (Observer)
Mr Lee Boon Teck, President of ISCA, said: "High-quality financial reporting and strong financial controls are essential to investor confidence and market integrity. As Singapore's national accountancy body, ISCA believes professionally trained finance and accounting professionals play a critical role in safeguarding trust in business and capital markets. This Taskforce reflects our commitment to supporting Singapore's continued standing as a trusted global financial and business hub."
The Taskforce was launched at the ISCA Value Unlock Forum, which brought together C-suite leaders, finance professionals and capital markets stakeholders to discuss how companies can better communicate value to the market.
ISCA Academy, an Approved Training Provider under the SGX Value Unlock Programme, supported the afternoon sessions as part of the ISCA Value Unlock Series. The series aims to equip listed companies and finance leaders with practical capabilities to communicate performance, strategy and value more effectively to the market.
Ms Cyndi Pei, Chairperson of ISCA Academy, said: "As stakeholder expectations continue to evolve, finance leaders are increasingly expected to go beyond reporting results to articulating performance, risks and value creation with clarity, credibility and context. ISCA Academy remains committed to supporting the profession and the broader market by building the practical capabilities needed to reinforce trust, promote transparency and strengthen confidence in Singapore's capital markets."
The Taskforce will engage stakeholders over the coming months and provide recommendations on strengthening Singapore's financial reporting ecosystem.Hashtag: #ISCA #CharteredAccountants #FinancialReporting #DifferenceMakers #Accounting #Accountancy
The issuer is solely responsible for the content of this announcement.
About the Institute of Singapore Chartered Accountants (ISCA) Academy
The Institute of Singapore Chartered Accountants (ISCA) is the national accountancy body of Singapore. Established in 1963, ISCA administers the Singapore Chartered Accountant Qualification programme and is the designated entity by the Singapore Ministry of Finance to confer the Chartered Accountant of Singapore [CA (Singapore)] designation.
ISCA supports over 43,000 members across industries in Singapore and globally, with members in more than 40 countries. With a growing international presence, ISCA has 12 overseas chapters, 7 offices across 10 countries and a network of over 150 strategic partners, strengthening professional connections and opportunities across borders. ISCA is also a member of Chartered Accountants Worldwide, a global network representing more than 1.8 million Chartered Accountants and students across over 190 countries.
ISCA advances professional development and lifelong learning through ISCA Academy, its training arm and drives community impact through ISCA Cares, its charity arm.
ISCA Academy, the leading business school of ISCA, delivers immersive, industry-informed learning across accountancy, finance, technology, governance and leadership. We equip learners to reskill, reconnect and reinvent, empowering them to stay relevant and ahead by choice.
** This press release is distributed by Media OutReach Newswire through automated distribution system, for which the client assumes full responsibility. **
- Innomotics wins several orders to provide motor and drive technology for eLNG projects, totaling a volume in the higher double-digit million EUR range
- Innomotics advances electrification of LNG production with eLNG solutions based on electric drive systems
- Significant operational, environmental, and financial benefits compared to conventional turbine-based LNG plants
- Enables decarbonization and supports global transition to sustainable energy systems
NUREMBERG, GERMANY - Newsaktuell - 11 May 2026 - Innomotics, a globally leading supplier of electric motor and large drive systems, has won several major orders for electrified LNG projects in Europe, Canada, Middle East and Australia. The total volume for all orders is in the higher double-digit million EUR range.
Innomotics powers the world's first all-electric eLNG plant in Hammerfest, Norway, for 19 years / Innomotics Innomotics is driving the transformation of LNG production with its innovative eLNG solutions. By replacing conventional gas turbine-based liquefaction processes with electrified drive systems, LNG operators can significantly increase efficiency, reduce emissions, and lower operating costs.
As global demand for cleaner energy continues to grow, LNG remains a key component of the energy mix. However, traditional LNG production is energy-intensive and associated with high greenhouse gas emissions. eLNG addresses these challenges by using electricity – including renewable energy sources such as wind, solar, and hydropower – to liquefy natural gas, enabling a more sustainable and efficient production process.
The electrification of LNG plants is a key step in reducing reliance on fossil fuels and achieving decarbonization targets. Electric drive systems from Innomotics offer system efficiencies of up to 95%, significantly exceeding the performance of conventional gas turbines. At the same time, operators benefit from reduced maintenance requirements, with systems capable of running up to five years without scheduled shutdowns, and increased plant availability of up to 99.9%.
By integrating high-voltage motors and variable speed drives across the entire LNG value chain – from compression and refrigeration to storage and gas treatment – Innomotics enables a fully electrified production process. When powered by renewable energy, eLNG solutions can eliminate direct CO₂ emissions and reduce annual emissions by up to 500,000 tons, supporting operators in meeting regulatory requirements and sustainability goals.
"Electrification is the foundation for a sustainable future of LNG production. With our eLNG solutions, we enable operators to significantly improve efficiency, reduce emissions, and enhance reliability across the entire process. This not only strengthens competitiveness but also accelerates the transition towards net-zero operations," says Michael Reichle, CEO of Innomotics.
He adds, "Operators are under increasing pressure to balance sustainability with profitability. Our electric drive systems deliver a compelling business case by lowering lifecycle costs, minimizing downtime, and ensuring maximum operational performance in demanding LNG environments."
Recently awarded eLNG Projects
Pioneering eLNG success for Hammerfest in Norway:
Hammerfest is home to the world's first all-electric LNG plant, operational since 2007. Equipped with two 65 MW refrigeration compressor drives, the facility has achieved over 15 years of successful operation with minimal maintenance and an exceptional availability rate of 99.88%. This project set a new standard for reliability and efficiency in the LNG sector, proving the long-term value of electric drive systems in demanding environments
Innovative floating LNG project in Canada:
This project represents the world's first floating all-electric LNG facility. With four complete drive train systems of 35 MW each powering the main refrigeration compressors, the plant is designed to export three million tons of eLNG per year. The project demonstrates the scalability and flexibility of Innomotics technology, delivering high performance and low emissions in a unique offshore setting
Setting the global benchmark for an LNG plant in Qatar:
This LNG plant features multiple 60 MW and 45 MW trains, each with three refrigeration compressors. As the world's LNG market leader, Qatar relies on Innomotics systems to deliver maximum availability and operational excellence. This large-scale deployment showcases our ability to support complex, high-capacity facilities with proven reliability and efficiency.
Lowest emissions through renewables at an LNG project in Canada:
The LNG plant is powered by renewable hydropower and features 50 MW LCI eLNG trains. The facility is designed to produce 2.1 million tons of LNG per year with the lowest emissions in the global LNG export industry. This reference highlights the environmental benefits of integrating electric drive technology with renewable energy sources.
Driving sustainability with carbon capture at a CCUS LNG project in Australia:
This project utilizes multiple medium voltage motors and drive systems totalling 297 MW for LNG production, combined with a carbon capture project. This installation demonstrates the compatibility of Innomotics solutions with advanced sustainability initiatives, enabling operators to reduce their carbon footprint while maintaining process efficiency
Additional eLNG materials:
Whitepaper on eLNG
Expert Video concerning electrified LNG
Reference projects and success stories
3D visualization in our virtual world: Innomotics Electrosphere
For more information, visit https://www.innomotics.com/hub/en/applications/electrified-lng
Follow us on LinkedIn: www.linkedin.com/company/innomotics
Hashtag: #Innomotics
The issuer is solely responsible for the content of this announcement.
NUREMBERG, GERMANY - Newsaktuell - 11 May 2026 - Innomotics, a globally leading supplier of electric motor and large drive systems, has won several major orders for electrified LNG projects in Europe, Canada, Middle East and Australia. The total volume for all orders is in the higher double-digit million EUR range.
Innomotics powers the world's first all-electric eLNG plant in Hammerfest, Norway, for 19 years / Innomotics
Innomotics is driving the transformation of LNG production with its innovative eLNG solutions. By replacing conventional gas turbine-based liquefaction processes with electrified drive systems, LNG operators can significantly increase efficiency, reduce emissions, and lower operating costs.
As global demand for cleaner energy continues to grow, LNG remains a key component of the energy mix. However, traditional LNG production is energy-intensive and associated with high greenhouse gas emissions. eLNG addresses these challenges by using electricity – including renewable energy sources such as wind, solar, and hydropower – to liquefy natural gas, enabling a more sustainable and efficient production process.
The electrification of LNG plants is a key step in reducing reliance on fossil fuels and achieving decarbonization targets. Electric drive systems from Innomotics offer system efficiencies of up to 95%, significantly exceeding the performance of conventional gas turbines. At the same time, operators benefit from reduced maintenance requirements, with systems capable of running up to five years without scheduled shutdowns, and increased plant availability of up to 99.9%.
By integrating high-voltage motors and variable speed drives across the entire LNG value chain – from compression and refrigeration to storage and gas treatment – Innomotics enables a fully electrified production process. When powered by renewable energy, eLNG solutions can eliminate direct CO₂ emissions and reduce annual emissions by up to 500,000 tons, supporting operators in meeting regulatory requirements and sustainability goals.
"Electrification is the foundation for a sustainable future of LNG production. With our eLNG solutions, we enable operators to significantly improve efficiency, reduce emissions, and enhance reliability across the entire process. This not only strengthens competitiveness but also accelerates the transition towards net-zero operations," says Michael Reichle, CEO of Innomotics.
He adds, "Operators are under increasing pressure to balance sustainability with profitability. Our electric drive systems deliver a compelling business case by lowering lifecycle costs, minimizing downtime, and ensuring maximum operational performance in demanding LNG environments."
Recently awarded eLNG Projects
Pioneering eLNG success for Hammerfest in Norway:
Hammerfest is home to the world's first all-electric LNG plant, operational since 2007. Equipped with two 65 MW refrigeration compressor drives, the facility has achieved over 15 years of successful operation with minimal maintenance and an exceptional availability rate of 99.88%. This project set a new standard for reliability and efficiency in the LNG sector, proving the long-term value of electric drive systems in demanding environments
Innovative floating LNG project in Canada:
This project represents the world's first floating all-electric LNG facility. With four complete drive train systems of 35 MW each powering the main refrigeration compressors, the plant is designed to export three million tons of eLNG per year. The project demonstrates the scalability and flexibility of Innomotics technology, delivering high performance and low emissions in a unique offshore setting
Setting the global benchmark for an LNG plant in Qatar:
This LNG plant features multiple 60 MW and 45 MW trains, each with three refrigeration compressors. As the world's LNG market leader, Qatar relies on Innomotics systems to deliver maximum availability and operational excellence. This large-scale deployment showcases our ability to support complex, high-capacity facilities with proven reliability and efficiency.
Lowest emissions through renewables at an LNG project in Canada:
The LNG plant is powered by renewable hydropower and features 50 MW LCI eLNG trains. The facility is designed to produce 2.1 million tons of LNG per year with the lowest emissions in the global LNG export industry. This reference highlights the environmental benefits of integrating electric drive technology with renewable energy sources.
Driving sustainability with carbon capture at a CCUS LNG project in Australia:
This project utilizes multiple medium voltage motors and drive systems totalling 297 MW for LNG production, combined with a carbon capture project. This installation demonstrates the compatibility of Innomotics solutions with advanced sustainability initiatives, enabling operators to reduce their carbon footprint while maintaining process efficiency
Additional eLNG materials:
Whitepaper on eLNG
Expert Video concerning electrified LNG
Reference projects and success stories
3D visualization in our virtual world: Innomotics Electrosphere
For more information, visit https://www.innomotics.com/hub/en/applications/electrified-lng
Follow us on LinkedIn: www.linkedin.com/company/innomotics
Hashtag: #Innomotics
The issuer is solely responsible for the content of this announcement.
** This press release is distributed by Media OutReach Newswire through automated distribution system, for which the client assumes full responsibility. **
